Fangda Special Steel extends share pledge with controlling shareholder

Fangda Special Steel Technology (SSE:600507) announced that its controlling shareholder, Jiangxi Fangda Steel Group, has extended the pledge of 140 million company shares, representing 18.59% of its holdings and 6.05% of Fangda Special Steel's total share capital. The extended pledge is set to mature on December 21, 2025. Following this extension, Jiangxi Fangda Steel Group has cumulatively pledged 577,848,335 shares, accounting for 76.72% of its holdings in Fangda Special Steel and 24.98% of the steelmaker's total share capital. Additionally, Jiangxi Auto Spring, a wholly-owned subsidiary of Fangda Steel, has pledged 1,176,900 shares, which is 0.67% of its Fangda Special Steel shares. The purpose of the pledged shares is for its own capital needs. Together, Jiangxi Fangda Steel Group and Jiangxi Auto Spring have pledged a total of 579,025,235 Fangda Special Steel shares, representing 62.33% of their collective holdings. CNY 26 million in financing remains outstanding against the pledged shares of the controlling shareholder. The company states that this pledge will not impact operations or control.