Japanese trading company Itochu Corp. intends to buy a 20% stake in Chinese food company Ting Hsin Holding in a deal valued at around US$710m, the Nikkei financial daily reported.

The deal, which will be completed in May at the earliest, will see one of Itochu's board members appointed to the Ting Hsin board, Nikkei said on its website. 

According to the report, Itochu said it will provide Tin Hsin with Japanese quality and safety control expertise.

The move is part of Itochu's plan to restructure its Chinese operations and expand its presence in China's food market.