HK Stock Market Move | Metallurgical Corporation of China (01618) continued to fall by more than 4% yesterday, after plummeting over 21% the previous day following the announcement of plans to sell assets totaling 60.7 billion yuan.

Metallurgical Corporation of China (01618) fell more than 4%, with the stock plummeting over 21% yesterday. As of the time of writing, it fell 4.26% to 1.8 Hong Kong dollars, with a turnover of 178 million Hong Kong dollars. On the news front, Metallurgical Corporation of China recently announced that the company plans to sell its 100% equity interest in MCC Real Estate and its target debt to Minmetals Land Holdings. It also plans to sell its 100% equity interests in Nonferrous Institute, MCC Copper Zinc, Rui Mu Management, and 67.02% equity interest in MCC Jingen to China Minmetals. The company's controlling subsidiary, China Huaye, plans to sell its 100% equity interest in Huaye Duda to China Minmetals or its designated entity. The transaction will be a cash transaction, with a transaction price of approximately 60.7 billion yuan. It is worth noting that Metallurgical Corporation of China's performance has been under pressure in recent years, with net profits attributable to shareholders for 2022-2024 expected to be 10.27 billion yuan, 8.67 billion yuan, and 6.746 billion yuan respectively. The company's announcement points out that through this transaction, the company will divest non-core assets and optimize resource allocation, which will help optimize the company's business structure, focus on core business, enhance core competitiveness, and sustain profitability.