Nanjing Iron and Steel Company
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Nanjing Iron and Steel Company
Nanjing Iron and Steel Company
public
Traded asSSE: 600282
Industrysteel manufacturing
Founded
  • 1958 (predecessor)
  • 18 March 1999 (1999-03-18) (date of incorporation)
FounderNanjing Iron and Steel Group
Headquarters,
China
Area served
China
RevenueIncreaseCN¥37.601 billion (2017)
Increase CN¥03.200 billion (2017)
Increase CN¥37.735 billion (2017)
Increase CN¥11.575 billion (2017)
Owner
(43.47%)
ParentNangang United
Chinese name
Simplified Chinese?
Traditional Chinese?
Literal meaningNanjing Steel and Iron, Company Limited by Shares
Chinese short name
Simplified Chinese?
Traditional Chinese?
Literal meaningNansteel Share
Websitewww.600282.net Edit this on Wikidata
Footnotes / references
in consolidated financial statement[1]

Nanjing Iron and Steel Co., Ltd. (abb. NISCO) is a publicly traded steel maker based in Nanjing, Jiangsu Province, China. The parent company of NISCO is Nanjing Nangang Iron and Steel United Co., Ltd. (Chinese: ), a joint venture of Hong Kong listed company Fosun International (the stake was jointly held by Fosun International and its subsidiaries) and Chinese state-owned enterprise Nanjing Iron and Steel Group in a 60-40 ratio.

NISCO involves the pressing and smelting of ferrous metals and sales of steel materials.[2]

NISCO was a constituent of small cap SSE 380 Index from December 2015[3] to December 2017.[4]

According to World Steel Association (Chinese companies data was provided by China Iron and Steel Association), the corporation was ranked the 45th in 2015 the world ranking by production volume (8.590 million metric tons).[5]

History

The steel plant in Nanjing was founded in 1958. In 1999 Nanjing Iron and Steel Group spin-off some of the assembly line of the steel plant, incorporating Nanjing Iron and Steel Co., Ltd. (NISCO).

The company became a publicly traded company in 2000 on the Shanghai Stock Exchange, despite the parent company still owned 70.95% shares. However, after several disinvestment, it no longer the controlling shareholder of the listed company. Instead, the controlling shareholder was replaced by joint ventures of Nanjing Iron and Steel Group in 2003 and again in 2009 under another legal person. The direct parent company also received the unlisted steel manufacturing assets from Nanjing Iron and Steel Group.

In 2010, NISCO acquired some assets (themselves were incorporated as , in short ?) from the direct parent company, Nangang United, as those businesses were classified as related parties but the listed company had business relation with them.[6] NISCO paid the direct parent company in an all-share deal for CN¥9.1 billion nominal value,[7] making Nangang United owned 83.78% shares of the listed company.[8]

According to the public filings, after the acquisition, As of 31 December 2014, the listed company had a total assets (in consolidated financial statement) of CN¥39.538 billion,[9] comparing to parent company Nangang United's CN¥41.273 billion.[10] The net assets (excluding minority interests) were CN¥8.558 billion and CN¥8.344 billion respectively.

NISCO also had a long business partnership with Hong Kong listed company Prosperity International [zh] for trading iron ore. In 2011, NISCO acquired 10% shares of a company, All Wealthy Capital, from the chairman of Prosperity International, Wong Ben Koon [zh], for US$50 million.[11] The shares were sold back to Wong for US$50 million plus interests, as the initial public offering of All Wealthy Capital had failed, trigging the initial purchase condition. Since December 2014, Prosperity International became a related parties of NISCO, as Nanjing Iron and Steel Group owned more than 10% shares of Prosperity International.

Circa 2016, NISCO signed an agreement with banks for debt-to-equity swap.[12] The capital increase of the subsidiary ? by the bank and other parties, was completed in 2017.[1] In the same year NISCO also issued CN¥1.788 billion new shares via private placement.[1]

Equity investments

As of 26 October 2016

Shareholders

In 2003 the parent company of the listed company formed a joint venture "Nanjing Iron and Steel United" (Chinese: ?)[13][14] with a consortium of civilian-run enterprises: Fosun High Technology and its parent company Guangxin Technology (Chinese: ?). The stake of NISCO that held by Nanjing Iron and Steel Group was injected to Nanjing Iron and Steel United as capital. After the deal, Nanjing Iron and Steel Group owned 40% stake of Nanjing Iron and Steel United, Fosun High Technology (and its subsidiary) owned 50% and Guangxin Technology owned 10%.[15] The parent company of Fosun High Technology was later changed to Hong Kong listed company Fosun International, which also acquired the stake from Guangxin Technology. However, Fosun International was still controlled by the shareholder of Guangxin Technology as of 2018.

