According to the Zhitong Finance App, Wanfang Development (000638.SZ) announced that the company recently signed an “Share Transfer Agreement” with Anshan Baikeer Technology Co., Ltd. (“Baikol”). According to the agreement, Baikor transferred 24% of its shares in Anshan Henglong New Energy Co., Ltd. (“Anshan Henglong”) to the company for 0 yuan, and the company will invest 24 million yuan in Anshan Henglong to fulfill its obligation to actually pay for capital.

The announcement said that the current capital increase to Anshan Henglong is aimed at expanding the scope of business in the agricultural and biological sectors. The company is located in Jilin, a major agricultural province. The province is rich in crop straw and livestock manure. Through investment in Anshan Henglong, it will help the company gain experience in the construction and operation of such projects and accelerate the company's deployment of biomass natural gas projects in Jilin Province.