Tianjin Jianlong to increase stake in Xining Special Steel

Tianjin Jianlong Steel Industry Co., Ltd. is set to increase its stake in Xining Special Steel (SSE:600117) via a planned acquisition of new shares. According to the acquisition report summary, Tianjin Jianlong will subscribe to newly issued A-shares. This transaction will raise Tianjin Jianlong’s stake in Xining Special Steel from 29.96% to 40.52%, solidifying its position as the controlling shareholder, and张志祥 remaining the actual controller. This acquisition is subject to shareholder approval for Tianjin Jianlong's exemption from a tender offer. The funds raised are earmarked for boosting Xining Special Steel’s working capital and overall financial strength. Tianjin Jianlong has committed to a 36-month lock-up period for the newly acquired shares and has secured approval to avoid triggering a mandatory tender offer, pending final regulatory clearances.