China Carbon Neutral Development Group (HKG:1372) signed a letter of intent to acquire China Agricultural Sea Rice (Shenzhen) Biotechnology, a biotech firm focused on salt-alkali-tolerant crops, according to a May 30 Hong Kong bourse filing.
The potential deal, pending due diligence and a final agreement, aims to boost CCNG's capabilities in saline-alkali land rehabilitation and carbon sink development.
CCNG said the acquisition would strengthen its position in carbon markets, green finance, and ESG, creating new growth opportunities.
Shares of the carbon solutions company slipped about 2% in recent trade on Monday.
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