China Hongqiao (01378) opened over 3% higher, rising 3.32% to HKD 32.4 by the time of reporting, with a turnover of HKD 12.4092 million. The surge follows an announcement by China Hongqiao that the issuance of shares by Shandong Hontron Aluminum Industry Holding Company Limited (002379) to acquire assets and related-party transactions has been approved by the Shenzhen Stock Exchange's M&A Restructuring Review Committee.

According to Hontron's previously disclosed plan, the company intends to issue shares to acquire a 100% stake in Hongtuo Industrial held by Weiqiao Aluminum & Electricity, Jiahui Investment, and Orient Asset Management, with the transaction valued at RMB 63.5 billion. Public records indicate that Hontron is a subsidiary of China Hongqiao.

This transaction marks a strategic move by China Hongqiao to bring its core aluminum assets back to the A-share market, enhancing internal consolidation within its aluminum business. Additionally, leveraging capital markets is expected to further strengthen the company's overall competitiveness.