November 3 -- Henan Lingrui Pharmaceutial (600285.SH) said subsidiary, Lingrui Health Care, will establish a joint venture, Henan Lvda Camellia Oil, with five other investors, reports yicai.com, citing a company filing.

The joint venture will have a registered capital of 30 million yuan, and Lingrui Health Care will contribute 5.4 million yuan for a 18 percent stake.

The largest shareholder of the joint venture will be Lingrui Development, which is the parent of the listed company. Lingrui Development will have a stake of 28.67 percent.

According to Lingrui Pharma, the camellia oil industry offers good profit margins, and will become a new source of profit for the company.