Jiangsu Shagang Group Huaigang Special Steel Co., Ltd. (known as Huaigang or Huaisteel) is a Chinese steel manufacturer based in

Huai'an Huai'an (), formerly called Huaiyin () until 2001, is a prefecture-level city in the central part of Jiangsu province in Eastern China. Huai'an is situated almost directly south of Lianyungang, southeast of Suqian, northwest of Yancheng, almos ...

, Jiangsu Province. It was a subsidiary of

privately held company A privately held company (or simply a private company) is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in the respective listed markets, but rather the company's stock is ...

Shagang Group via its publicly traded subsidiary Shagang Company () for 63.79% stake, from 2010 to 2015. As at 31 December 2013, Huaigang accounted for 99.9% revenue and 97% assets of Shagang Company. However, as at 31 December 2015, Shagang Group owned just 19.88% stake in Shagang Company; in turn Shagang Company owned 63.79% stake of Huaigang. Shagang Group sold 55.12% stake of Shagang Company in 2015, for about (or per share). , Shagang Company is a constituent of

SZSE 200 Index SZSE 200 Index are indice of Shenzhen Stock Exchange. It consists of SZSE 200 Price Index () and SZSE 200 Return Index (), using the same constituents but different methodology. It was a sub-index of SZSE 300 Index, which consists of all constitu ...

(mid cap index).

History

Huaigang Group Co., Ltd. () was incorporated on 11 December 1996 as a subsidiary of the Economic Commission of

(the city was known as Huaiyin at that time) for 91.97% stake. In 2000, Nanjing Iron and Steel Group acquired the controlling stake (93.49%). It was recapitalized in 2003, making the stake held by Nanjing Iron and Steel Group was diluted to 26.15%. Moreover, private investors were introduced. In 2005, the 26.15% stake was returned to

Huai'an Municipal People's Government Huai'an (), formerly called Huaiyin () until 2001, is a prefecture-level city in the central part of Jiangsu province in Eastern China. Huai'an is situated almost directly south of Lianyungang, southeast of Suqian, northwest of Yancheng, almo ...

from Nanjing Iron and Steel Group. In June 2006,

Shagang Group acquired 64.40% stake of Huaigang from other private investors. The stake was injected to a publicly traded company Gaoxin Zhangtong as a

reverse IPO A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public compa ...

in 2010 (now known as Shagang Company). In December 2006 Huai'an Municipal Government also sold their stake to Jiangyin Wande (). The shareholder of Jiangyin Wande, Li Xinren (), also owned the shares of Shagang Group. In 2011 the company was re-incorporated as a company limited by shares, issuing 1.431

billion Billion is a word for a large number, and it has two distinct definitions: *1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is its only current meaning in English. * 1,000,000,000,000, i.e ...

shares with par value each.

Joint Venture

Huaigang formed a joint venture () with

Tianjin Pipe Corporation Tianjin Pipe (Group) Corporation Limited known as Tianjin Pipe () or its abbreviation TPCO, is the largest stemless steel pipe maker of China as well as one of the largest in the world. History The predecessor of Tianjin Pipe was founded on 11 D ...

. Huaigang owned 40% stake. In 2015 Huaigang sold the stake to

Zhangjiagang Zhangjiagang (), formerly Shazhou County (), is a county-level city under the administration of Suzhou, Jiangsu province, China and one of the many ports along the Yangtze river. With 1,246,762 inhabitants as of the 2010 census, the city is now ...

Xiangbo () for .

Financial data

References

External links

* {{Steel companies of the People's Republic of China Chinese companies established in 1986 Steel companies of China Chemical companies of China Manufacturing companies established in 1986 Government agencies established in 1970 Chinese companies established in 1970 Companies based in Jiangsu Civilian-run enterprises of China Huai'an Former government-owned companies of China Companies listed on the Shenzhen Stock Exchange