Hebei Steel Group's three subsidiaries, Tangshan Steel, Handan Steel, and Chengde Xinxin Vanadium & Titanium, have jointly stated that the China Securities Regulatory Commission is to examine the application of the material assets reorganization of the above listed companies on September 21. The shares the companies have been suspended from trading since September 17 and will resume trading after the announcement of the result.
According to the plan for the listing all of the assets of Hebei Steel Group, Tangshan Steel will become the only listed unit controlled by Hebei Steel Group through its acquisition of the other two sister companies via a share swap.
In the listing plan, Tangshan Steel will swap its shares at RMB 5.29 with Handan Steel and Chengde Xinxin Vanadium & Titanium; while Handan Steel is priced at RMB 4.10 per share, and Chengde Xinxin Vanadium & Titanium is at RMB 5.76 per share.