Hongqiao Appoints Third Audit Firm for 2016 Financials
The next chapter in the ongoing saga surrounding China Hongqiao Group’s yet-to-be-released 2016 financials was revealed yesterday in the form...
China Hongqiao Group
China Hongqiao Cuts Obsolete Aluminium Capacity By 2 Million MTPA
China Hongqiao Group Limited announced plans yesterday to cut two million metric tons per annum of outdated aluminium capacity. However, the world’s largest aluminium producer indicated that the planned cuts will have little effect on its overall output or bottom line. According...
Hongqiao Insiders Say Cuts Totaling a Quarter Million MTPA of Aluminium-Smelting Capacity In the Works
According to sources with knowledge of the situation, China Hongqiao Group began curtailing outdated aluminium capacity on Tuesday, coinciding with...
Hongqiao Must Address Audit Findings, Short Seller Allegations to Resume Trading: HKEX
China Hongqiao Group announced yesterday the receipt of a letter detailing the conditions under which it may be allowed to...
Events
Ernst & Young Quits as Hongqiao’s Auditor
The world’s largest aluminium producer hit yet another speed bump on the road to releasing 2016’s financials after its independent auditor resigned late last week. China Hongqiao Group made the announcement on Friday in conformance with the Hong Kong Stock Exchange’s rules. According to Hongqiao, its now-former auditor Ernst & Young recommended that an independent investigation be […]
More Capacity Cuts Could Be On the Horizon for China’s Aluminium Sector
Experts are expecting the other shoe to fall after suspending the construction of two million metric tons per annum in aluminium smelting capacity in China’s far west. The closure of smelters run by Xinjiang East Hope Ferrous Metals Co. Ltd., Xinjiang Qiya Energy Aluminium Electric Co. Ltd., and Xinjiang Jiarun Resources Co. Ltd. on April […]
Hongqiao Files Defamation Lawsuit Against Short Seller Emerson
Embattled Chinese aluminium firm China Hongqiao Group opened a new front in the war against short-seller Emerson Analytics this week when it began a defamation action against the firm in Hong Kong’s High Court. According to a report by Bloomberg, Hongqiao is pursuing an order from the court enjoining Emerson from publishing another report on […]
Leaked Letters Purport to Show Hongqiao Appealing to Chinese Government for Help with Auditors, Short Seller
The world’s largest aluminium company sought help from Chinese authorities in negotiating with its auditor after allegations from a short seller threatened to destabilize the company. So says two letters from early March that were released by a Chinese website last week. The letters, one of which was an attachment to the other, were sent […]
Trading Suspended of China Hongqiao Shares After Report Alleges Financial Inconsistencies
The world’s largest aluminium manufacturer China Hongqiao Group called for a suspension of trading of its stock yesterday morning in the wake of allegations by a short seller that the firm is hiding in excess of US$3 billion in costs, and that the company’s profitability is less than half of the amount publicly stated. Hongqiao […]
Biden Infrastructure Bill A Big Boon To Aluminium Industry: Norsk Hydro VP Mike Stier
Earlier this month the United States Congress passed into law President Joe Biden’s US$1.2 trillion infrastructure package. The Investing in a New Vision for the Environment and Surface Transportation in America Act (or the INVEST in America Act) will allocate US$550 billion ...
The Net-Zero Shift Starts With Low Carbon Aluminium
2020 was supposed to be “year of climate action”, with the Glasgow COP26 acting as a major milestone for both ...
Aluminium at the LME Week – Key Takeaways
Between October 28 and November 1st, London hosted the traditional London Metals Exchange (LME) Week gathering of analysts, brokers, traders ...
Aluminium Market Oversupplied, Demand Growth Flat
Base metals prices reacted positively to the progress registered in the latest round of US – China trade talks in ...
