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Shenghe Resources Holding Co., Ltd. (SSE: 600392) is a partly state-owned Chinese rare-earth mining and processing group, founded in 1998 and listed in Shanghai.
Top shareholder per Sina Finance F10 shareholder disclosure (sourced from Shenghe's own periodic filing), as of 2026-06-30: 246,382,218 shares / 14.06%. This is the entity Wikipedia's infobox summarizes as 'Ministry of Natural Resources' as largest shareholder — the Institute is an MNR-affiliated public research institute, not a literal ministry shareholding. Aluminum Corporation of China (Chinalco) does not appear in the top-10 shareholder list as of this filing; its stated influence is via a board seat (per Wikipedia), not a large disclosed equity stake — consistent with this dossier's existing 'influence short of control' framing, so no parent_slug is set. GLEIF has no LEI record for Shenghe Resources, so ownership could not be cross-checked against the registry.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 5 suppliers, 8 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
Associate/JV of Shenghe (联营企业). Goods sales RMB 254,780,624.07 (+ processing income RMB 18,568,675.97 + handling-service income RMB 392,654.87) — roughly 1.70% of FY2025 consolidated revenue (RMB 14,990,898,214.29), computed here from the filing's own two disclosed figures, not itself a disclosed ratio. Below the top-5 threshold individually. Name carries the 中核 (CNNC/China National Nuclear Corporation) prefix common to CNNC subsidiaries — an unconfirmed corporate tie, not asserted as proven.
FY2024 comparative from the same FY2025 annual report's related-party table: goods sales RMB 112,105,413.29 (+127.2% to the FY2025 figure above).
Related party via Shenghe subsidiary Shenghe Resources (Hainan) holding a 10% stake in this entity. Goods purchases RMB 328,721,957.12 against a board-approved FY2025 quota of RMB 400,000,000.00 (not exceeded). Also carries the 中核 (CNNC) name prefix, same unconfirmed-tie caveat as the row above.
FY2024 comparative from the same filing: goods purchases RMB 127,141,694.43 (+158.6% to the FY2025 figure above).
Related party via director overlap, not equity: Shenghe director Yang Zhenhai (杨振海) is disclosed as key management personnel at this entity's parent. Goods sales RMB 269,002,129.65 (+ processing income RMB 3,584,070.81, which moved the opposite direction, -89.9% YoY). Below the top-5 threshold individually.
FY2024 comparative from the same filing: goods sales RMB 131,176,327.43 (+105.1% to the FY2025 figure above); processing income RMB 35,360,211.85 (-89.9% to the FY2025 figure above).
H1-2026 semi-annual report (filed 2026-08-29): goods sales (Shenghe→CNNC Huasheng) RMB 138,501,957.86 (H1-2025 comparative RMB 52,631,640.16, +163.1%), processing income RMB 1,025,540.73 (H1-2025: RMB 10,098,972.23, -89.8%), handling-service income RMB 392,654.87 (no H1-2025 comparative shown). Newly disclosed this filing: CNNC Huasheng is ALSO a goods supplier to Shenghe, RMB 41,784,677.71 against a board-approved annual quota of RMB 150,000,000.00 (H1-2025: RMB 25,251,465.07, +65.5%) — a dual customer/supplier relationship not visible in the FY2025/FY2024 rows above, which captured only the sales side.
H1-2026 semi-annual report: goods sales RMB 144,359,534.06 and a processing fee Shenghe paid this entity of RMB 1,991,150.45, both shown with no H1-2025 comparative column in the filing's own table (unlike the CNNC Huasheng and Zhongxi Trading rows in this same filing, which do carry one) — read as immaterial/absent in H1-2025 rather than confirmed zero. Same director-overlap tie (Yang Zhenhai, key management at the parent) as the FY2025/FY2024 rows above.
New counterparty, not previously named in this dossier — a separate legal entity from 中稀（凉山）稀土有限公司 above (its trading subsidiary; related via the same director, Yang Zhenhai, as key management at its parent). H1-2026: goods sales (Shenghe→entity) RMB 45,859,115.05 (H1-2025: RMB 32,528,141.60, +41.0%); goods purchases (entity→Shenghe) RMB 13,861,696.29 (H1-2025: RMB 11,920,353.98, +16.3%) — both flows carry clean H1-over-H1 comparatives in the filing's own table.
New counterparty row (previously only in this dossier's prose as a declining FY2024→FY2025 sales relationship). H1-2026 flips the picture on the purchase side: goods purchases (Shenghe buys from this associate) RMB 145,846,550.44 vs H1-2025 RMB 30,709,734.51, +374.9%, plus a new processing-fee line of RMB 17,906,011.50 (no H1-2025 comparative shown). Sales side (Shenghe→entity) RMB 31,915,863.96 this period, also with no comparative column shown. 联营企业 (equity-method associate) per the filing's own related-party classification.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
Another tracked dossier names this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 982 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
ENDED, and this is the most policy-legible counterparty event in the corpus. Per MP's Q1 2025 10-Q, Shenghe was the 'principal customer of the Materials segment' at more than 60% of Q1-2025 consolidated revenue (more than 80% in Q1-2024) — no share_pct is recorded here because the filing states floors, not exact figures, and a rendered '60%' would be a precision the source does not have. MP halted concentrate shipments to China on 2025-04-17 following China's April 2025 export controls (the 2025-04-04 action already linked in this dossier), ceased all China sales in Q3 2025, and the offtake agreement expired January 2026 unrenewed. Route per MP FY2024 10-K (accession 0001801368-25-000009, filed 2025-02-28, listed at the SEC EDGAR link above): rare earth concentrate from Mountain Pass (California) is principally sold under the Offtake Agreements to Shenghe, which typically sells that product to refiners in China; Shenghe was about 80% of FY2024 consolidated revenue.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 5 of its 5 materials — a restriction on those is a tailwind, not a headwind.
Dossier discloses a dysprosium, terbium or samarium material exposure directly — A61 §1(2) names Dy/Tb-containing NdFeB and SmCo magnets by element.
A61's suspension (Announcement 70) lapses 10 Nov 2026 — on the plain text, controls revive automatically. The US DoD CN/RU/IR/KP sourcing bar follows 1 Jan 2027. See the underlying extraterritorial export-control action. We supply the provenance file; we never compute your ratio for you.
As a producer, policy pressure across its produced materials is rising.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.