The board of tungsten carbide manufacturer Xiamen Tungsten (SHA:600549) on Monday approved the proposal for the listing of subsidiary Fujian Jinlong Rare Earth on the National Equities Exchange and Quotations.
The subsidiary, which has a registered capital of 2.48 billion yuan, develops rare earth compounds and rare earth metal products, according to a Tuesday filing with the Shanghai bourse.
The listing is expected to further improve Jinlong Rare Earth's corporate governance structure and standardized operations, as well as improve its core competitiveness.
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