Institutions bought 28.40 million shares of Minmetals Rare Earth (000831.SZ) on Wednesday via secondary market for about 1.07 billion yuan. Compared to the closing price of the listed company on Wednesday, rate of discount was less than 2 percent.
The institutions' purchases show their confidence in the rare earth industry. China is now pushing the M&As and reorganization in the domestic rare earth industry, said analysts. Chinese authorities approved the reorganization plans of the six metal groups and put them on the record, according to the Ministry of Land and Resources (MLR), earlier. The six groups are Baogang Group, China Minmetals, Chinalco, Guangdong Rare Earth Corp, Ganzhou Rare Earth Group, and Xiamen Tungsten (600549.SH).
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