May 19, 2010 (China Knowledge) - Dalian Zhangzidao Fishery Group Co Ltd<002069>, which is engaged in breeding, raising, processing and distributing aquatic products, today announced that it has received approval from China's Ministry of Commerce to invest US$1 million to launch its first subsidiary in Taiwan.

The Shenzhen-listed firm will set up the subsidiary in Taipei, Taiwan by self-financing. The subsidiary will operate businesses relating to aquatic products, food retail and wholesale.

According to the listed firm's website, Board Chairman Wu Hougang on May 18 was reelected vice president of China Fishery Association.

Dalian Zhangzidao Fishery Group's net profit for the first quarter of this year was RMB 94.51 million, whereas it reaped RMB 19.2 million in the corresponding period of 2009. Operating revenue surged 65% year on year to RMB 402.82 million.