Fushun Special Steel tender offer significantly undersubscribed

Shenwan Hongyuan Securities Underwriting & Sponsorship Co., Ltd. (SWS) has released its third-quarter 2025 continuous supervision opinion regarding Ningbo Meishan Bonded Port Area Jincheng Shazhou Equity Investment Co., Ltd.'s (Jincheng Shazhou) tender offer for Fushun Special Steel Co., Ltd. The supervision period covered August 7 to September 30, 2025.

The tender offer, which ran from August 12 to September 10, 2025, aimed to acquire 98,605,000 shares of Fushun Special Steel, representing 5% of the company's total share capital, at a price of 5.60 yuan per share. However, only 19,893,572 shares, or 1.01% of the total share capital, were pre-accepted from 366 shareholder accounts. The settlement of these shares was completed by September 15, 2025.

During the supervision period, Fushun Special Steel undertook a board of directors' re-election and appointed new senior management. SWS confirmed that Jincheng Shazhou and Fushun Special Steel operated in compliance with regulations, and no breaches of public commitments or actions detrimental to the company's interests were identified.