Tianyun announced the formation of a Rmb200m JV with its largest shareholder Sichuan Development International Holding Co. Ltd (SDIH), which would mainly engage in plantation, sales and export of fruit, vegetable and related manufactured food. Tianyun and SDIH will hold 70% and 30% of the JV, respectively. This announcement does not come as a surprise to us, as back in Jan 2019, Tianyun entered into a MoU with SDIH and suggested a total investment of Rmb1bn in the next three years on agricultural food related projects.