On July 20, Chalco (02600.HK) rose 3.55% in regular trading, trading at HKD 7.91/share, with turnover of HKD 106 million.
On the news front, the company announced that its controlling shareholder China Aluminum Corporation (Chinalco Group) and its concert parties plan to increase their holdings in both A-shares and H-shares through the Shanghai Stock Exchange and Hong Kong Stock Exchange trading systems. The planned purchase amount is no less than RMB 10 billion and no more than RMB 20 billion, with the total shares acquired not exceeding 2% of the company's total share capital. The implementation period is within 12 months from the announcement date. The company confirmed this purchase will not result in any change to its controlling shareholder or ultimate controller.
The announcement comes after the company recently disclosed a strong H1 earnings forecast projecting net profit of RMB 112-122 billion, representing a 58%-73% year-on-year increase. Multiple investment banks including Morgan Stanley, Citi, and Bank of America maintain buy or overweight ratings with target prices ranging from HKD 9.16 to HKD 11.20, suggesting significant upside from current levels.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)