Core Viewpoint - Fujian Sansteel Minmetals Co., Ltd. is undergoing a significant acquisition process where Fujian Provincial Industrial Holding Group Co., Ltd. will acquire an 80% stake in Fujian Metallurgy (Holding) Co., Ltd., leading to an indirect control of 58.15% in Sansteel Minmetals, thus becoming its indirect controlling shareholder [1][10][13]. Group 1: Acquisition Details - The acquisition involves a transfer of state-owned equity without compensation, which triggers the obligation for a public offer due to the increase in shareholding above 30% [2][3]. - The acquisition is compliant with the regulations that allow exemption from making a public offer under specific circumstances, such as government-approved asset transfers [5][13]. - The acquisition process has been initiated and requires further registration with government market supervision departments for the change of equity holders [2][11]. Group 2: Acquirer Information - Fujian Provincial Industrial Holding Group Co., Ltd. was established on May 27, 2025, with a registered capital of 800 million yuan and is wholly owned by the Fujian Provincial State-owned Assets Supervision and Administration Commission [6][8]. - The group is involved in various sectors, including steel and iron smelting, new material technology research, and investment activities [6][7]. - As of the report date, the group has not engaged in any actual business operations since its establishment [7][8]. Group 3: Impact on Sansteel Minmetals - The acquisition will not change the direct controlling shareholder or the actual controller of Sansteel Minmetals, which will remain under the control of Sansteel Group and the Fujian Provincial State-owned Assets Supervision and Administration Commission [10][12]. - There are no immediate plans for changes in the main business operations or significant asset disposals within the next 12 months following the acquisition [14][15]. - The independence of Sansteel Minmetals in terms of personnel, assets, finance, and operations will be maintained post-acquisition [17][19]. Group 4: Future Plans - The acquirer has no plans to increase or dispose of shares in Sansteel Minmetals within the next 12 months, and any future changes will be disclosed in accordance with legal requirements [10][14]. - There are no anticipated changes to the board of directors or senior management of Sansteel Minmetals following the acquisition [15][16]. - The acquirer has committed to avoiding any conflicts of interest or unfair transactions with Sansteel Minmetals during its control period [19][20].
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