It is reported that Jiuquan Iron and Steel Group, one of China's leading stainless steel makers plans a long anticipated listing of its entire group by injecting assets into its listed unit, Gansu Jiugang Hongxing Iron and Steel.
Jiugang Hongxing said it would issue shares to its parent in a private placement to buy assets worth an estimated CNY 7.02 billion.
A company official told Reuters last month that the company planned to inject assets into the listed unit.
Shanghai-listed Jiugang Hongxing's shares were suspended from trading early last month pending a restructuring of assets. The company had said the shares shares would remain suspended until as late as March 9th.
The Jiugang Hongxing shares will be placed at CNY 5.79 each. Its shares had closed at CNY 6.85 on February 5th their last day of trade, after surging 20% over three sessions.
