Sunday, June 26, 2022
Martin Hennecke

Jiangxi Copper to spin off unit in Shenzhen
<p>Jiangxi Copper&#39;s (0358) board has agreed to spin off a subsidiary and list it in Shenzhen.</p><p>The subsidiary of the state-owned copper producer, which is engaged in the manufacture of copper foil, will be listed on the ChiNext board - China&#39;s Nasdaq-like stock market - in Shenzhen, the company said in a statement.</p><p>Citic Securities (6030) will be the sponsor for the listing.</p><p>The subsidiary made a net profit of 215.3 million yuan (HK$252.5 million) in 2021, compared to profits of 92.7 million yuan and 120.8 million yuan in 2019 and 2020 respectively.</p><p>Jiangxi Copper saw a net profit of 5.6 billion yuan in 2021, a 142.9 percent rise from the previous year, having been profitable for three consecutive years.</p><p>Jiangxi Copper said there is no competitive business between the two firms, and the parent will still control the subsidiary after it is listed and will include the unit into its consolidated statements.</p>
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