Zhanjiang Guolian Aquatic Development Co., Ltd. signed an agreement with Dongling Holdings Group Co., Ltd. to invest 200 million yuan ($28 million) to set up a feed joint venture company to develop the feed sector and other projects, according to local news.

The cooperation with Dongling Holdings is based on the plan of Guolian Fisheries to invest approximately 2 billion yuan ($280 million) in the development of deep-water cage industry chain projects in Xuwen County, Zhanjiang City within five years.

According to the agreement, the investment will be divided into three phases of construction, covering 100 acres. After construction is complete, the annual capacity of the first phase of the project is not less than 60,000 tons, the annual capacity of the second phase is not less than 200,000 tons, and it is expected that the total annual production capacity will be 300,000 tons.