The Two Japanese Shareholders Of Ningbo Baoxin Withdrew, And The Holding Of TISCO Group Increased To 73.97%

Recently, the Beijing Municipal Administration of Market Supervision issued the "Taiyuan Iron and Steel (Group) Co., Ltd. and Zhejiang Yong Iron and Steel Investment (Ningbo) Co., Ltd. and other operators to acquire Ningbo Baoxin Stainless Steel Co., Ltd. equity case".
According to the published information, Ningbo Baoxin Stainless Steel Co., LTD. (hereinafter referred to as "Ningbo Baoxin") has undergone a major adjustment in its equity structure. Two foreign companies, Nippon Steel Stainless Steel and Mitsui & Co., withdrew from the company through targeted capital reduction, and the remaining shareholders continued to hold shares. Taiyuan Iron and Steel (Group) Co., LTD. (hereinafter referred to as "TISCO Group") in Ningbo Baoxin's stake rose to 73.97 percent from 54 percent.
Trading Overview:
Tisco Group, Nippon Steel Stainless Steel Co., LTD. (hereinafter referred to as "Nippon Steel"), Zheyong Steel Investment (Ningbo) Co., LTD. (hereinafter referred to as "Zheyong"), Mitsui Industries Co., LTD. (hereinafter referred to as "Mitsui Industries") and Sakwa Industrial Co., LTD. (hereinafter referred to as "Sakwa Industrial") are the new shareholders of Ningbo Bao. Now Nippon Steel and Mitsui are planning to exit the company through a targeted capital reduction, and other shareholders have decided to continue operating the company.
Prior to the transaction, TISCO Group held a 54% stake in Ningbo Baoxin, Nippon Steel held a 20% stake in Ningbo Baoxin, Zhenyong held a 12% stake in Ningbo Baoxin, Mitsui & Co held a 7% stake in Ningbo Baoxin, and Hanwa Industrial held 7% stake in Ningbo Baoxin. Ningbo Baoxin is jointly controlled by TISCO Group, Nippon Steel, Zheyong, Mitsui & Co and Sakwa Industrial.
After the transaction, TISCO Group will hold 73.97% of Ningbo Baoxin, Zhenyong will hold 16.44% of Ningbo Baoxin, and Hanwa Industrial will hold 9.59% of Ningbo Baoxin. Tisco, Zheyong and Hanhe Industrial will jointly control Ningbo Baoxin.