Fujian billionaire cuts shareholding in Zijin Mining

Published: 03 Jul 2009 01:21:58 PST

Top 5 News From ChinaKnowledge.com

Microsoft China releases attractive retail prices for Windows 7
Chinese airlines seek help covering rising jet fuel costs
Shanghai GM sales up 71.5% in June
Google China ad revenue up 25% in Q2
Taiwan's Chunghwa Telecom to launch new iPhone 3Gs

Jul. 3, 2009 (China Knowledge) - Chen Fashu, a billionaire in Fujian Province, reduced his A-share holding in Zijin Mining Group Co<601899><2899>, China's largest gold producer, twice within two months, according to a statement the firm filed with the Shanghai Stock Exchange (SSE).

Information from SSE showed that Chen sold 147.34 million A-shares of Zijin Mining for around RMB 1.4 billion during the period from May 25 to Jul. 1.

In the period from Apr. 27 to May 22, Chen cashed in 147.19 million A-shares of Zijin Mining for RMB 1.3 billion.

Currently, Chen and his firm, Newhuadu Industrial Group Co Ltd, jointly hold 1.88 billion shares of Zijin Mining, or 12.95% of the gold miner's total equity.

Zijin Mining's net profit in the first quarter of this year was RMB 921 million, up 20.56% year on year.
Its operating revenue during the period was RMB 4.95 billion, up 38.37% from a year earlier.