Lingyuan Iron & Steel to absorb steel pipe subsidiary

Lingyuan Iron & Steel announced plans to absorb its wholly-owned subsidiary, Linggang Beipiao Steel Pipe Co., Ltd., according to a resolution passed at its ninth board meeting on June 12, 2025. The move aims to streamline operations, lower operating costs, and reduce the number of loss-making entities within the group. Upon completion of the merger, Beipiao Steel Pipe's legal entity status will be canceled, and all assets, liabilities, and operations will be transferred to Lingyuan Iron & Steel. In 2024, Beipiao Steel Pipe reported total assets of CNY13,565.59 million and a net loss of CNY2,242.92 million. The absorption is not a related-party transaction or a major asset restructuring. The merger is subject to approval from bondholders and shareholders.