On September 20, Shanghai-based Chinese steelmaker Baoshan Iron & Steel Co. Ltd.(Baosteel) announced that its controlling shareholder Baosteel Group plans to voluntarily transfer respective 403,439,717 shares in Baosteel to China Chengtong Holdings Group Ltd.(Chengtong Group) and China Reform Holdings Corporation Ltd.(China Reform Holdings).
Accordingly, after the transfer of the shares, Baosteel Group will hold 12,323,385,833 shares in Baosteel, while Chengtong Group and China Reform Holdings will hold respective 403,439,717 shares in Baosteel, accounting for 74.84 percent, 2.45 percent and 2.45 percent of the total equity of the company in question, respectively.