Zheshang Development Group (SHE:000906) or ZDG agreed to establish a 100 million yuan joint venture that will trade metal ores, coal, and other metal materials, according to a Shenzhen Stock Exchange disclosure on Saturday.
The venture will be called Zheshang Zhongtuo Jinshenglan (Zhejiang).
The Chinese steel distributor will own 51% of the venture after investing 51 million yuan into its capital.
The joint venture partners, Hubei Jinshenglan Metallurgical Technology and individual investor Chen Yuxin, will contribute 39 million yuan and 10 million yuan, respectively, owning 39% and 10% into its capital.
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