Shandong Weifang Rainbow Chemical Co., Ltd. (Weifang Rainbow) once told its investors on the investor interaction platform in January 2022 that since the establishment of a market development team in Ukraine at the beginning of 2021, the company has achieved rapid growth in its business. In 2021, Weifang Rainbow’s export value to Ukraine reached about USD12 million.

Weifang Rainbow also stated that the team had been increasing investment in production registration in accordance with the company’s medium-term strategic plan so as to meet the needs of rich and complete product portfolios in the local market. Meanwhile, it will continue to enlarge its team and further explore the local market, expecting to maintain the rapid growth momentum in the coming years in the country.

On 24 Feb., 2022, in an interview with the Daily Economic News, a person from the securities department of Weifang Rainbow said that the deterioration of the situation in Ukraine has no big impact on the company’s performance for the moment. “Sales in Ukraine account for a small proportion of the company’s revenue. If there is a war or something in Ukraine, the country will give priority to guaranteeing agricultural development. Thus, the impact upon the pesticide industry is expected to be mild.” he said.