Jiu Steel Hongxing unit to absorb Chint Logistics

Gansu Jiu Steel Group Hongxing Iron & Steel (SSE:600307) announced that its wholly-owned subsidiary, Urumqi Jiali Hui Trading Co., Ltd., will absorb Urumqi Jiugang Chint Logistics Co., Ltd., a move aimed at optimizing the company's organizational structure and improving operational efficiency. Upon completion of the merger, Chint Logistics will be dissolved, with all assets, liabilities, and personnel transferred to Jiali Hui Trading. As of December 31, 2024, Jiali Hui Trading reported total assets of ¥12.006 billion and net assets of ¥410.29 million, with a net profit of ¥452.55 million for the year. Chint Logistics reported total assets of ¥2.11 billion and net assets of ¥1.79 billion, with a net profit of ¥29.79 million. The merger has been approved by Jiu Steel Hongxing's board of directors and is not considered a major asset restructuring requiring shareholder approval.