Qinghai Province-based Chinese steelmaker Xining Special Steel Co. (Xining Special Steel) has announced a readjustment of its private placement plan.
Accordingly, Xining Special Steel plans to decrease its fundraising target to RMB 5.206 billion ($0.79 billion) via non-public share issuance due to the non-participation of Guohua Life Insurance Co., Ltd (Guohua Life) in the private placement.
On January 6 this year, Xining Special Steel had announced that it was reducing its fundraising target via non-public share issuance from RMB 6.358 billion ($0.97 billion) to RMB 5.782 billion ($0.88 billion) due to Guizhou Zhongke Venture Investment’s exit from the company’s private placement plan.