Maanshan Iron & Steel: China Baowu's stake rises after share buyback

Maanshan Iron & Steel Company Limited (Maanshan Iron & Steel) announced a passive increase in the combined shareholding of its actual controller, China Baowu Steel Group Corporation Limited (China Baowu), and its parties acting in concert, Maanshan Iron & Steel Group Holding Co., Ltd. (Maanshan Iron & Steel Group), and Baosteel Hong Kong Investment Company Limited (Baosteel HK). Their total stake rose from 52.999% to 53.146%.

This change resulted from the company's buyback and cancellation of 21,423,400 restricted shares, related to the 2024 performance year and personnel changes. Following the buyback, Maanshan Iron & Steel's total share capital decreased from 7,722,104,586 shares to 7,700,681,186 shares. The number of shares held by China Baowu and its related parties remained unchanged at 4,092,627,149 shares, leading to the proportional increase in their ownership percentage.

The company confirmed that this equity change does not trigger a tender offer and will not alter its controlling shareholder or actual controller. Maanshan Iron & Steel Group, a party acting in concert with China Baowu, currently holds 3,733,677,149 A-shares, representing 48.485% of the company's shares. Baosteel HK, also a party acting in concert, holds 358,950,000 H-shares, representing 4.661% of the company's shares.