June 29 -- Jiangxi Wannianqing Cement (000789) and Yongli Group will create a joint venture to make concrete in Jiangxi province, reports yicai.com, citing a company filing.

The new entity, called Jiangxi Yongli Wannianqing Shangtong, will have registered capital of 100 million yuan. Wanianqing invested 51 million yuan of that sum while Yongli Group provided the remaining 49 million yuan.

Yongli Group is lending its expertise in the concrete business to Wannianqing, a newcomer to that particular industry.