Baoshan Iron & Steel Co., Ltd.

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Baoshan Iron & Steel Co., Ltd.
Baosteel
Company type public
SSE: 600019
ISIN CNE0000015R4
IndustryMetallurgy
Founded3 February 2000 (2000-02-03) [1]
Founder Baosteel Group
Headquarters
Shanghai
,
China
ProductsSteel
RevenueDecrease2.svg CN¥292 billion (2019)
Decrease2.svg CN¥012 billion (2019)
Total assets Increase2.svg CN¥340 billion (2019)
Total equity Increase2.svg CN¥178 billion (2019)
Owner
Baowu (61.93% directly and indirectly)
Number of employees
52,323 [2] : 83  (2019)
Subsidiaries
Wuhan Iron and Steel Co. Ltd. (100%)
Meishan Iron & Steel Co., Ltd. (77.0%)
Zhanjiang Iron & Steel Co., Ltd.(90.0%)
Baosight Software(50.8%)
Chinese name
Simplified Chinese 宝山钢铁股份有限公司
Traditional Chinese 寶山鋼鐵股份有限公司
Literal meaningBaoshan Steel and Iron Company Limited by Shares

Baoshan Iron & Steel owned 4 major steel plants that located in Shanghai, Nanjing (in Meishan Iron Mine), Zhanjiang and Wuhan. The latter three were incorporated as a limited companies. Baoshan Iron & Steel also owned another listed company Baosight Software (SSE:600845) as well as other subsidiaries and joint ventures.

Baosight Software

Baosight Software (Chinese :宝信软件) is a listed company that owned by Baoshan Iron & Steel Co., Ltd., which itself is a listed company since 2000. The shares of Baosight Software had started to trade on the Shanghai Stock Exchange since 11 March 1994 (B share since 15 March 1994) as Shanghai Steel Tube Co., Ltd (Chinese :上海钢管股份有限公司). [16] [17] [18]

In 2000 Baosteel Group, the parent company of Baoshan Iron & Steel Co., Ltd., acquired the controlling stake of Shanghai Steel Tube. At that time Shanghai Steel Tube was on the brink of delisting from the exchange, which "ST" prefix was added to its stock alias as ST钢管. [19]

In 2001, as part of a backdoor listing, most of the assets of the listed company had swapped with a subsidiary of Baosteel Group. [20] The company also renamed into Shanghai Baosight Software Co., Ltd. (Chinese :上海宝信软件股份有限公司). [21] [20] The shares of company had resumed from trade suspension in 2002. [20] At that time media criticized the company was heavily rely on intra-group (within Baosteel Group) business activities as revenue. [20] As of 2019, the ratio of connected transaction has decreased to 23.74% of the sales revenue. [22]

In 2004, Baosight Software was acquired by its sister company Baoshan Iron & Steel Co., Ltd. [12]

Meishan Iron & Steel

In 2004, Baoshan Iron & Steel acquired Meishan Iron & Steel Co., Ltd. [11] Despite located in Nanjing, Jiangsu Province, the steel plant was founded by Shanghai municipal government and merged with Baosteel Group in 1998.[ citation needed ]

In 2019, it was announced that the steel plant of Meishan Iron & Steel, would relocate to Yancheng, Jiangsu Province in the 2020s. [23]

Zhanjiang Iron & Steel

In October 2012, Baosteel acquired the controlling stake in Zhanjiang Iron & Steel Co., Ltd. from the State-owned Assets Supervision and Administration Commission (SASAC) of the Guangzhou Municipal People's Government. [24] After the capital increase as well as the withdrew of Guangzhou SASAC, the listed company owned 90% stake of Zhanjiang Iron & Steel. [25]

The first phase of the steel plant that owned by Zhanjiang Iron & Steel, is completed in 2016. [26]

Wuhan Iron & Steel

On 21–22 September 2016, a merger between Baosteel Group and Wuhan Iron and Steel Group (WISCO) was announced. Baoshan Iron & Steel would take over the listed counterpart from Wuhan Iron and Steel Group in an all-share deal, [27] while all the rights of Wuhan Iron and Steel Group would be transferred to Baosteel Group, as both corporations were supervised by the Central Government's SASAC.[ citation needed ]

Unlike Baosteel, WISCO has a longer history which could be traced back to 1955. It was once considered as the top 3 steel plants of China, along with Ansteel Group and Baotou Steel. [28] Before the merger, if counting both listed and unlisted portions of WISCO, it was the sixth largest steel company in China and 11th in the world as of 2015, according to World Steel Association and China Iron and Steel Association. [29]

