New book by Larry Connors Click here Improve your trading - See how
All the three companies are indirectly controlled by the newly established Hebei Iron and Steel Group (HBIS), the country's largest steel producer.
In three separate statements filed with the Shanghai and Shenzhen stock exchanges, they said the consolidation of the two affiliates into Tangshan is an initial step in a groupwide consolidation of major steel production assets.
Tangshan Steel will buy Handan Steel shares at 4.10 yuan per share, or offer 0.775 of its own shares for every share held by the latter.
It will also buy shares of Chengde Xinxin at 5.76 yuan per share, or offer 1.089 of its shares for every share held in the affiliate.
As a result of the restructuring, all assets, liability and employees of Handan Steel and Chengde Xinxin will be injected into Tangshan Iron and Steel, and Tangshan Iron and Steel will become the sole listed unit of HBIS.
The restructuring plan is subject to approval by the state assets regulator and securities regulator.
HBIS officially started operations in June. It currently have seven steel production units, including Xuanhua Iron and Steel Group, as well as a joint venture with Baosteel Group.
According to the statement, HBIS will inject assets of Xuanhua Steel and a stake in the venture with Baosteel into Tangshan Steel sometime after the restructuring.
Shares of the three listed firms will all resume trading from today.
Shares of Tangshan Steel, Handan Steel and Chengde Xinxin last traded at 4.55 yuan, 3.76 yuan and 5.5 yuan respectively.
(1 usd = 6.85 yuan)
zachary.wei@xfn.com
MMMM
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
