(Yicai) Feb. 7 -- Shares of Shanghai Ace Investment and Development soared by the exchange-imposed daily trading limit after the Chinese supply chain logistics provider said it received an overseas bauxite procurement and logistic services order and changed its actual controller.

Ace Investment [SHA: 603329] was trading up 10 percent at CNY12.66 (USD1.78) as of lunch break in Shanghai today.

Ace Investment will purchase nearly 1.1 million wet metric tons of bauxite products from Alcoa World Alumina and deliver them to Shanxi Aokaida Chemical in China from Guinea, the Shanghai-based company announced yesterday, citing the deals it signed with the other two companies.

The delivery to Aokaida Chemical will be completed in six batches by the end of this year, Ace Investment noted, without revealing any further details.

The execution of the order will have a positive impact on Ace Investment’s future performance, the firm said.

In a separate statement yesterday, Ace Investment announced that it had finalized the industrial and commercial registration for the Hubei province branch of the State-Owned Assets Supervision and Administration Commission to acquire a 26 percent stake in Ace Investment from its actual controller Jiangsu Ace Investment and Development.

After the deal, the Hubei SASAC will become Ace Investment’s controller, while Jiangsu Ace Investment will have its shareholding ratio cut to 19 percent from 45. Ace Investment first announced the news about the change of controller last September.

Ace Investment is a logistics service company with a comprehensive multi-modal transportation network, encompassing road, rail, and water transport. It specializes in customizing and providing supply chain solutions to large industrial enterprises.

Editor: Futura Costaglione