Taifu Special Steel's acquisition of Nanjing Iron & Steel progresses

CITIC Securities Co., Ltd. has issued a positive continuous supervision opinion regarding Taifu Special Steel (Jiangsu) Co., Ltd.'s acquisition of Nanjing Iron & Steel for the first quarter of 2025. The opinion covers the period from June 25, 2024, to March 31, 2025, and finds that during this period, the acquirer and Nanjing Iron & Steel operated in compliance with regulations. Jiangsu Special Steel acquired 55.2482% stake of Nanjing Iron & Steel indirectly through acquiring shares of Nanjing Iron and Steel Group. CITIC Securities confirmed that Jiangsu Special Steel and related parties have fulfilled their promises regarding independence, avoidance of competition, and related-party transactions. There were no significant changes to the main business, key personnel, or articles of association of Nanjing Iron & Steel during the reporting period. The company also has not provided guarantee or loans for related parties. CITIC Securities continues to act as the financial advisor for the acquisition.