Shenzhen Agricultural Products to Set Up Agricultural Trading Hub for 3 Billion Yuan

MT Newswires Live2024-11-21

Shenzhen Agricultural Products Group (SHE:000061) will invest 3 billion yuan in a trading hub for agricultural products, according to a Shenzhen Stock Exchange disclosure on Thursday.

The project, called the Shanghai Haijixing Huinan Project, will serve as an agricultural product logistics and trading center in Huinan Town, Pudong New District, Shanghai, and will engage in the import and export of agricultural products in the Yangtze River Delta and other regions in the country.

The company also agreed to establish a joint venture that will manage trading in the Yangtze River Delta region. The venture, Shanghai Haijixing International Supply Chain Management, will have a registered capital of 1.3 billion yuan, the disclosure added.

The agricultural products trader will own 51% of the venture, while its venture partners, Shanghai Construction Group (SHA:600170), Shanghai Pudong Development Bank (SHA:600000) and Shanghai Huiyunan Commercial Development will collectively own a 49% stake.

Shenzhen Agricultural Products' shares rose less than 3% at the close of trading on Thursday.

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