On December 19, China Huarong Asset Management Co. (China Huarong), one of China's four state-owned asset management companies, announced that it has formally become a shareholder of Tianjin International Mining Exchange. Details regarding the stake acquired by China Huarong in the exchange have not been released yet.
Meanwhile, Liu Hankai, CEO of Tianjin International Mining Exchange, stated that cooperation with such large state-owned companies as China Huarong would be beneficial for the exchange to expand its financial innovation, to standardize the bulk commodity markets, and to strengthen its risk-resistance capacity.
Launched in November 2010, Tianjin International Mining Exchange is an international mining platform co-founded by China's Ministry of Land and Resources, the Tianjin municipal government and China Mining Association.