Shagang acquires 48.98% stake in Jiulong E-Commerce Co.

Jiangsu Province-based Chinese steelmaker Shagang Co. has announced that it has signed a capital increase agreement with Zhangjiagang, Jiangsu-based Jiulong Steel Logistics Co. (Jiulong Logistics) and its subsidiary Jiulong E-Commerce Co. to invest RMB 4.8 million ($774,193) in Jiulong E-Commerce Co. Accordingly, the registered capital of Jiulong E-Commerce Co. has been increased to RMB 9.8 million ($1.58 million), rising from RMB 5 million ($806,452). After the capital increase, Jiulong Logistics holds a 51.02 percent stake in Jiulong E-Commerce Co., while Shagang Co. has acquired a 48.98 percent stake in the company.
 
Founded in 2013, Jiulong E-Commerce Co. has not yet been commissioned and so it still does not generate any revenues. Its business will be focused on the steel trade and steel logistics.