Zhejiang Yongtai Technology Co., Ltd. (szse:002326) announced on July 14th that the company has signed an equity transfer agreement with Hu Yuqian, controlling shareholder of Hainan Xinhui Mining Co., Ltd. Yongtai Technology plans to purchase a 70% stake in Xinhui Mining held by Hu Yuqian with its own capital of CNY 98 million.
 
According to Yongtai Technology, Xinhui Mining owns 1.58 million tons of mineral resources in Shitong mining area. At the same time, reserves of celeium fluoride amount to 717,900 tons. Because the Chinese government limits the import and export of celeium fluoride and diluted hydrofluoric acid, the international fluorine chemical industry is speeding up to move into domestic market. The equity transfer could help Yongtai Technology to expand the upstream resources. If the two sides could cooperate well, Yongtai Technology will have strong advantages in the upstream resources.
 
Influenced by this good news, Yongtai Technology closed at CNY 28.9 on July 14th, increasing 0.70%.
 
 

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