Aluminum Corporation of China Limited (2600.HK) announced that on November 25, 2025, its subsidiary Yunnan Aluminum (000807.SZ) signed an agreement with Yunnan Metallurgical, also under the control of Chinalco, to acquire minority stakes in three subsidiaries. Specifically, Yunnan Aluminum will acquire 28.7425% of Yunlv Yongxin, 27.3137% of Yunlv Runxin, and 30% of Yunlv Hongxin, paying approximately RMB2.27 billion in total consideration after dividend adjustments.

Upon completion, Yunnan Aluminum will hold 96.0766% of Yunlv Yongxin, 97.4560% of Yunlv Runxin, and 100% of Yunlv Hongxin. The transaction constitutes a connected transaction under Chapter 14A of the Hong Kong Listing Rules, with the highest applicable percentage ratio exceeding 0.1% but less than 5%, thus requiring disclosure and announcement but not independent shareholders’ approval. However, the acquisition still requires approval by shareholders at a general meeting according to the Shanghai Stock Exchange rules.

Official statements cite that consolidating these shares will streamline subsidiary ownership structures, enhance profitability, and align with strategic objectives. All three target companies are engaged in aluminum-related businesses, and their financial results will remain consolidated under Yunnan Aluminum. A circular containing relevant details will be published or dispatched to shareholders on or before December 8, 2025.