Xiamen Tungsten to Acquire 30.17% Stake in Jiangxi Jutong for CNY593M

English summary

Xiamen Tungsten (600549) disclosed in its interim report that it plans to acquire a 30.17% stake in Jiangxi Jutong for CNY593 million in cash, increasing its holding to 31.52%, and will sign a concert party agreement with its controlling shareholder Rare Earth Group to take control. The deal aims to secure upstream tungsten supply and reduce related-party transactions, but Jiangxi Jutong is not yet producing, so the short-term impact on earnings is limited.