Magnet maker JL Mag Rare-Earth (SHE:300748) proposed the acquisition of a 9.24% stake in Baotou Rare Earth Products Exchange from China Northern Rare Earth (SHA:600111) for 22.1 million yuan.
The move is expected to boost the company's competitiveness and support the exchange's development into a national-level trading platform, according to a Thursday filing with the Shenzhen bourse.
China Northern Rare Earth currently holds 44.56% of the exchange.
Shares of JL Mag Rare-Earth rose 1% in recent trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments