Nissin Food Products Co reached an initial agreement to establish capital and business ties with Hebei Hualong Food Group Co, China's second-largest producer of instant noodles, according to a report in the Nihon Keizei Shimbun. The report said that the Japanese company will acquire a 33.4% stake in Hebei Hualong for about US$190.2 million. The deal would be the largest investment by a Japanese processed food manufacturer in the Chinese market. Nissin will provide Hualong with production technology, quality control marketing and product development assistance and is expected to send two executive directors to the noodlemaker's headquarters in Hebei province, the report added.