Chinalco, the parent company that has been fully involved in Rio's allotment to avoid dilution, has opened 1.91% to HK $7.48 this morning, trading 1.24 million shares, and has not been dragged down by the thinning effect of its planned issuance of a shares. China Aluminum shares (601600-CN) now also rose 1.65% to 12.34 yuan. The company announced that the board of Directors has considered and passed the non-public offering of a A-share bill, the plan issued no more than 1 billion shares (the enlarged a-share share capital 6.88%), the issue price set in the benchmark days before the 20-day average shares of 90%, raise funds not exceeding RMB 10 billion yuan, Mainly used in Chongqing 800,000 tons of alumina project, Xing County Alumina project, as well as the Zhongzhou branch processing Bayer Law system expansion project and supplementary liquidity. Chinalco said the issue would reduce financial risk, improve profitability and improve cash flow. The completion and production of the capital investment Project will help the company to further improve the "bauxite-alumina-electrolytic aluminum-aluminum deep-processing" industrial chain, improve the competitive advantage and optimize the business structure. At the same time, this directional additional issue does not lead to the change of control rights of listed companies. Prior to the release, Chinalco held a 38.56% per cent stake in the listed company and, through its subsidiaries, held a 41.82% per cent stake in the listed company. After the completion of the Non-public offering, according to the number of the issue of the upper limit of 1 billion shares, Chinalco will be the total holdings of listed companies about 38.94% of the equity, remains the controlling shareholder and the actual control person. Only market comments that, although the long-term view of the issue may be conducive to consolidating its industry leading position, but the current industry fundamentals are still weak, overcapacity, inventory backlog has not seen a significant improvement, the market for its expansion plans or concerns.
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