China Knowledge reported that US based financial holding company JPMorgan Chase & Co recently acquired 3.394 million H shares of Yanzhou Coal Mining Co Ltd for HKD 57.94 million.

According to the data released by the Hong Kong Stock Exchange that the average share price of the deal was HKD 17.07 per share.

The data showed that the deal increases JPMorgan's shareholding in Yanzhou Coal to 11.13% from the previous 10.95%.

Yanzhou Coal posted a net profit of CNY 2.1 billion in the first quarter of this year whereas it earned CNY 722.3 million in the same quarter of 2009, thanks to an increase in coal sales volume and rising coal prices.

The coal producer plans to double its capital expenditure this year to CNY 4.1 billion from CNY 2.1 billion in 2009. Last year, the firm acquired Australia based Felix Resources Ltd for AUD 3.54 billion to boost its overseas business presence.

(Sourced from China Knowledge)