(Yicai Global) Sept. 30 -- Electrical and security equipment maker Anhui Sinonet & Xinlong Science & Technology Electrical Co. [SHE:002298] is moving into the smart agriculture sector by taking a controlling stake in an e-commerce platform in China's northernmost province of Heilongjiang.
Wholly owned subsidiary Beijing Sinonet Science & Technology Co. will offer CNY10.25 million (USD1.54 million) for 51 percent of Nenjiang Huaqi Smart Network Technology Co., Wuhu-based Xinlong Science & Tech said yesterday.
Xinlong Science & Tech expects the move to open up new development space for the listed company in areas such as smart agriculture, rural e-commerce and the 'Internet + regional economy,' making for new sources of profit growth.
According to the announcement, the target company signed a contract with the Nenjiang county government in June for the construction and franchise rights to the local rural e-commerce platform, including its soybean block-trading platform. Heilongjiang, which borders Russia, is China's largest soybean producing area.