Nanjing Iron and Steel Group

Nanjing Iron and Steel Group Corp., Ltd. is a Chinese conglomerate company based in Nanjing, Jiangsu Province, China. It was a state-owned enterprise, but now it is a joint venture of Nanjing Iron and Steel Venture Investment (Chinese: 南京钢铁创业投资有限公司, about 36.07% owned by the worker union of Nanjing Iron and Steel Group)[1] and state-owned enterprise Nanjing New Industrialization Investment Group in a 51–49 ratio. Nanjing Iron and Steel Group formed another joint venture with Fosun International as an intermediate holding company of Nanjing Iron and Steel Company, in a 60–40 ratio. On 31 December 2015 Fosun International appointed Nanjing Iron and Steel Group as a proxy for 1/6 of their voting rights, making the voting rights were equally shared between Nanjing Iron and Steel Group and Fosun International after 31 December 2015.

Not to be confused with Nanjing Iron and Steel Company, an indirectly owned joint venture and ex-subsidiary.
Nanjing Iron and Steel Group
Typejoint venture
Industryconglomerate
Founded
  • 1958
  • 1996 (1996) (date of incorporation)
Headquarters
Nanjing
,
China
Area served
China
ProductsSteel (via JV), Real estate
ServicesHospital, logistic
Owner
  • Nanjing Iron and Steel Venture Investment (51%)
  • Nanjing New Industrialization Investment Group (49%)
ParentNanjing Iron and Steel Venture Investment
Subsidiaries
Nanjing Iron and Steel Group Corp., Ltd.
Simplified Chinese南京钢铁集团有限公司
Traditional Chinese南京鋼鐵集團有限公司
Nanjing Iron and Steel Group
Simplified Chinese南京钢铁集团
Traditional Chinese南京鋼鐵集團
Nangang Group
Simplified Chinese南钢集团
Traditional Chinese南鋼集團
Literal meaningNansteel Group

History

The predecessor of Nanjing Iron and Steel Group was founded in 1958 as a steel plant. It was one of the 18 small-sized steel plants established in 18 provinces of China.[2] In 1996 the plant was incorporated as Nanjing Iron and Steel Group Corp., Ltd.. It was one of the 512 important state-owned enterprises in 1997. (1 of 47 iron and steel industry)[3] In 1999, the major assets of the group was reincorporated as Nanjing Iron and Steel Company (NISCO), which was listed to Shanghai Stock Exchange in 2000.[4] The group retained some assets such as logistic company and hospital.[4] In 2003, Nanjing Iron and Steel Group injected the stake of NISCO to a new intermediate holding company formed with the consortium of Fosun High Technology and its parent company Guangxin Technology (Chinese: 广信科技). Nanjing Iron and Steel Group owned 40% stake of the new intermediate holding company, Nanjing Nangang Iron & Steel United in exchange.

In 2000 Nanjing Iron and Steel Group acquired the controlling interests in Huaigang Group. After capital increase, it was diluted to 26.15%. The stake was transferred back to Huai'an Municipal People's Government in 2005. A CN¥10 million investment by Nanjing Iron and Steel Group on Huaigang Group was also refurbished by Huai'an Government to Nanjing Government in the same year.[5]

In 2010, the residual unlisted steel manufacturing assets of Nanjing Nangang Iron & Steel United was injected to the listed company Nanjing Iron and Steel Company.

In 2014, Nanjing Iron and Steel Group made a public offer to sell 100% stake of its subsidiary Nanjing Sanjin Real Estate Development (Chinese: 南京三金房地产开发) for CN¥170 million.[6] However, no firm willing to buy the subsidiary. In 2016, another subsidiary Xinlei (Chinese: 鑫磊)[7] was sold to Modern Land (China) (SEHK: 1107) for CN¥340 million.[8]

On 31 December 2015, Nanjing Iron and Steel Group regained 10% voting rights on the joint venture by signing an agreement to act as a proxy for a subsidiary of Fosun International. (SEHK: 656, Fosun Intl. itself was a new intermediate holding company for the owners of Guangxin Technology)[9]

Equity investments

As at 30 June 2016, Nanjing Iron and Steel Group also owned 12.05% shares of Prosperity International (SEHK: 803).[10]

See also

References
  1. "南京钢铁创业投资有限公司" (in Chinese). 江苏省工商行政管理局 (Administration for Industry and Commerce of Jiangsu Province). Retrieved 19 November 2016.
  2. 荣文丽; 武力 (January 2013). 中国当代钢铁工业发展的思想与实践. 河北学刊 [Hebei Academic Journal] (in Chinese (China)). Hebei Academy of Social Sciences. 33 (1). ISSN 1003-7071.
  3. "新浪博客".
  4. "集团简介" [About us] (in Chinese). Nanjing Iron and Steel Group. Retrieved 19 November 2016.
  5. "省政府关于将南京市持有的江苏淮阴钢铁集团有限公司国有股权划转淮安市持有的通知" (in Chinese). Jiangsu Provincial People's Government. 28 May 2005. Archived from the original on 20 November 2016. Retrieved 20 November 2016.
  6. "关于公开征集南京三金房地产开发有限公司100%股权转让意向受让方的公告" (in Chinese). State-owned Assets Supervision and Administration Commission of Jiangsu Provincial People's Government (Jiangsu SASAC). 25 June 2015. Retrieved 19 November 2016.
  7. "南京鑫磊房地产开发有限公司100%股权转让(第1次公告)" (in Chinese). Jiangsu SASAC. 13 May 2016. Retrieved 20 November 2016.
  8. "Major transaction in relation to acquisition of 100% equity interest in a PRC company holding a land parcel in Nanjing" (PDF). Modern Land (China). Hong Kong Stock Exchange. 20 June 2016. Retrieved 20 November 2016.
  9. "MAJOR AND CONNECTED TRANSACTION - DELEGATION OF VOTING RIGHTS IN NANJING NANGANG AND GRANT OF WAIVER FROM STRICT COMPLIANCE WITH RULE 14.41(a) OF THE LISTING RULES" (PDF). Fosun International. Hong Kong Stock Exchange. 4 January 2016. Retrieved 19 November 2016.
  10. "2015–16 Annual Report" (PDF). Prosperity International. 29 July 2016. Retrieved 19 November 2016 – via Hong Kong Exchanges and Clearing.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.