Minmetals Development (600058) plunged more than 8% in early trading. The company announced last night that it recently received the Notice of Investigation of Suspected Illegal Implementation of Operator Concentration issued by the General Administration of Market Supervision (GAMS), because the transaction between the company and Alibaba Group Holdings Limited, a joint venture of Minmetals E-Commerce Co. The General Administration of Market Supervision decided to open a case for investigation.
It is understood that Minmetals Development is mainly engaged in three types of business: resource trading, metal trading and supply chain services, and its business scope covers all aspects of the ferrous metal industry chain, including metallurgical raw material trading, steel trading, warehousing, processing and distribution, port logistics services, supply chain finance, bidding services and e-commerce.
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