HK Stock Market Move | NANSHAN AL INTL (02610) rises more than 7% to hit a new record high on the stock market. Shandong Nanshan Aluminium plans to invest 1.868 billion yuan in Indonesia to build a chemical project.

NANSHAN AL INTL (02610) rose more than 7% in the afternoon, reaching a high of HK$28.55, setting a new record high for the company. As of the time of writing, it is up 6.95% at HK$28.45 with a trading volume of HK$159.642 million. In terms of news, on the evening of June 5th, Shandong Nanshan Aluminium announced its plans to establish a joint venture company in Indonesia and construct a 200,000 ton per year caustic soda project and a 165,000 ton per year epichlorohydrin project in Bintan, Indonesia, with a total investment of approximately RMB 1.868 billion. Currently, the company already has 2 million tons of alumina production capacity in operation and 2 million tons under construction in Indonesia. In May of this year, the third phase of the Shandong Nanshan Aluminium Bintan alumina project officially entered the trial production stage. It is reported that Shandong Nanshan Aluminium announced in March of this year that its subsidiary NANSHAN AL INTL was listed on the main board of the Hong Kong Stock Exchange, and after this listing, the company will still maintain control over NANSHAN AL INTL. According to Frost & Sullivan data, by the end of 2023, the main aluminum oxide producing countries in Southeast Asia are Indonesia and Vietnam, and NANSHAN AL INTL is one of the top three alumina producers in Southeast Asia. The completion of the second phase alumina production project has increased the company's alumina design annual capacity to 2 million tons, ranking it first in Indonesia and Southeast Asia based on the design annual capacity for 2023.