Aluminum Corporation of China Limited (CHALCO; 02600) announced that its wholly owned unit, Chalco Logistics Group Co., Ltd., has signed an equity transfer agreement with Yunnan Aluminum Co., Ltd. on 2 April 2026 to purchase 51 % of Yunlv Logistics Investment Co., Ltd. for RMB263.84 million in cash.

Upon completion, Chalco Logistics and Yunnan Aluminum will hold 51 % and 49 % of Yunlv Logistics, respectively, converting the target into a consolidated subsidiary of Chalco Logistics.

Key transaction terms • Consideration: RMB263.84 million, derived from a third-party valuation by Zhong Wei Zheng Xin Appraisal using 31 July 2025 as the benchmark date. • Payment: Single remittance within 30 days after all conditions precedent are satisfied. • Closing: Transfer of equity will occur after Yunnan Aluminum is released from a six-year guarantee (effective November 2022) provided for Yunlv Logistics as an industrial-silicon futures delivery warehouse. • Profit & loss sharing: From 31 July 2025 to the closing date, both parties will share Yunlv Logistics’ results in proportion to the post-acquisition shareholding.

Valuation highlights • Income approach selected as final basis, valuing Yunlv Logistics’ total equity at RMB517.34 million (≈ USD75 million). • Alternate asset-based valuation stood at RMB390.87 million.

Financial profile of Yunlv Logistics (PRC GAAP) • Total assets (31 Dec 2025): RMB685.56 million. • Net assets (31 Dec 2025): RMB276.87 million. • Net profit after tax: RMB29.06 million (2024) and RMB33.08 million (2025).

Regulatory classification Because Yunnan Aluminum is a 30 %-controlled company of CHALCO’s parent, Aluminum Corporation of China (Chinalco), the deal is deemed a connected transaction under Hong Kong Listing Rule 14A. The highest applicable percentage ratio is above 0.1 % but below 5 %, requiring disclosure but not independent shareholders’ approval.

Strategic rationale CHALCO stated that Yunlv Logistics has been under Chalco Logistics’ entrusted management; the acquisition aligns ownership with management control, strengthens CHALCO’s logistics presence in Southwest China, and supports integration of group-wide logistics operations.

Financial impact As CHALCO will retain control of Yunlv Logistics post-transaction, the deal will be accounted for as an equity transaction with no gain or loss recognised in the group’s consolidated financial statements.