Hongxing Iron & Steel schedules EGM for financial and board changes

Gansu Jiu Steel Group Hongxing Iron & Steel Co., Ltd. (SSE:600307) will hold its second Extraordinary General Meeting of Shareholders for 2025 on September 22, 2025, at 3:00 PM. The meeting will address several critical proposals, including the re-election of the board and various financial measures. The agenda includes proposals to increase the comprehensive credit line from banks to not exceed 2.5 billion yuan, provide guarantees for a wholly-owned subsidiary of up to 300 million yuan, and apply for project loans from financial institutions not exceeding 500 million yuan.

The EGM will also vote on a significant related-party transaction: the company's plan to apply for a borrowing facility from its controlling shareholder, Jiu Steel Group, for up to 6 billion yuan, to satisfy daily operational funding needs and enhance financing efficiency. Additionally, the company will receive 56 million yuan in state capital operation budget funds from Jiu Steel Group via entrusted loans, with an annual interest rate of 1.75% and a term of five years.

Shareholders will also decide on the re-election of the board of directors, with five non-independent and three independent directors proposed. These proposals were approved by the board of directors at its 22nd and 23rd meetings and by the board of supervisors at its 12th and 13th meetings. Voting will occur both in person and online via the Shanghai Stock Exchange's network voting system.