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Shanghai Huayi to Conduct Asset Swap With Controlling Shareholder; Shares Up 3%

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Shanghai Huayi Group (SHA:600623, SHA:900909) agreed to conduct an asset swap with its controlling shareholder, Shanghai Huayi Holding Group, according to a Shanghai bourse filing on Thursday.

Huayi will dispose of its entire equity in Shanghai Huayi Energy & Chemical to Huayi Group, which has an appraised value of 4.74 billion yuan.

Huayi will also acquire a 51% equity interest in Guangxi Huayi Energy & Chemical, which is valued at 4.62 billion yuan, from the group.

The Chinese chemical products producer's A shares jumped 3% during the afternoon trade.

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