The investment will come from Chalco Zhengzhou Nonferrous Metals Research Institute Co., LTD. (Zhengzhou Research Institute), which is Chalco's wholly-owned subsidiary, and Zhengzhou Light Metals Research Institute Co., LTD. (Zhengzhou Light Research Institute), a subsidiary of Chalco Group, the controlling shareholder of Chalco.
Zhengzhou Research Institute will contribute RMB 20 million in cash and assets for the joint venture company and hold 80% of its equity. The final name of the joint venture company depends on the approval of the industrial and commercial registration authority.
As Zhengzhou Light Research Institute is a subsidiary of Chalco Group and a related party of the company, this transaction is considered an affiliated transaction. However, this connected transaction does not require submission to the company's general meeting for consideration.
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