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CHINA COMM CONS (01800.HK) planned to transfer 80% stake in CCCC Dredging to the parent company and third-party investors for RMB22.3 billion. JPMorgan was positive on the transaction, which aligned with the CHINA COMM CONS' recent restructuring strategy aiming at deleveraging and could boost ROE.
The broker reiterated CHINA COMM CONS at Overweight, with a target of $10.6. CHINA COMM CONS was one of the Chinese Energy and Construction top-picks, along with CHINA RAIL CONS (01186.HK).
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