Chongqing Iron & Steel aborts merger of logistics subsidiary

Chongqing Iron & Steel Company (SSE:601005) announced it has cancelled the planned merger with its wholly-owned subsidiary, Chongqing Xinport Changlong Logistics. The initial merger, approved on March 6, 2023, was intended to streamline operations. The company stated that Xinport Changlong Logistics would continue to operate independently, leveraging its specialized qualifications to expand into multi-modal transportation and logistics warehousing. Chongqing Iron & Steel believes this will strengthen the overall supply chain and boost competitiveness. The company confirmed that the termination of the merger will not impact its consolidated financial statements or shareholder equity. Xinport Changlong Logistics has been profitable for the last four years. For 2024, the subsidiary recorded revenue of CNY4,524.56 thousand and net profit of CNY378.95 thousand. As of March 31, 2025, its net asset value was CNY12,150.20 thousand.