Jiugang Hongxing announces performance briefing, governance changes

Gansu Jiu Steel Group Hongxing Iron & Steel will host its 2025 half-year performance briefing on October 23, 2025, from 10:00 to 11:00 AM on the SSE Roadshow Center online platform. This follows the release of its half-year report on August 27, 2025. The briefing will feature chairman Qin Junshan, independent director Jia Ping, and cfo and board secretary Gao Xin. Topics will include product development, such as trial production of wind power steel and magnetic-free steel, and new industrial planning with a focus on green and low-carbon products.

In conjunction with the briefing, the company will hold its second extraordinary general meeting of shareholders on November 3, 2025, at 2:30 PM, at the Jiugang Hotel in Jiayuguan City, Gansu Province. Key agenda items include the dissolution of the Supervisory Board and amendments to the Articles of Association, Shareholder Meeting Rules, Board of Directors Meeting Rules, and Independent Director Work System. These changes align with the new Company Law and aim to streamline corporate governance by transferring supervisory board functions to the Audit Committee.

Financially, the company proposes to increase its comprehensive credit line by up to RMB 2.5 bn from Lanzhou Bank and China Minsheng Bank, provide a guarantee of up to RMB 300m for its wholly-owned subsidiary, Hongxiang Energy Company, and secure a loan of up to RMB 6 bn from its controlling shareholder, Jiugang Group. Additionally, it plans to receive RMB 56m in state capital operating budget funds from Jiugang Group via entrusted loans and apply for a project loan of up to RMB 500m from financial institutions for the carbon steel thin plate plant. Adjustments to certain daily related party transactions for 2025 will also be addressed.