AYIS terminates the planning of major asset restructuring and changes to selling subsidiary equity to the controlling shareholder
AYIS announced the termination of its major asset restructuring, citing historical legacy issues regarding the land and property rights of Henan Angang Group Wuyang Mining. The company has decided to sell its equity in Yongtong Company and Yuhe Company to its controlling shareholder Angang Group to enhance profitability and optimize its asset structure. The company stated that the termination of the restructuring will not have a significant adverse impact on future performance and will promote the development strategy of high-end, intelligent, green, and special steel transformation
According to the Zhitong Finance APP, AYIS (600569.SH) announced that the company held an investor briefing on September 2 to explain the reasons for terminating the major asset restructuring. The main reason is that there are historical legacy issues regarding the land and property rights of Henan Angang Group Wuyang Mining Co., Ltd., which prevents the plan from being advanced as originally scheduled. The company has decided to change the plan and sell all of its equity in Yongtong Company and Yuhe Company to its controlling shareholder Angang Group to accelerate the improvement of the company's profitability, supplement cash flow, and optimize the asset structure. The company stated that the termination of the restructuring will not have a significant adverse impact on future performance and plans to promote the development strategy of "high-end, intelligent, green, and special steel transformation."
