[Featured Stock] Setopia Rises on News of China Banning Export of Rare Earth Extraction and Separation Processing Technology
Setopia is showing strength. It is interpreted to be influenced by the news that the Chinese government will ban the export of processing technology for rare earths, which are strategic materials.
As of 9:57 AM on the 22nd, Setopia is trading at 2,105 KRW, up 3.95% compared to the previous day.
On the 21st, the Chinese government announced a ban on the export of processing technology for rare earths, which are strategic materials. According to foreign media, the Chinese Ministry of Commerce had previously started gathering opinions last December on adding rare earth processing technology to the 'Export Prohibited and Restricted Technology List' aimed at protecting national security and public interest.
China accounts for 90% of the world's rare earth refining production.
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Meanwhile, in May, Setopia established a joint venture corporation, GCM (Global Critical Material), with VTRE (Vietnam Rare Earth JSC), a Vietnamese rare earth refining company, to build a rare earth value chain by stably sourcing, distributing, and selling rare earth oxides from Vietnam.
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