SHANGHAI, Jul. 9 (SMM) - Leading nickel pig iron producer Shandong Xinhai Science & Technology Co. is seeking a back-door listing by merging with property developer Zhejiang People Group Industrial Co.
People Group planned for assets swap with Xinhai's parent Junan Haode Investment Ltd. in the same Shandong province, the Zhejiang-based company told Shanghai Stock Exchange on July 5.
Junan Haode Investment would become the controlling shareholder of People Group after the transactions, and actual controller would be an individual named Xie Rongbin, People Group said in a statement.
Shandong Xinhai has a production capacity for NPI with nickel content above 10% of 800,000 tpy, according to its website.