Caixin
BUSINESS & TECH

Education Group Buys Xinjiang Aluminum Firm for $3.6 Billion

An education company owned by a prestigious Beijing university may seem an unlikely buyer for an aluminum smelter in China’s western Xinjiang Uygur autonomous region, but the government’s crackdown on polluters may be forcing the aluminum industry to get creative.

Shenzhen-listed Xiamen Unigroup Xue Co. Ltd., disclosed (link in Chinese) it will pay around 23.6 billion yuan ($3.7 billion) for 100% of the shares of Xinjiang Production & Construction Corp. Nongbashi Tianshan Aluminium Co. Ltd., or Tianshan Aluminium, in what is likely a backdoor means for the smelter to gain a public listing, an analyst told Caixin.

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