Money

JPMorgan increases stake of China's Yanzhou Coal to 11.13%

(Xinhua)
Updated: 2010-05-26 13:51

HONG KONG - US financial holding company JPMorgan Chase and Co had acquired 3.394 million shares of the HK- listed Yanzhou Coal for HK$57.94 million?($7.43 million) and increased its stake to 11.13 percent, according to data released on late Tuesday by the Hong Kong stock exchange.

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The stock exchange said JPMorgan Chase had bought Yanzhou Coal, one of China's top coal producers based in East China's Shandong province, on May 21 at an average price HK$17.07 per share.

With the transaction, JPMorgan Chase's stake in Yanzhou Coal rose from 10.95 percent to 11.13 percent.

Yanzhou Coal Mining Company Limited is principally engaged in coal mining, washing, processing, distribution and coal railway transportation in China's mainland.

Shares of Yanzhou Coal opened at HK$16.1?on Wednesday, up 1.3 percent from the previous close, with a total market value of HK$31.73 billion.?