Zhejiang Province-based Chinese steelmaker Hangzhou Iron & Steel Co. (Hangzhou Steel) has announced that it has received approval from the China Securities Regulatory Commision (CSRC) for its planned share issue aimed at the purchase of assets and raising of funds.
Accordingly, the CSRC agreed that Hangzhou Steel could issue shares to buy the relevant assets, including 498 million shares in Hangzhou Steel Group, 524 million shares in major domestic steelmaker Baosteel, 3.9686 million shares in Zhejiang Metallurgical Materials Co., Ltd., 109 million shares in Ningbo Fuchun Co., Ltd., 62.6045 million shares in Ningbo Development & Investment Group Co., Ltd. and 25.4427 million shares in Ningbo Economic & Technical Development Zone Holding Co. Ltd.
In addition, Hangzhou Steel can also issue not in excess of 530 million non-public shares to raise funds. The CSRC’s approval is valid for 12 months from the date of announcement.