(Yicai Global) Oct. 30 -- China's Kingland Technology and its affiliates will provide Zhejiang's government-owned Rural Development Group with advanced agricultural management systems to improve the latter's crop monitoring capabilities. 

A company controlled by Kingland's Chairman Yang Rengui and ZJAD Group penned a framework agreement regarding a smart platform that combines weather data with irrigation and fertilizer management, the Beijing-based software firm said in a statement yesterday. Kingland will also develop blockchain technologies to trace ZJAD's produce. 

Eastern China's ZJAD has its agricultural assets mostly in northeastern China's Heilongjiang and Liaoning province, with an annual production capacity of 1 million tons of grains, according to its website. 

On Oct. 27, Kingland announced that its blockchain-based food trackers have been deployed in many northern provinces, which resulted in a 10 percent hike in its stock price on the next trading day. Today, the firm's [SHE: 000711] shares walked back nearly 10 percent to CNY5.20 (US 74 cents) in the afternoon. 

Editor: Emmi Laine