FSSS(SH:600399) Zheng Quan Shi Bao Wang·2025-09-11 13:21Core Viewpoint - The announcement details the partial tender offer by Ningbo Meishan Bonded Port Area Jincheng Shazhou Investment Co., Ltd. for shares of Fushun Special Steel, indicating a strategic move to increase ownership in the company while highlighting the current market dynamics affecting share prices [1][2]. Group 1: Tender Offer Details - Jincheng Shazhou plans to acquire 1.01% of Fushun Special Steel's shares during the tender offer period, resulting in a total holding of 31% for the controlling shareholder post-offer [1]. - The tender offer involves 98.605 million shares, representing 5% of the total share capital, with a proposed price of 5.6 yuan per share, valid from August 12, 2025, to September 10, 2025 [1]. - By the end of the tender offer period, a total of 1,989.36 million shares were tendered, accounting for 1.01% of the company's total shares, which was below the expected acquisition amount [1]. Group 2: Shareholder Composition Post-Offer - After the completion of the tender offer, Jincheng Shazhou will hold 1.59% of Fushun Special Steel's total shares, while its concerted action partners, Northeast Special Steel Group and Jiangsu Shagang Group, will hold 13.99% and 15.43%, respectively [2]. - The combined ownership of Jincheng Shazhou and its concerted action partners will total 31% of the company [2]. Group 3: Market Reaction and Historical Context - The tender offer price of 5.6 yuan per share was below the market price of 5.97 yuan per share as of July 25, 2025, leading to a decline in Fushun Special Steel's stock price, which remained mostly below the offer price in September [2]. - In 2017, Shen Wenrong became the controlling shareholder of Northeast Special Steel Group with a 43% stake after investing 4.462 billion yuan, which included gaining control over Fushun Special Steel [2]. - In December 2023, Northeast Special Steel announced the transfer of 251 million shares (12.73% of total shares) to Shagang Group at a price of 9.3 yuan per share, totaling 2.334 billion yuan [2].