Red chip Tianjin Development Holdings' wholly owned mainland winery has agreed to form a 150 million yuan (about HK$140.5 million) joint venture with three other mainland entities to produce and sell dairy products in China. Tianjin Heavenly Palace Winery will take 40 per cent of the joint venture, Tianjin Dairy Group 28 per cent, Tianjin Agriculture Group 27 per cent and Tianjin Beichen Hi-tech Industrial Park 5 per cent. The red chip will inject 60 million yuan cash into the joint venture.