Jiangsu Province-based Chinese company Jiangsu Shagang Co., Ltd. (Jiangsu Shagang), a subsidiary of Chinese steelmaker Shagang Group, has announced that it will terminate its major asset reorganization in the new-energy automotive sector due to opposition among its shareholders on issues including asset valuation and compensation.
On December 9, 2015, Jiangsu Shagang had issued an announcement regarding major asset reorganization involving research and development, production, sales and relevant services for the new-energy automotive industry. In addition, the company had suspended trading of its shares since July 23, 2015 in preparation for the asset reorganization.