Hesteel announces leadership changes, new chairman appointed

Hesteel Company Limited announced a change in its legal representative following a series of board and senior management reassignments. The company’s board of directors, at its meeting on October 17, 2025, approved the election of Deng Jianjun as the new chairman. Subsequently, Deng Jianjun is now the legal representative, replacing Wang Lanyu. This change has been formally registered, and Hesteel has received a new business license.

The leadership changes also involved the resignation of Wang Lanyu as chairman and director, and Xu Bin as vice chairman, general manager, and director, due to work reassignments. Zhang Aimin was elected as the new vice chairman, and both Zhang Aimin and Wang Baowei were appointed as general manager and chief accountant, respectively. These appointments are effective until the end of the sixth board of directors' term. Earlier, in August 2025, Xie Haishen resigned as a director, and Zhang Chi was elected to the board.

Various bond trustees, including Huatai United Securities, CITIC Securities, China Securities, and Everbright Securities, have issued temporary entrusted management reports confirming these personnel changes. They noted that these changes are normal operational adjustments and not expected to materially impact Hesteel's daily management, production, operations, or debt repayment capabilities for bonds.