(Yicai Global) Feb. 12 --  Tongwei Group's stock price jumped to a nearly nine-month high after the agricultural feed firm said it plans to build a CNY20 billion (USD2.9  billion) solar cell manufacturing plant in its southwestern hometown Chengdu.

Tongwei's stock price [SHA:600438] rose by the daily limit of 10 percent to CNY16.39 (USD2.35) today with a market cap of CNY50.1 billion (USD7.2 billion).

The company aims to reach a total capacity of 30 gigawatts within three to five years, it said in a statement yesterday. Construction begins in March with an initial investment of CNY4 billion. A local government will provide CNY6 billion for the project.

Editor: Emmi Laine