On February 21, China Securities Regulatory Commission (CSRC) announced that it has approved the reorganization plan of Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Valin Steel). As stipulated by CSRC, Valin Steel will need to accomplish its reorganization within 12 months starting from January this year.
According to the reorganization plan, after a series of deals Valin Steel will own a 100 percent stake in Fortune Securities Co., a 96 percent stake in Hunan Trust Co., a 38.26 percent stake in Jixiang Life Insurance Co., a 100 percent stake in Xiangtan Valin Energy Saving Power Generation Co., and a 100 percent stake in Hunan Valin Energy Saving Power Generation Co. Meanwhile, the mill's steel assets will be transferred to its parent company Valin Group.