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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Metallurgical Corporation of China Ltd.    1618   CNE100000FF3

METALLURGICAL CORPORATION OF CHINA LTD.

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Metallurgical of China : Guo Wenqing Meets with Wang Hao, Standing Committee Member of Shaanxi Provincial Party Committee & Secretary of Xi'an Municipal Party Committee

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10/17/2020 | 11:20pm EDT

Guo Wenqing Meets with Wang Hao, Standing Committee Member of Shaanxi Provincial Party Committee & Secretary of Xi'an Municipal Party Committee

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  On August 2, Guo Wenqing, General Manager and Deputy Secretary of the Party Group of China Minmetals, and concurrently Chairman of MCC met with Wang Hao, Standing Committee Member of Shaanxi Provincial Party Committee & Secretary of Xi'an Municipal Party Committee and his delegation. Both sides reviewed their long-term and friendly cooperation and had in-depth exchanges on further deepening strategic cooperation in all aspects.

  Guo Wenqing welcomed the visit of Wang Hao and his delegation, thanked the Xi'an City and Shaanxi Province for their long-term support to China Minmetals and MCC, and introduced the development achievements made after the strategic restructuring by the two Fortune Global 500 enterprises. Guo Wenqing pointed out that since the strategic restructuring for four years, China Minmetals has always adhered to the goal of 'quadrupling profit in three steps' to continuously build and consolidate the business system of four beams and eight columns centering on the construction of metal mining, metallurgy, trade, logistics, and real estate finance. China Minmetals has rich mineral resources, including copper, nickel, lead and zinc, and has successfully operated several world-class mines, while MCC is the only one of the state-owned key enterprises with the qualification of theme park design and construction, which has super high level and rich experience in conducting metallurgical engineering, urban transportation, utility tunnel, and beautiful rural construction. On top of that, China Minmetals has a complete global trade network system and has established several large logistics industrial parks in China. It also built a million tons-level international ore trading center in Caofeidian, Tangshan, Hebei Province. Furthermore, China Minmetals is one of three state-owned key enterprises that have obtained license for financial business operations. Currently, their assets under management reach RMB 2.16 trillion, and their operating revenue exceeded RMB 600 billion in 2019. In the first half of this year, in the face of the severe impact of COVID-19 and the pressures of the economic downturn, China Minmetals kept stable COVID-19 pandemic prevention and control situation, growing income against the trend, expected profit, steady quality improvement, and better economic performance than the average performance of central SOEs by comprehensively implementing the deployment of the Central Committee of the Communist Party of China and the requirements of the State-owned Assets Supervision and Administration Commission, as well as making all-out efforts to grasp the reform and development work, including the prevention and control of the COVID-19 pandemic and the resumption of work and production.

  Guo Wenqing said that China Minmetals and MCC have always attached great importance to strategic cooperation with Xi'an City. They have established a deep and solid friendship and realized mutually beneficial and win-win development in a continuous friendly cooperation. At present, thanks to the kind care of General Secretary Xi Jinping, Xi'an is ushering in a new round of great opportunities to start large-scale construction and development. China Minmetals intends to further promote both sides' strategic cooperation in all aspects through the development of its advantages of wide business fields, strong professional abilities and sufficient practice & experience. More specifically, on the basis of constructing current cooperative projects with high quality, it plans to work with Xi'an City to enhance their cooperation in the construction of headquarters base, the construction of municipal transportation, the design and construction of theme parks, trade logistics, financial real estate and other fields. By co-extending both sides' cooperation space and creating new cooperation mode, it is eager to make more contributions to the high quality development of Xi'an economy and society.

  Wang Hao thanked Guo Wenqing for his warm reception, reviewed their friendly cooperation when Wang served as municipal party secretary of Tangshan and Xi'an. Wang also appreciated long-term contributions made by China Minmetals and MCC to the local economic and social development, spoke highly of such key projects as the construction of utility tunnel, headquarters undertaken by MCC, and introduced the basic situation of economic and social development of Xi'an in detail. Wang Hao said that as one of national central cities, Xi'an has obvious geographical advantages, which allow it to possess rich mineral resources; thanks to its profound historical and cultural deposits, it has outstanding advantages in science and education. Nowadays, Xi'an is fully implementing the guiding principles from General Secretary Xi Jinping's important speeches during his visit to Shaanxi and closely following our national strategic arrangements. Around its strategic positioning of three centers, two high lands and one hub, Xi'an is redoubling its efforts to speed up the development of new types of infrastructure and continues to enhancing the overall competitiveness of the city. Wang Hao also said that both sides expect to further vertically and horizontally enhance their cooperation to gain more cooperation achievements, and welcomed more members of China Minmetals to invest in starting business in Xi'an. At the same time, Xi'an Municipal Party Committee and Government will provide high quality services and create a better business environment for the development of enterprises.

  The two sides also discuss extensively other issues of common concern.

  Liu Caiming, Deputy General Manager, Chief Accountant and member of the Party Group of China Minmetals, Ren Zhufeng and Wang Shilei, Deputy General Manager and member of the Party Group of China Minmetals, and Yang Xiaodong, member of the Standing Committee of Xi'an Municipal Party Committee and Secretary General of Xi'an Municipal Party Committee. Jiang Wei, Deputy Secretary General of Xi'an Municipal Party Committee, Sun Huaiguo, Deputy Secretary General of Xi'an Municipal Party Committee and Director of the Policy Research Office of Xi'an Municipal Party Committee, Sun Yimin, Secretary of the CPC Xi'an International Trade & Logistics Park working committee and Director of the Administrative Committee of Xi'an International Trade & Logistics Park, as well as Zhang Mengxing, Xue Fei, Zhu Guangxia, Zhang Huiqing, Zhao Ligong, Yu Shigong, Yuan Silang, Gao Wenhua and Leng Tiesong, relevant heads of the Strategic Development Department of China Minmetals and MCC and Minmetals Capital, attended the meeting.

  Guo Wenqing talks with Wang Hao cordially

  Group photo of the meeting

  Group photo of the two sides

Disclaimer

Metallurgical Corporation of China Ltd. published this content on 18 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2020 03:19:02 UTC


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Financials
Sales 2020 433 B 55 903 M 55 903 M
Net income 2020 8 231 M 1 062 M 1 062 M
Net Debt 2020 30 449 M 3 929 M 3 929 M
P/E ratio 2020 -
Yield 2020 6,89%
Capitalization 59 242 M 7 644 M 7 644 M
EV / Sales 2020 0,21x
EV / Sales 2021 0,17x
Nbr of Employees 96 884
Free-Float 44,1%
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Average target price 1,80 HKD
Last Close Price 1,32 HKD
Spread / Highest target 36,4%
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Managers
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Meng Xing Zhang President & Executive Director
Wen Qing Guo Chairman
Xiu Yun Cao Chairman-Supervisory Board
Si Song Yin Chairman-Supervisory Board
Hong Ying Zou VP, Chief Accountant & Financial Officer
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