HK Stock Market Move | Metallurgical Corporation of China (01618) opens down nearly 6%, planning to sell its assets including China Metallurgical Group and China Metallurgical Copper-Zinc for 60.7 billion yuan.

Metallurgical Corporation of China (01618) opened nearly 6% lower, falling 5.88% as of the time of writing, and closing at 2.24 Hong Kong dollars, with a turnover of 170.531 million Hong Kong dollars. On the news front, on the evening of December 8th, Metallurgical Corporation of China announced that it plans to sell 100% equity of MCC Real Estate and the relevant debt claims to MINMETALS LAND Holdings. It also plans to sell 100% equity of MCC Nonferrous, MCC Copper-Zinc, RMG Management and 67.02% equity of MCC Jinji to China Minmetals. The Company's subsidiary China Huayi intends to sell 100% equity of Huayi Duda to China Minmetals or its designated entity. The transaction will be a cash deal, with a transaction price of about 60.7 billion yuan. The company stated that through this transaction, it will divest non-core assets and optimize resource allocation, which will help to optimize the company's business structure, focus on core businesses, and enhance core competitiveness and sustainable profitability. In the future, the company will focus on metallurgical engineering, non-ferrous and mining engineering construction and operation, high-end infrastructure, industrial construction, and emerging industries, promoting high-quality development of its business.