Xining Special Steel plans private placement, faces regulatory scrutiny

Xining Special Steel is proceeding with a private placement of shares to its controlling shareholder, Tianjin Jianlong Iron and Steel. The offering, capped at 578,034,682 shares, aims to raise up to CNY 1 billion to bolster working capital. Tianjin Jianlong, already holding 29.96% of Xining Special Steel, will see its stake increase to 40.52% upon completion, triggering a potential mandatory tender offer, which the company seeks to waive.