On January 5, Jiangxi Province-based Chinese steelmaker Fangda Special Steel, the listed subsidiary of Liaoning Province-based Fangda Group, announced that 37.78 percent of shares of its direct controlling shareholder, Fangda Steel, held by Beijing-based China Huarong Asset Management Co., have been transferred to Fangda Special Steel's indirect controlling shareholder, Fangda Group.
Accordingly, in line with the signing of the relevant agreement between Fangda Group and China Huarong Asset Management on December 31, 2012, Fangda Group's shareholding in Fangda Steel has increased to 95.75 percent.