en.Wedoany.com Reported - On June 2, Minmetals Development Co., Ltd. ("Minmetals Development") held the 16th meeting of the 10th Board of Directors, electing Li Zhicong as the company's chairman, with a term commencing from the date of board approval until the expiration of the 10th Board of Directors' term. Meanwhile, Li Zhicong resigned from his position as the company's general manager due to work changes, and his resignation letter took effect upon delivery to the board. During the vacancy of the general manager position, Chairman Li Zhicong will temporarily perform the duties of the general manager until a new general manager assumes office. According to the company's articles of association, the chairman serves as the legal representative of the company, and the company will subsequently handle the industrial and commercial registration change procedures.
Minmetals Development Co., Ltd., headquartered at No. 5 Sanlihe Road, Haidian District, Beijing, China, is a core listed subsidiary of China Minmetals Corporation (China Minmetals). The company was established in May 1997 and listed on the Shanghai Stock Exchange in the same year. Its main business covers the trading, logistics, processing, distribution, and supply chain services of steel and metallurgical raw materials, holding a significant market position in the ferrous metal circulation sector. Its controlling shareholder is China Minmetals Co., Ltd., with a shareholding ratio of approximately 62.56%. As of the end of 2025, the company's total assets were approximately RMB 31.2 billion, and it achieved operating revenue of approximately RMB 82 billion in 2025. The three bonds issued by the company are "25 Fazhan Y1" (242936), "25 Fazhan Y3" (243004), and "25 Fazhan Y4" (243237).
The election of the chairman was recommended by the controlling shareholder, China Minmetals Co., Ltd., and conducted in accordance with the relevant provisions of the Company Law of the People's Republic of China and the company's articles of association. Li Zhicong previously served as a director and general manager of Minmetals Development, possessing many years of experience in the metallurgical industry and corporate management. Born in 1972, he has held several management positions at China Minmetals Corporation and served as deputy general manager of Minmetals Development. Following this adjustment, Li Zhicong concurrently serves as the company's chairman and performs the duties of the general manager, and the company's daily operations will continue to proceed normally.
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