Hunan Province-based Chinese steelmaker Hunan Valin Iron and Steel Co. (Valin Steel) has announced that it plans to carry out a major reorganization of assets via an exchange of assets with its parent company Hunan Iron and Steel Group (Valin Group) and with Valin Group subsidiary Hunan Dice Venture Capital Co., Ltd (Dice Venture).
Accordingly, Valin Steel plans to exchange all its assets and liabilities (excluding its 100 percent stake in Xiangtan Valin Energy Conservation Power Co.,Ltd (Xiangtan valin Power)) for Valin Group’s 100 percent stake in Hunan Valin Energy Conservation Power Co. Ltd (Hunan Valin Power), its 24.58 percent stake in Fortune Securities Co., Ltd (Fortune Securities) and for Dice Venture’s 13.41 percent stake in Fortune Securities.