The Chinese / Hong Kong ownership seems to put some ppl off. The JV has been there for some time, MLX needed some funds and decided to bring in the largest tin producer to provide funds. They’re a supportive partner who take their offtake, I don’t see any issues with the JV.
The history of APAC as an investor is a long one. They’ve been holders in varying degrees since 2008 - read their annual reports on HKEX to understand their rationale. They were very vocal against the purchase of nifty so much so they sold down nearly half their holding in 2016/17. They then stepped in in 2019 following constant destruction of capital and equity raises to spill the board and stop pursuing a failed strategy for Nifty - they’ve been here for the tin. They up’d their holding in this period to average down and give them more power.
In early 2020 L1 capital who had ~15% holding block traded out their holding to Argyle and Old Peak - both HK funds.
I suggest you read their reports online, speak to mgmt and understand why these HK funds are here. I think you’ll find they’re here for the same reason as most of us - to make some money on a quality and rare tin asset.
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