Summary by Futu AI
CHINA ALUMINIUM INDUSTRY (CHALCO) ANNOUNCED ON 28 DECEMBER 2023 THAT IT HAD SIGNED AN EQUITY TRANSFER AGREEMENT WITH CHINA ALUMINIUM GROUP, AGREEING TO ACQUIRE A 20% STAKE IN CUHK ALUMINIUM SCIENCES. On the same day, China Aluminum Group, China Aluminum and China Copper signed a capital increase agreement. The three parties invested RMB 2 billion, $4 billion and $4 billion in the Chinese Aluminum Science Academy, respectively. Upon completion of the transaction, China Aluminum Group, China Aluminum and China Copper will hold 47.62%, 26.19% and 26.19% shareholdings in China Aluminum Science Academy, respectively. China Aluminum Academy will not be a subsidiary of China's aluminum industry and its financial results will not be incorporated into China aluminum accounts. This transaction constitutes a connected transaction under Chapter 14A of the Hong...Show More