Xining Special Steel to absorb wholly-owned subsidiary

Xining Special Steel (SSE: 600117) announced plans to absorb its wholly-owned subsidiary, Qinghai Xigang Renewable Resources Comprehensive Utilization Development Co., Ltd. This move aims to streamline management, reduce costs, and improve operational efficiency. The merger, approved by the board and supervisory committee, requires shareholder approval. It will not affect Xining Special Steel's registered capital or shareholding structure. The subsidiary's financials are already consolidated into Xining Special Steel's reports, meaning the merger will not materially impact the company's financial status, operating results, or business development. No cash consideration will be paid as part of this absorption.