---
title: "CITIC: Jiangsu Special Steel to acquire 55.2482% equity of Nangang Group for 13.6 billion yuan"
description: "CITIC announced that Jiangsu Special Steel will acquire 55.2482% equity of Nangang Group for 13.6 billion yuan. After the acquisition, Jiangsu Special Steel will hold 55.2482% equity of Nangang Group,"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/207067279.md"
published_at: "2024-06-24T11:38:21.000Z"
---

# CITIC: Jiangsu Special Steel to acquire 55.2482% equity of Nangang Group for 13.6 billion yuan

> CITIC announced that Jiangsu Special Steel will acquire 55.2482% equity of Nangang Group for 13.6 billion yuan. After the acquisition, Jiangsu Special Steel will hold 55.2482% equity of Nangang Group, and through Nangang Group's wholly-owned subsidiaries Nanjing Ganglian and Nangang Jointly, they will collectively hold 59.10% of Nangang's shares. At the same time, the acquirer Xinye Steel directly holds 3.66% of Nangang's shares. This acquisition is a equity structure adjustment by CITIC Group to indirectly control the controlling shareholder of the listed company, achieving win-win development

According to the news from Zhitong Finance and Economics APP, CITIC Limited (00267) announced that on June 17, 2024, Xinye Steel and Jiangsu Special Steel signed a "Equity Transfer Agreement". Jiangsu Special Steel will acquire 55.2482% equity of Nansteel Group held by Xinye Steel through the agreement at a price of 13.6 billion yuan.

After this acquisition is completed, Jiangsu Special Steel will hold 55.2482% equity of Nansteel Group, and through its wholly-owned subsidiaries Nanjing Steel Union and Nansteel Union, it will collectively hold 59.10% of shares of Nansteel. At the same time, the acquirer's concerted action person Xinye Steel directly holds 3.66% of Nansteel shares.

Both Jiangsu Special Steel and Xinye Steel are wholly-owned subsidiaries of CITIC Taifu, with the actual controllers being CITIC Group, and Xinye Steel directly holds 3.66% of Nansteel shares. According to relevant regulations such as the "Acquisition Management Measures", Xinye Steel and the acquirer Jiangsu Special Steel constitute a concerted action relationship.

The announcement stated that this acquisition is to implement national strategies, deepen cooperation between central and local governments, and achieve win-win development. CITIC Group is adjusting the equity structure of the indirect controlling shareholder of the listed company. The indirect shareholding proportion of CITIC Taifu in Nansteel shares remains unchanged before and after this acquisition. After this acquisition is completed, Nansteel's controlling shareholder will still be Nanjing Steel Union, and the actual controller will still be CITIC Group

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.