Xiamen Tungsten's Subsidiary Jinlong Rare Earth to Seek Listing on Beijing Stock Exchange

Stock News05-29

Xiamen Tungsten Co., Ltd. (600549.SH) announced that its board of directors has approved a proposal for its controlling subsidiary, Fujian Jinlong Rare Earth Co., Ltd., to apply for a public offering to unspecified qualified investors and list on the Beijing Stock Exchange. This initiative is intended to enhance the subsidiary's production capacity and overall competitiveness, thereby strengthening the sustained profitability of both Jinlong Rare Earth and the parent company. By leveraging the capital markets, the listing aims to increase the overall value of Jinlong Rare Earth and Xiamen Tungsten, aligning with the company's strategic development plans. Following the completion of the offering, Xiamen Tungsten will remain the controlling shareholder of Jinlong Rare Earth, with no impact on its actual control. Both entities are expected to maintain their independence and ongoing operational capabilities.

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