On December 2, state-owned Minmetals Development Co., Ltd (Minmetals Development), a subsidiary of China Minmetals Corporation (CMC), inked an agreement with Alibaba Group subsidiary Hangzhou Ali Venture Investment Co., Ltd (Ali Venture Investment) for the formation of a joint venture company and the establishment of a steel e-commerce platform together.
The steel e-commerce platform will cover the whole steel industry including storage, processing, finance, online communication, freight and logistics.
Minmetals Development will implement a capital increase for Minmetals E-Commerce Co., Ltd (Minmetals E-Commerce) together with Ali Venture Investment and Beijing Hailiyunchui Investment Managing Center. After the completion of the capital increase, Minmetals Development, Ali Venture Investment and Hailiyunchui will hold respective 46 percent, 44 percent and 10 percent stakes in Minmetals E-Commerce.