CHUANGXIN IND acquires alumina and coal business, involving over 1.5 billion RMB

CHUANGXIN IND (02788.HK) announced related transactions, acquiring the remaining 41.5% equity of Shandong Cre8 Direct from the Innovation Group to become a wholly-owned subsidiary, at a cost of RMB 526 million; and acquiring all equity of Tongliao Smart Mining at a cost of RMB 1.001 billion, which will be funded through internal resources and loans.

Shandong Cre8 Direct is primarily engaged in the production and sale of alumina and provides raw materials for the company's production of electrolytic aluminum. Tongliao Smart Mining is mainly involved in the mining, sales, washing, and selection of coal, holding exploration rights for coal resources in the No. 4 well field of the Hohhot River mining area in Inner Mongolia, with a planned production capacity of 6 million tons per year