China Yangtze Power (CYP) Innovation Investment Management Co, a wholly-owned subsidiary of China Yangtze Power (600900.SH), said it will spend US$145.73 million (RMB1 billion) to take an undisclosed stake in Daye Non-ferrous Metals Co, a large state-owned enterprise from central China’s Hubei province, ahead of a public offering within the next two years, China Business News reported. Both sides declined to disclose the size of the stake CYP will hold in the company but Hubei Provincial State-owned Assets Supervision and Administration Commission will continue to hold a controlling stake. A capital operation official with CYP told the newspaper that the company would extend its investment to US$291.45 million (RMB2 billion) to restructure the company ahead of a public listing, at which point it would disclose the exact size of its stake. Daye is principally engaged in copper production and has a partial commitment to precious metals like gold and silver. It posted US$2.39 billion (RMB16.4 billion) in revenues last year and had US$874.35 million (RMB6 billion) in total assets as at the end of 2007. CYP Innovation Investment Management Co was established in February with US$218.59 million (RMB1.5 billion) in registered capital to invest in traditional industries. Daye, Hubei Energy Group and Hubei TriRing Group are the top three state-owned enterprises in Hubei province. TriRing has listed its auto accessories unit (000883.SZ) and plans to list its auto sales assets. CYP spent US$451.75 million (RMB3.1 billion) acquiring a 45% stake in Hubei Energy last April and the company is expected to go public this year.