September 24, 2007

China's Tongwei establishes investment holding company

Seeking to further enhance its position in the China market, Tongwei Group had announced on September 19 that it will set up an investment holding company.

Tongwei (Sichuan) Agriculture Investment Holding Company will have a registered capital of RMB100 million. The new company will forge strategic alliances or invest in enterprises located in Chengdu's Qionglai region.

These enterprises, with core businesses in pig breeding, duck breeding, livestock rearing, feed production as well as slaughtering and meat processing, will further boost Tongwei's existing portfolio of businesses.

Starting out as an animal feed producer back in 1992, Tongwei has grown to become a diversified business group. Recently, the company had also invested RMB 5 billion in the solar power generation industry. For the next five years, the company has targeted for its annual sales income to reach RMB 50 billion.

RMB1=US$0.1331 (Sep 24)