In 2009, a new intermediate holding company, "Nanjing Nangang Iron and Steel United Co., Ltd." (Chinese: , known as Nanjing Nangang or (Chinese: ; literally: 'Nangang United')) was incorporated, Nanjing Iron and Steel United became its wholly owned subsidiary, while Nanjing Iron and Steel United owned 62.69% stake of NISCO at that time.[16]Baosteel Group was the second largest shareholder of the listed company for just 2.42% shares at that time.[16]

As at 31 December 2015, Nangang United had disinvested NISCO to just 48.19%.[17] On 31 December 2015, Fosun International also appointed Nanjing Iron and Steel Group as its proxy for 10% stake of Nangang United, making Nangang United was classified as a joint venture and not consolidated in Fosun International's consolidated financial statements, while Nanjing Iron and Steel Group regained the joint-controlling status on the publicly traded company.[18]

As of 31 December 2015
  • Guo Guangchang[19]
    • Fosun International Holdings (64.45% owned by Guo Guangchang)[19]
      • Fosun International (SEHK656, 71.37% owned by Fosun International Holdings)[19]
        • Nanjing Nangang Iron and Steel United (60% owned by Fosun International)[19]
          • Nanjing Iron and Steel (48.19% owned by Nangang United)
        • Nanjing Iron and Steel Group (owned 40% of Nanjing Nangang Iron and Steel United)
      • Chinese: ; literally: 'Nanjing Iron and Steel Venture Investment' (owned 51% of Nanjing Iron and Steel Group)
    • worker union of Nanjing Iron and Steel Group (owned 36.07% of Nanjing Iron and Steel Venture Investment)[20]


References

  1. ^ a b c "2017 nián nián dù bào gào" 2017 [2017 Annual Report] (PDF) (in Chinese). Nanjing Iron and Steel Company. 13 February 2018. Retrieved 2018 – via Shanghai Stock Exchange.
  2. ^ Nanjing Iron & Steel Co., Ltd. - Company Profile Snapshot ecnext.com Archived 2008-10-26 at the Wayback Machine
  3. ^ "Gu?n yú tiáo zh?ng shàng zhèng 50, shàng zhèng 180, shàng zhèng 380 d?ng zh? shù yàng b?n g? de g?ng gào" 18050380 (Microsoft Word) (Press release) (in Chinese). Shanghai Stock Exchange, China Securities Index. 30 November 2015. Retrieved 2018.
  4. ^ "Gu?n yú tiáo zh?ng shàng zhèng 50, shàng zhèng 180, shàng zhèng 380 d?ng zh? shù yàng b?n g? de g?ng gào" 50180380 (Microsoft Word) (Press release) (in Chinese). Shanghai Stock Exchange, China Securities Index. 27 November 2017. Retrieved 2018.
  5. ^ "Top steel-producing companies". World Steel Association. 2016 [circa]. Archived from the original on 2016-07-19. Retrieved .
  6. ^ "Xiàng tè dìng duì xiàng f? xíng g? fèn gòu m?i z? ch?n jì gu?n lián ji?o yì bào gào sh? (xi? dìng g?o)" () (PDF) (Press release) (in Chinese). Nanjing Iron and Steel Company. 28 September 2010. Retrieved 2016 – via Shanghai Stock Exchange.
  7. ^ ?: (in Chinese). ?. 19 October 2010. Retrieved 2018 – via p5w.net.
  8. ^ "2010 nián nián dù bào gào" 2010 [2010 Annual Report] (PDF) (in Chinese). Nanjing Iron and Steel Company. 16 March 2011. Retrieved 2016 – via Shanghai Stock Exchange.
  9. ^ "2014 nián nián dù bào gào" 2014 [2014 Annual Report] (PDF) (in Chinese). Nanjing Iron and Steel Company. 30 January 2015. Retrieved 2016 – via Shanghai Stock Exchange.
  10. ^ "2014 nián nián dù bào gào" 2014 [2014 Annual Report] (PDF) (in Chinese). Nanjing Nangang Iron and Steel United. 20 April 2015. Retrieved 2016 – via Shanghai Stock Exchange.
  11. ^ ?:5000. China Securities Journal (in Chinese). 18 May 2011. Retrieved 2018.
  12. ^ 1430. (in Chinese). 18 September 2017. Retrieved 2018 – via jrj.com.cn.
  13. ^ "G?ng s? ji?n jiè" ? [Company profile] (in Chinese). Nanjing Iron and Steel Company. Retrieved 2016.
  14. ^ . (in Chinese). 3 April 2010. Retrieved 2018 – via Sohu news portal.
  15. ^ "d?ng shì huì gu?n yú nán j?ng g?ng ti? lián hé y?u xiàn g?ng s? sh?u gòu shì yí zhì quán t? g? d?ng de bào gào sh?" ? [Report regarding Nanjing Iron and Steel United Co., Ltd. acquiring Nanjing Iron and Steel Co., Ltd.] (PDF) (Press release) (in Chinese). Nanjing Iron and Steel Company. 20 June 2003 [Prepared on 17 June 2003]. Retrieved 2016 – via Shanghai Stock Exchange.
  16. ^ a b "2009 nián nián dù bào gào" 2009 [2009 Annual Report] (PDF) (in Chinese). Nanjing Iron and Steel Company. 20 March 2010. Retrieved 2016 – via Shanghai Stock Exchange.
  17. ^ "2015 nián nián dù bào gào" 2015 [2015 Annual Report] (PDF) (in Chinese). Nanjing Iron and Steel Company. 16 April 2016. Retrieved 2016 – via Shanghai Stock Exchange.
  18. ^ "MAJOR AND CONNECTED TRANSACTION - DELEGATION OF VOTING RIGHTS IN NANJING NANGANG AND GRANT OF WAIVER FROM STRICT COMPLIANCE WITH RULE 14.41(a) OF THE LISTING RULES" (PDF) (Press release). Fosun International. 4 January 2016. Retrieved 2016 – via Hong Kong Exchanges and Clearing website.
  19. ^ a b c d "2015 Annual Report" (PDF). Fosun International. 28 April 2016. Retrieved 2016 – via Hong Kong Exchanges and Clearing website.
  20. ^ "National Enterprise Credit Information Publicity System" () (in Chinese). ? (Administration for Industry and Commerce of Jiangsu Province). Retrieved 2018.

External links


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