Baotou Tianhe Magnetics Technology (SHA:603072) completed the establishment of its subsidiary in China's Inner Mongolia Autonomous Region after obtaining the business license, according to a Shanghai Stock Exchange disclosure on Tuesday.

The subsidiary, Baotou Tianhe New Materials Technology, has a registered capital of 10 million yuan and manufactures magnetic materials and electronic specialty materials, the Chinese rare earth permanent magnet materials producer said.

The company's shares closed 4% lower.