HK Stock Market Move | CITIC RESOURCES (01205) rose more than 21% in the afternoon, realizing over USD 247 million by selling its stake in American aluminum industry.

CITIC RESOURCES (01205) resumed trading in the afternoon, rising over 21% at one point. As of the time of writing, it was up 9.76% at HK$0.45, with a turnover of HK$112.68 million. In terms of news, CITIC RESOURCES announced that on January 14 and 15, its wholly-owned subsidiary CRA sold a total of 381.66 million shares of Alcoa Corporation at an average price of US$64.75 per share through a series of on-exchange transactions on the NYSE. This represented approximately 1.45% of the total issued share capital of Alcoa Corporation, with a total transaction amount of approximately US$247 million. After the completion of the sale, the accumulated income related to the sold Alcoa Corporation depository receipts was approximately US$74.64 million. The Group intends to use the proceeds for general operating expenses and as reserve capital for potential future investments that may be identified from time to time.