It is reported that Hunan Corun New Energy plans to acquire a rare earth processing company based in Hunan province, Yiyang Hongyuan Rare Earth.
Hongyuan Rare Earth has a rare earth export quota of 1,258 tons for 2011 slightly less than that of Inner Mongolia Baotou Steel Rare-Earth Hi-Tech (600111).
Corun acquired Panasonic wholly owned factory for CNY 135 million at the beginning of 2011 and obtained cutting-edge technologies for the production of nickel-metal hydride batteries used in the auto sector.
Chief researcher of China Securities' Hunan branch said with the completion of the latest acquisition, Corun will complete the industrial chain for the hydride power industry.
