Against the background of rising finished steel prices and better profitability in the steel industry, Beijing-based Xinxing Cathy International Group (XXCIG) has put its stakes in three steelmakers up for sale at China Beijing Equity Exchange (CBEX), as announced by CBEX on December 4. Accordingly, XXCIG has decided to sell its 48 percent stake in Xinjiang Autonomous Region-based company Xinjiang Kingtec Steel Co., Ltd, its 100 stake in Xinjiang-based Xinxing Ductile Iron Pipes Xinjiang Co., Ltd and its 55 percent stake in Xinjiang-based Xinjiang Kingtec International Trading Co., Ltd, for RMB 10 million ($1.51 million), RMB 2.74 billion ($0.42 billion) and RMB 1 ($0.15), respectively.
Previously in 2016, Hebei Province-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. had transferred the stakes in question to its major shareholder XXCIG.