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Aluminum Corp of China (Chalco) shares climbed sharply on Monday after its controlling shareholder, Aluminum Corporation of China (Chinalco), announced plans to increase its stake by up to 2 billion yuan ($300 million), reinforcing confidence in the state-owned aluminum producer's long-term growth outlook.
Chalco's Shanghai-listed shares gained as much as 6.4% to 8.98 yuan during trading, while its Hong Kong-listed shares rose 4.2% to HK$7.93 following the announcement.
According to a regulatory filing, Chinalco and parties acting in concert intend to acquire between 1 billion yuan and 2 billion yuan worth of Chalco's A-shares and H-shares over the next 12 months through the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
The planned share purchases will be capped at 2% of Chalco's total issued share capital, ensuring the acquisition remains within regulatory limits while strengthening Chinalco's ownership position.
At present, Chinalco directly owns approximately 30.5% of Chalco. Including stakes held through its subsidiaries, the state-owned parent controls about 33.6% of the company's total share capital.
Chalco said the proposed investment reflects Chinalco's confidence in the company's future development and its belief in the long-term investment value of the aluminum producer. The move also signals continued support from the parent company as investors closely monitor China's metals and mining sector amid evolving demand trends.
The company added that the planned stake increase will be financed using Chinalco's internal resources or self-raised funds, with no indication of external financing.
The announcement comes as investors remain focused on China's industrial sector and commodity markets, where state-backed companies have increasingly used share purchases to demonstrate confidence and support shareholder value. The latest move by Chinalco is expected to strengthen market sentiment toward Chalco while highlighting its commitment to the company's long-term strategy and future performance.
