Xiamen Xiangyu (SHA:600057) and its controlling shareholder, XMXYG, plan to acquire electrolytic aluminum platform Xinzhongwang Group, according to a Shanghai Stock Exchange filing on Wednesday.

Xinzhongwang Group is a spin-off company set up by troubled aluminum maker Zhongwang Group, which was involved in a illegal acts such as fraud and fictitious sales.

The acquisition will be made through a joint venture established by the Chinese logistics services provider's subsidiary, Xiangyu Smart Logistics Port and a XMXYG unit. The joint capital will have 4.3 billion yuan registered capital, the filing said.

Xiangyu Smart will invest 690 million yuan for Xinzhongwang's 16% stake and the XMXYG unit will subscribe 3.6 billion yuan for an 8.9% equity. The joint venture will take over the spin-off company.

Xiamen Xiangyu's shares slipped more than 1% in recent trade.