New Concepts (HKG:2221) entered into a cooperation agreement with Beijing Yisheng Environmental Protection Energy Technology to jointly develop the used cooking oil business, according to a Thursday Hong Kong bourse filing.

Shares of New Concepts gained nearly 5% in Friday's recent trade.

The parties will integrate domestic and overseas used cooking oil resources, jointly develop urban collection fields in China, and establish a management center.

They will also expand into the waste palm oil trade for export to Europe, America, and Southeast Asia, according to the filing.