Aluminum Corporation Of China Limited (SEHK:2600) entered into the framework agreement to acquire remaining 36.90% stake in Chalco Zhongzhou Aluminum Co., Ltd. from Huarong Ruitong Equity Investment Management Co., Ltd., China Life Insurance Co., Ltd. (TSEC:2823), Shenzhen Zhaoping Chalco Investment Center LLP, China Pacific Life Insurance Co., Ltd., BOC Financial Asset Investment Co., Ltd., ABC Financial Asset Investment Co., Ltd. and ICBC Financial Asset Investment Co., Ltd. for CNY 1.9 billion on January 11, 2018. The detailed terms of transaction will be decided in the formal agreements to be signed subsequently. Aluminum Corporation Of China Limited entered into equity acquisition agreement to acquire Chalco Zhongzhou Aluminum Co., Ltd. for CNY 2.44 billion on January 31, 2018. Under the transaction, Aluminum Corporation will issue 403.70 million A shares as consideration. As on July 30, 2018, Aluminum Corporation now will issue 403.69 million shares. In a related transaction, Aluminum Corporation Of China Limited agreed to acquire 30.80% stake of Chalco Shandong Co., Ltd., 25.67% stake of Baotou Aluminum Co., Ltd. and 81.14% stake of Chalco Mining Co., Ltd. Aluminum Corporation Of China Limited propose to issue shares as mode of consideration for the acquisition. Upon completion of the transaction, Chalco Zhongzhou Aluminum Co., Ltd. will become wholly owned subsidiary of Aluminum Corporation Of China Limited.

The transaction is subject to obtaining pre-approval opinion from the State-owned Assets Supervision and Administration Commission of the State Council before the disclosure of detailed plan for the acquisition, due diligence, audit and valuation. As on July 31, 2018, transaction has been received approval from State-owned Assets Supervision and Administration Commission of the State Council and transaction plan has been reviewed and approved by the Board of Directorate of Aluminum Corporation. As of November 7, 2018, the transaction plan has been reviewed and approved by the internal decision-making body of Aluminum Corporation of China Limited and by the Board of Directors of Huarong Ruitong Equity Investment Management Co., Ltd., China Cinda Asset Management Co., Ltd., China Pacific Life Insurance Co., Ltd., BOC Financial Asset Investment Co., Ltd., ICBC Financial Asset Investment Co., Ltd. and ABC Financial Asset Investment Co., Ltd. An independent Board committee of the Aluminum Corporation of China Limited will be established to advice the independent shareholders. As on December 18, 2018, the transaction has been approved by China Securities Regulatory Commission.

CITIC Securities Co., Ltd., Beijing Jia Yuan Law Offices and Ernst & Young Hua Ming LLP acted as financial advisor, legal advisor and accountants for Aluminum Corporation Of China Limited respectively. VBG Capital Limited acted as financial advisor to Aluminum Corporation of China Limited.