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Baosteel and Wuhan Iron and Steel shares resume trading on October 10

On the evening of September 30, Baosteel and Wuhan Iron & Steel Co., Ltd. announced that they had responded to the relevant issues in accordance with the "Letter of Inquiry" issued by Shanghai Stock Exchange and revised and supplemented the Absorption and Consolidation Report and its summary Disclosure. Upon application, the shares of the two companies will resume trading on October 10.
According to the merger plan, Baosteel intends to issue all the shareholders of Wuhan Iron and Steel Company A shares of convertible shares, convertible merger of Wuhan Iron and Steel shares. Baosteel is the merging party and the surviving party of the merger, and Wuhan Iron and Steel Co., Ltd. is the merged party and the non-surviving party of the merger. The existing assets, liabilities, business, personnel, contract, qualification and all other rights and interests of Wuhan Iron & Steel Co., The limited obligation of WISCO to undertake and inherit, since the date of delivery of limited 100% stake in Wuhan Iron and Steel shares controlled by Baosteel.
The conversion price of Baosteel is 4.60 yuan per share, and the price of Wuhan Iron and Steel Co., Ltd. is 2.58 yuan per share. Therefore, the share of Wuhan Iron and Steel Group and Baosteel is 1: 0.56. In exchange for 0.56 shares of shares of Baosteel, Baosteel is expected to issue the total number of shares for 5.653 billion shares. After the merger of the total share capital of listed companies is about 22.119 billion shares, of which Baosteel Group's shareholding ratio of 52.10%, Wuhan Iron and Steel Group holds 13.48% stake.
Notice that the two sides to implement the merger and reorganization will be strategically integrated steel production base layout, multi-angle system integration of the main steel industry location advantages, is conducive to overall balance internal production capacity, different production bases and different production lines to implement synergy integration, to avoid duplication Construction, and effectively improve the quality and efficiency, help steel industry restructuring and upgrading. After the merger and reorganization, we will vigorously promote the layout optimization of the iron and steel industry, structural adjustment and cross-regional coordination and other changes, give full play to synergies, to achieve scale, variety, cost, technology, services and other all-round continuous upgrade, built on behalf of China's iron and steel industry, the highest technology and Strength level, with independent intellectual property rights of steel technology, the international steel industry has the right to speak and strong competitiveness of the world-class steel companies.

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