By Reuters Staff
2 Min Read
Jan 23 (Reuters) - Chinese copper producer Zhongtiaoshan Non-ferrous Metals Group is close to securing a backdoor listing for smelting unit Northern Copper after Shenzhen-traded Nafine Chemical Industry Co announced details of a planned restructuring.
The listing will allow Northern Copper, which is upgrading and expanding its Houma smelter in China’s Shanxi province, to be publicly traded on the Shenzhen Stock Exchange under Nafine’s stock code and raise financing, without the need for an initial public offering.
The complex deal, which is backed by the Shanxi government, will see Nafine，a salts and chemicals producer under Shanxi Coking Coal Group, acquire all of Northern Copper for 4.4 billion yuan ($679 million) in cash and shares, Nafine said in a filing to the Shenzhen Stock Exchange late on Friday.
Senior China diplomat urges U.S. to stop arbitrary suppression of Chinese companies Reuters 18/12/2020
By Tom Daly
(Reuters) -The United States should choose dialogue and consultation with China instead of pursuing unacceptable unilateral sanctions against Chinese companies, China s State Councillor and foreign minister Wang Yi said on Friday.
Washington is adding dozens of Chinese companies, including the country s top chipmaker, SMIC, to a trade blacklist, a move seen as the latest in President Donald Trump s efforts to cement his tough-on-China legacy.
The U.S. Commerce Department said the action stems from China’s military-civil fusion doctrine and evidence of activities between SMIC and entities of concern in the Chinese military industrial complex .