SOEs buy into General Nice HK listed company

Two Tianjin-based state-owned companies, Bohai Steel (渤海钢铁) and Tewoo (天津物产), a logistics and trading conglomerate, have increased a previously existing stake in General Nice Group’s Honk Kong-listed company to 7%. The SOEs own these shares through a Hong Kong company, New Asia Worldwide Limited (新亞環球有限公司). Both companies are known to have had contacts with General Nice in the past.

General Nice’s HK listed arm, Loudong General Nice Resources (China) Holdings (樓東俊安資源(中國)控股有限公司), resumed trading today after a short halt and an announcement that the group is considering buying a Mainland logistics and trading business from an “independent third party” (thus presumably not Tewoo). There are no concrete agreements and the deal might not proceed. Loudong GN had announced similar plans for a similar deal late last year, but scrapped them later.

General Nice Group owns the Isua iron mine in Greenland, but not through Loudong GN. Bohai and Tewoo’s share acquisition doesn’t imply an interest in the mine, although General Nice’s stronger ties to SOEs in the steel industry would obviously become relevant should plans to develop Isua eventually come about.

More on General Nice Group and their various companies, including Loudong GN, in my background article and occasional shorter posts.

Advertisements