Hesteel major shareholders increase stake, reaching 1% threshold

Hesteel (SZSE:000709) announced today that its controlling shareholder, Handan Iron and Steel Group, and its consistent actor, Tangshan Iron and Steel Group, have collectively increased their stake in the company, triggering a 1% ownership threshold. From January 6, 2025, to March 18, 2025, the entities collectively purchased 9,126,767 shares, representing 0.09% of Hesteel's total equity, for a total consideration of ¥20.38 million, increasing their aggregate shareholding from 63.91% to 64.00%. This action aligns with their previously disclosed plans to further increase their holding in Hesteel between ¥216 million and ¥432 million. Handan Iron and Steel spent ¥10.19 million for 4,563,567 shares and Tangshan Iron and Steel spent ¥10.18 million for 4,563,200 shares. Both parties have committed to refrain from reducing their holdings within the statutory period.