Shandong Aluminum Co. Ltd. and Lanzhou Aluminum Co. Ltd announced Tuesday a modified version of Chalco's share-swapping proposal for its A-share listing plan.

Chalco said it would increase holdings in its new A-shares to 30 percent of the total when its A-share price falls to below the share-swapping price of RMB 6.6 ($0.85) in the three months after its A-share listing in Shanghai, according to the announcement.

The remainder of the share swapping plans remains the same with the last version announced on Dec. 8. Chalco will swap 3.15 shares for one tradable share in Shandong Aluminum. Private investors in Shandong Aluminum will have the right to claim cash at RMB 16.65 ($ 2.13) per share from Chalco.

Chalco will swap 1.8 shares for one tradable share of Lanzhou Aluminum and swap one share for one non-tradable share in Lanzhou Aluminum. The proposal is in front of the two companies' boards at present and is awaiting the China Securities Regulatory Commission's approval.

The proposal made to Lanzhou Aluminum is still a little lower than shareholders expectations despite the additional terms in the modified version, said Heng Kun, a senior analyst with Everbright Securities.

However, Chalco's recent price rise indicates shareholders are optimistic with Chalco's future development, which means the proposal will be approved by shareholders more easily, he said.

Shandong Aluminum and Lanzhou Aluminum suspended trading Tuesday and will resume trading Wednesday.