Hongqiao Announces Sale of 650 MM Shares in Attempt At Paying Down Debt
Hongqiao, the world’s largest aluminium producer announced on Tuesday a push to raise HK$6.24 billion (US$800 million) via the sale...
Hongqiao Group
Hongqiao Shares Plummet To Two-Year Lows After Fees On Captive Power Plants Announced By Shandong Government
Shares of the world’s most prolific aluminium producer dove for the second straight day on Monday after its home province debuted a new fee schedule for captive power plants. China Hongqiao Group Limited watched its shares plummet by 8.5 percent yesterday, bottoming...
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According to sources with knowledge of the situation, China Hongqiao Group began curtailing outdated aluminium capacity on Tuesday, coinciding with...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
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 […]
China Hongqiao Enters Downstream Sector, Purchases Aluminium Alloy Firm for US$1.6 BN
China Hongqiao Group Ltd. is reported to be planning to spend US$1.6 billion on a purchase of two aluminium processing firms. The deal, which was announced yesterday, will have the controversial firm taking charge of Loften Environmental Technology Co. Ltd., giving it a foot in the door to the value-added aluminium sector. According to the […]
Fitch Drops Hongqiao’s Outlook to Negative, Reaffirms its BB Rating
Fitch Ratings Inc. announced today that it has downgraded its Outlook on China Hongqiao Group’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) from Stable to Negative. According to the accompanying press release, the decision was made due to the firm’s “persistent high debt-funded capex, which has resulted high negative free cash flow (FCF) and […]
Chalco’s First-Half Results Up Thanks to Bump in Global Aluminium Prices
State-backed Aluminum Corporation of China Ltd (Chalco) published results for the first half of 2016 on Thursday. The firm posted an increase in profits thanks to a modest recovery in the global aluminium market. The firm posted a net profit of US$8.62 million in the first six months of the year, which is a significant […]
China Hongqiao Chief Claims Uptick in Demand Will Offset China’s Continuing Capacity Increases
Under increasing international pressure to make further cuts to capacity, China Hongqiao’s chief Zhang Bo defended his firm’s output, claiming that increasing demand will keep the potential of a further drop in prices in check. In an interview with Hong Kong’s South China Morning Post, Zhang said that demand, plus the Chinese industry’s “self-discipline” in […]
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 ...
