According to a fundraising document, China Minmetals Corp, a metals trading firm announced that it was raising RMB15bn ($2.3bn) from investors to help restructure and list its financial assets.
Minmetal’s subsidiary Kingray New Materials Science & Technology, a loss-making electrical components maker, is seeking to issue shares to a Minmetals Corp subsidiary, China Minmetals Corp Ltd, to acquire all of Minmetals Capital Holdings, which owns the metals trader’s financial assets.
Kingray also plans to issue shares to Minmetals Corp to buy a 10%stake in ICBC-AXA Life. The total financial assets planned to be injected into Kingray as part of the restructuring is estimated to be valued at RMB19.7bn yuan.
After the restructuring, Minmetals Corp’s financial assets will be publicly traded via Shanghai-listed Kingray.