Ba Yi Steel reports 99.58% debt ratio amid investment surge

Xinjiang Ba Yi Iron & Steel reported an asset-liability ratio of 99.58% following regulatory scrutiny of its 2024 annual report.

The company's construction project investments surged 249% to CNY 1.579 billion, with total budgets for key projects reaching CNY 4.483 billion, up 122% year-on-year.

Related-party transactions dominated operations, with procurement of CNY 9.981 billion accounting for 48.04% of operating costs and sales of CNY 3.41 billion representing 18.27% of revenue.