Baiyang Industrial Investment Group Co., Ltd., through its wholly-owned subsidiary Hainan Baiyang Feed Co., Ltd., plans to build a new aquafeed facility in Wenchang City, Hainan Province, China, according to a company announcement. 

The company plans to invest CNY186 million ($28.8 million) in a new aquatic feed processing project to meet the company's feed business strategy that aims to expand its production capacity plan and consolidate and expand its market share in Hainan. The implementation of the project still needs to go through the pre-procedures such as project registration, environmental assessment, construction permit, etc.

Baiyang Group is one of the Chinese leaders in tilapia processing and has built up a complete industrial chain including aquatic R&D, aquatic fry breeding, feedstuff production, fish farming, processing of aquatic products, gelatine and other biological product production. The group has a feed production plant in Nanning with a capacity of 120,000 tons per year.