Bengang steel plates continues major asset swap discussions

Bengang Steel Plates Co., Ltd. (the "company") is proceeding with a major asset swap and related party transaction involving its controlling shareholder, Benxi Iron and Steel (Group) Co., Ltd. The company intends to acquire 100% equity in Benxi Iron and Steel (Group) Mining Co., Ltd. while divesting all its assets and liabilities, excluding retained assets and liabilities. Any differential will be settled in cash.

This transaction could significantly increase the company's related-party sales, potentially leading to a higher dependence on its controlling shareholder and affecting its independent operational capacity in the market. The transaction also faces the risk of adjustments, suspension, or cancellation, as various elements including the scope of assets and transaction pricing are still under discussion and yet to be finalized.

Bengang Steel Plates has issued multiple progress announcements, with the latest dated October 21, 2025. The company emphasizes that the transaction scheme and compliance are still subject to further deliberation and negotiation. Investors are advised to exercise caution due to the inherent uncertainties.