Chinese feed and aquaculture giant Guangdong Haid is investing CNY 8 billion yuan (€1.1 billion/$1.2 billion) in the construction of a shrimp farming project in Guangdong, China.

The site will eventually produce 200,000 metric tons of shrimp, with feed supplied by the company, Haid President Xue Hua told the Nanfang Daily.

The company is a leader in the Chinese aquaculture feed market, holding a 20 percent share, according to the report.

Guangdong Haid moved into the fish and shrimp breeding business two decades ago, and has continued to expand rapidly.

In 2019, agricultural giant Louis Dreyfus and Haid Group partnered on the construction of a new feed mill in Tianjin, China.