Maanshan Iron & Steel Reports Bankruptcy of Key Energy Subsidiary of Investee

Maanshan Iron & Steel Co ( (HK:0323) ) has issued an announcement.

Maanshan Iron & Steel has disclosed that Xinyang Steel Jingang Energy, a 70%-owned subsidiary of its investee Henan Jinma Energy, has been placed into bankruptcy liquidation by the People’s Court of Pingqiao District in Henan. The entity, engaged in coking, coal product sales and thermal power production, is insolvent, has halted operations, and reported a substantial net loss for the first half of 2026, prompting the court to accept creditors’ petitions and appoint a bankruptcy administrator.

Jinma Energy had already fully provided for impairment on its equity investment in Xinyang Jingang and stopped consolidating the subsidiary as of 30 June 2026. It is now pursuing recovery of approximately RMB1.896 billion in loans, largely secured against pledged assets, and plans to file claims in the bankruptcy process, limiting incremental financial impact on Maanshan Iron & Steel while underscoring credit and operational risks in its energy-related portfolio.

The most recent analyst rating on (HK:0323) stock is a Hold
with a HK$2.20 price target.
To see the full list of analyst forecasts on Maanshan Iron & Steel Co stock,
see the HK:0323 Stock Forecast page.