Fujian Province-based investment company Xiamen Gangyu Investment Co., Ltd. (Gangyu Investment), a wholly-owned subsidiary of Xiamen Xiangyu Group Co., Ltd., has inked a restructuring investment agreement with Jiangsu Delong Nickel Industry Co., Ltd. and 30 other companies, to acquire the stainless steel smelting business of Jiangsu Delong Nickel Industry Co., Ltd. (target business). The target business consists of the equity interests in and assets of certain affiliates of Delong Nickel, and is principally engaged in the production and sale of nickel alloys, stainless steel crude steel, hot rolled stainless steel coils, and cold rolled stainless steel coils, among other businesses.
Prior to this transaction, the target business was solely controlled by Delong Nickel, which is currently in the bankruptcy restructuring stage. Following this transaction, the target business will be solely controlled by Gangyu Investment.
Gangyu Investment was set up on August 6, 2026, in Fujian Province.
On October 13, Jiangsu Xiangyu Stainless Steel Co., Ltd. officially put up its sign at the gate of Jiangsu Delong Nickel Industry Co., Ltd. In the future, the name “Delong” will most likely no longer appear in the stainless steel business landscape. This not only reflects the profound restructuring of China's domestic stainless steel industry amid capacity reorganization and the survival of the fittest, but also signifies that Xiamen Xiangyu Group is further deepening its footprint in the nickel and stainless steel industrial chain.
Jiangsu Delong started from Xiangshui county, Yancheng City, in Jiangsu Province, and built a full industrial chain from nickel-iron to stainless steel, earning a place among China's top 500 private enterprises, but ultimately underwent restructuring and changed ownership due to overly aggressive expansion, high debts and an industry downturn.
