Xinxing Ductile Iron Pipes Co., Ltd, Hebei Province-based Chinese pipe producer has announced that its subsidiary Xinxing Pipes (Xinjiang) Resources Development Co., Ltd has completed the transfer of 51 percent of shares of its subsidiary Xinjiang International Coal & Coking Co., Ltd to Hebei Province-based Jizhong Energy Fengfeng Group Co., Ltd, a subsidiary of Jizhong Energy Group Co., Ltd. The name of the company will thus be changed in Fenfeng (Baicheng County) Coke and Coking Co., Ltd.
In August 2011, Xinxing Pipes (Xinjiang) Resources Development had signed a cooperation agreement concerning reorganization of Xinjiang International Coal & Coking Co., Ltd with Jizhong Energy Fengfeng Group. According to the agreement, it would transfer 51 percent of shares worth RMB 816 million ($128.7 million) in Xinjiang International Coal & Coking to Jizhong Energy Fengfeng Group.