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.