Bengang Steel Plates still discussing major asset swap

Bengang Steel Plates Co., Ltd. is pursuing a major asset swap with Benxi Iron and Steel (Group) Co., Ltd. The proposed transaction involves Bengang Steel Plates acquiring 100% equity in Benxi Iron and Steel (Group) Mining Co., Ltd., and divesting all its assets and liabilities, excluding retained assets and liabilities. Any difference in value between the acquired and divested assets will be settled in cash. This transaction has been subject to multiple progress announcements since March 21, 2023, with the latest update on December 20, 2025.

The company has consistently disclosed updates regarding the transaction, including its initial announcement in March 2023 and subsequent monthly progress reports throughout 2023, 2024, and 2025. The most recent announcement on December 20, 2025, reiterates that the transaction's asset scope and pricing are still under discussion and have not been finalized.

Bengang Steel Plates emphasizes that the major asset swap and its compliance aspects require further review and negotiation. The company does not rule out potential adjustments, suspension, or cancellation of the transaction. Once the relevant details are determined, the board of directors will convene again for deliberation. Investors are advised to exercise caution due to the existing uncertainties.