Rizhao, Shandong Iron and Steel acquired the steel market to increase the resist
Recently, the open-source controlled release announcement, the company bought 5.2 billion Hong Kong dollars into the development of Hong Kong's reputation Limited (the "reputation into the development") the entire issued share capital was completed on May 29, reputation into the open source development has become holding The wholly owned subsidiary.
Reputation into the development of an indirect 30% interest in Rizhao Steel, Rizhao Rizhao Iron and Steel 30% interest and 25% interest in the steel rolled steel, which are the sunshine of several joint venture's main operating steel company engaged in steel products manufacturing and trading business of foreign joint ventures.
After the acquisition, the actual controller Du Shuanghua Rizhao Steel Holding became the largest shareholder of open source, Rizhao Iron and Steel to achieve reverse merger, the three acquired the remaining 70%, 70% and 75% of the shares owned by Du Shuanghua Jinghua Innovation Group and the sunshine steel holder. Du Shuanghua Jinghua Innovation Group holds a 67.90 percent interest, Rizhao Steel Jinghua Innovation Group is a wholly owned subsidiary.
Rizhao Steel backdoor for success, Shandong Iron and Steel chairman Zouzhong Chen had previously told reporters that the steel will be part of the assets of sunshine into the Hong Kong listed company approved by the Hong Kong Stock Exchange little hope.
November 5 last year, under the auspices of the Shandong Provincial Government, Shandong Rizhao Steel steel and re-signed letter of intent, by the reorganization of Nippon Steel Group, Shandong Iron and Steel.
A few days after the agreement was signed, November 12, 2008 and December 1, Du Shuanghua through its holding of HappySinoInternationalLimited way twice off holdings, holding a total of 700 million purchase of open source shares, representing open-source Holdings 9.92% of the issued share capital, becoming the largest shareholder was holding open.
One view is that Du Shuanghua likely to transfer their assets out of Rizhao Iron and Steel. In this regard, Du Shuanghua dismissive, "only 80 million Hong Kong dollars, to transfer what? Mainly Jinghua Innovation Group and the company has many years of business. At that time wanted to pipe into the Capitol, but we think that influence is not enough, let Japanese steel into the. "
It is noteworthy that, in the Du Shuanghua made his position a month later, on Jan. 16, 2009, holding that the open source release announcement, open source will be holding a total consideration of HK 5.2 billion acquisition of the target company Rizhao Steel stake.
At that time, Nippon Steel, General Manager Wang Lifei publicly, said: "Open source is just a small holding company, the plate too small for her entire Rizhao Iron and Steel." But security analysts believe that even though open-source small holding plate steel for the overall market some day impact, "but Japanese steel backdoor and then to be listed first, the operation of the space is there."
However, in the open backdoor Steel Holdings announced on the day of success, but also gain a bad news. June 11, the State Department of Environmental Protection issued a notice on the construction of hot-rolled steel plate with supporting technology projects do not meet the "iron and steel industry development policy", without the EIA approval, ordered to stop construction of the project.
The outside world seems to see the shadow of the iron. In 2004, the design capacity of 8.4 million tons of iron present as irregularities in Jiangsu, by the State Council called for the suspension. State Department of Environmental Protection, said, launched a new project must be phased out to match the corresponding backward production capacity. According to the planning of Shandong Province, Shandong Iron and Steel will be reorganized on steel, steel parts out of Japan on the basis of backward production capacity, annual output of 20 million tons in the sunshine launched the steel project, produce a high end quality steel.
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