Shanghai-based Xiben New Line Stock Co., Ltd, a bulk commodity e-commerce platform, has announced that it will set up a joint venture company called Xiben New Line Xinxing Industry Co., Ltd (Xiben New Line Xinxing Industry) together with Shanghai-based Shanghai Taiyi Trading Co., Ltd (Shanghai Taiyi Trading) and Hebei Province-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. (Xinxing Ductile Iron Pipes), with a total registered capital of RMB 500 million ($77.35 million). The new JV company will operate in the field of procurement and sales of rebar, wire rod and iron ore, investment management and supply chain management.
Accordingly, Xinxing Ductile Iron Pipes will invest RMB 200 million ($30.96 million) and hold a 40 percent stake in the joint venture, Xiben New Line Stock will invest RMB 150 million ($23.22 million) and hold a 30 percent stake, while Shanghai Taiyi Trading will invest RMB 150 million ($23.22 million) for a 30 percent stake.