• Source: Huaigang Special Steel

Jiangsu Shagang Group Huaigang Special Steel Co., Ltd. (known as Huaigang or Huaisteel) is a Chinese steel manufacturer based in Huai'an, Jiangsu Province. It was a subsidiary of privately held company Shagang Group via its publicly traded subsidiary Shagang Company (SZSE: 002075) for 63.79% stake, from 2010 to 2015. As at 31 December 2013, Huaigang accounted for 99.9% revenue and 97% assets of Shagang Company. However, as at 31 December 2015, Shagang Group owned just 19.88% stake in Shagang Company; in turn Shagang Company owned 63.79% stake of Huaigang. Shagang Group sold 55.12% stake of Shagang Company in 2015, for about CN¥4.6 billion (or CN¥5.29 per share).
As of 4 July 2017, Shagang Company is a constituent of SZSE 200 Index (mid cap index).




History


Huaigang Group Co., Ltd. (Chinese: 江苏淮钢集团有限公司) was incorporated on 11 December 1996 as a subsidiary of the Economic Commission of Huai'an (the city was known as Huaiyin at that time) for 91.97% stake. In 2000, Nanjing Iron and Steel Group acquired the controlling stake (93.49%). It was recapitalized in 2003, making the stake held by Nanjing Iron and Steel Group was diluted to 26.15%. Moreover, private investors were introduced. In 2005, the 26.15% stake was returned to Huai'an Municipal People's Government from Nanjing Iron and Steel Group. In June 2006, privately held company Shagang Group acquired 64.40% stake of Huaigang from other private investors. The stake was injected to a publicly traded company Gaoxin Zhangtong as a reverse IPO in 2010 (now known as Shagang Company). In December 2006 Huai'an Municipal Government also sold their stake to Jiangyin Wande (Chinese: 江阴万德). The shareholder of Jiangyin Wande, Li Xinren (Chinese: 李新仁), also owned the shares of Shagang Group.
In 2011 the company was re-incorporated as a company limited by shares, issuing 1.431 billion shares with par value CN¥1 each.




Joint Venture


Huaigang formed a joint venture (Chinese: 江苏天淮钢管) with Tianjin Pipe Corporation. Huaigang owned 40% stake. In 2015 Huaigang sold the stake to Zhangjiagang Xiangbo (Chinese: 张家港翔博贸易) for CN¥250 million.




Financial data






References






External links


Official website

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