Shandong Hongqiao Aluminum Subsidiary Acquires Two Solar Power Operators for 2 Billion Yuan; Shares Slide 3%

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Shandong Hongqiao Aluminum Industry (SHE:002379) is looking to purchase entire stakes in two renewable energy companies through subsidiary Yunnan Hongqiao New Materials for 2.05 billion yuan, according to a Saturday disclosure to the Shenzhen bourse.

The aluminum company purchased Yunnan Hongqiao New Energy from Shandong Hongqiao New Material for 1.81 billion yuan and Yunnan Xinchuang from Binzhou Public Construction Investment and Development for 239.7 million yuan.

The two entities own solar power generation projects in Yunnan province with a combined rated installed capacity of 2,527.82 megawatts.

Company shares fell 3% during morning trading on Monday.

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