Hesteel extends bond book-building, sets rate, approves resolutions

Hesteel Company Limited has extended the book-building period for the first tranche of its 2025 technology innovation perpetual corporate bonds for professional investors. Originally scheduled to conclude at 6:00 p.m. on September 15, 2025, the period has been prolonged to 7:00 p.m. on the same day due to significant market fluctuations. The bond, with a maximum issuance of RMB 10 bn (including RMB 1 bn for the first tranche), was approved by the China Securities Regulatory Commission. The final coupon rate for this tranche has been determined at 2.36% after market inquiry, falling within the initial indicative range of 1.80%-2.80%.

The issuance for institutional investors will now proceed on September 16 and 17, 2025. Concurrently, Hesteel held its first extraordinary general meeting of 2025 on September 15, 2025, in Shijiazhuang, Hebei Province. Key resolutions, including the cancellation of the supervisory board and amendments to the company's articles of association, the election of Zhang Chi as a director, and the re-appointment of the 2025 auditing firm, were all approved.

The meeting saw significant participation from shareholders, with 65.5078% of total voting shares represented, and all proposals passed with strong majority votes, including those from small and medium shareholders. Beijing Jincheng Tongda Law Firm provided legal counsel, confirming the meeting's compliance with relevant laws and regulations.