(Yicai Global) Oct. 9 -- Chenguang Biotech Group plans to invest USD30 million to set up a bio-processing plant in California capable of extracting lycopene, an ingredient in natural nutritional products, from tomato skins and seeds.

The Hebei province-based firm will build the facility in Fresno Country, where 70 percent of American tomatoes are produced, it said in a statement yesterday.

It will set up a local subsidiary to run the plant, which will be sited alongside a new office building, laboratory and storage facilities.

Shares in Chenguang [SHE:300138] were up 1.45 percent at CNY6.99 (97 US cents) as of 2.40 p.m., outperforming the ChiNext Price Index, which tracks Shenzhen-listed growth enterprises and was up 0.27 percent as of the same time.