Industrial Securities issues positive supervision opinion on Sansteel MinGuang acquisition

Industrial Securities, acting as financial advisor, issued its continuous supervision opinion for the third quarter of 2025 (July 1 to September 30, 2025) on the acquisition of Fujian Sansteel MinGuang Co. by Fujian Provincial Industrial Investment Group Co. This supervision follows the transfer of 80% equity in Fujian Metallurgy (Holdings) Co. to Fujian Provincial Industrial Investment Group Co., making the latter the indirect controlling shareholder of Sansteel MinGuang.

The financial advisor concluded that Sansteel MinGuang and the acquirer operated in compliance with laws and regulations during the supervision period. Both parties fulfilled their reporting and disclosure obligations, exercised shareholder rights, and adhered to company governance and internal control provisions. No breaches of public commitments were identified, nor were there instances of the acquirer demanding illegal guarantees or loans that would harm the company's interests.

The acquisition was exempt from an offer requirement due to the nature of the state-owned asset transfer. Sansteel MinGuang disclosed its third-quarter 2025 report on October 29, 2025, and there were no significant changes to the company's main business, asset disposal, or organizational structure. The company also announced its dividend return plan for 2025-2027, which aligns with legal and regulatory requirements.