Equity investments

In 2002, Baosteel invested CNY 8 billion in the third pipeline of the West–East Gas Pipeline, acquiring a 12.8% stake (the pipe was incorporated as a limited company called Chinese :中石油西北联合管道有限公司). In December 2015, a new company, PetroChina Pipelines (Chinese :中石油管道有限公司), was formed to manage all three of the west–east pipelines, and existing share capital of the three management companies were converted into the share capital of the new company, giving Baosteel an overall 3.25% stake. [30] [31]

Shareholders

Since foundation, Baosteel Group (now called China Baowu Steel Group after a merger) is the controlling shareholder of the listed company. [1] [2] In turn it is owned by the Chinese Central Government. However, the ownership ratio changed from time to time.[ citation needed ]

In mid-2016, Baosteel Group and China National Petroleum Corporation, both overseen by the State-owned Assets Supervision and Administration Commission, formed a cross ownership arrangement for their listed subsidiaries. [32] After the deal, Baosteel Group held a 0.34% stake in PetroChina, while China National Petroleum Corp. received a 4.86% stake in Baoshan Iron and Steel. [32]

In December 2019, Baowu transferred a further 2.19% stake of the listed company to Beijing local government  [ zh ]-owned Shougang Group. [33] Immediately after the deal, Baowu's stake on the listed company decreased from 64.12% to 61.93%. [33]

Markets

Baoshan Iron & Steel Co., Ltd. is a constituent of the CSI 300 pan-exchanges index. [34] As of May 2020, it was also part of the subset, the CSI 100 Index. [35]

The listed company was a constituent of the SSE 50 Index, the blue chip index of the Shanghai exchange. The shares was removed from the index in 2013 and re-instated in 2017. [36] The company was removed from the index in December 2019. [37] As of May 2020, the company is still a constituent of SSE 180 Index.[ citation needed ]

The company is ranked 323rd in 2020 edition of Forbes Global 2000 . [38]

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References

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  2. 1 2 3 4 2019年年度报告 [2019 Annual Report](PDF) (Report) (in Chinese (China)). Baoshan Iron & Steel Co., Ltd. April 2020. Archived (PDF) from the original on 2020-06-10. Retrieved 22 May 2020– via Shanghai Stock Exchange.
  3. ↑ "公司概况 | 上海证券交易所". Archived from the original on 2020-06-10. Retrieved 2020-05-22.
  4. ↑ 华强 (30 October 2000). 宝钢将发18.77亿A股 为我国境内最大上市公司. 证券时报 [Securities Times] (in Chinese (China)). Archived from the original on 14 February 2005. Retrieved 22 May 2020– via Sina.
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  11. 1 2 3 关于资产收购及关联交易的公告 [Announcement of Acquisition of Assets and Related-Parties Deal](PDF) (in Chinese). Baoshan Iron & Steel Co., Ltd. 12 August 2004. Archived (PDF) from the original on 6 October 2016. Retrieved 6 October 2016– via Shanghai Stock Exchange.
  12. 1 2 3 李晶 (24 December 2004). 宝钢拟收购宝信软件 整体上市迈出重要一步. 第一财经日报 [Chinese Business News] (in Chinese (China)). Retrieved 22 May 2020– via 163.com.
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  15. ↑ 大事记2006年. baointl.com (in Chinese (China)). 2013. Retrieved 22 May 2020.
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  20. 1 2 3 4 PT宝信22日恢复上市. 国际金融报 [International Financial News] (in Chinese (China)). People's Daily Press. 14 May 2002. Archived from the original on 21 October 2017. Retrieved 22 May 2020– via Sohu.
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  22. ↑ 2019年年度报告 [2019 Annual Report](PDF) (Report) (in Chinese (China)). Baosight Software. 2020. p. 12. Archived (PDF) from the original on 2024-01-01. Retrieved 22 May 2020– via Shanghai Stock Exchange.
  23. ↑ 省政府与宝武集团签署《战略合作协议》 梅钢将从南京迁往盐城 (Press release) (in Chinese (China)). 南京投资与规划处. 2018-12-05. Archived from the original on 2021-02-21. Retrieved 1 December 2019.
  24. ↑ 胡飞军 (17 June 2013). 宝钢湛江项目开工1年仍打桩. 每日经济新闻 (in Chinese (China)). Archived from the original on August 5, 2020. Retrieved 22 May 2020– via xinhuanet.
  25. ↑ 王晓庆 (15 October 2012). 宝钢将增资湛江项目. caixin.com (in Chinese (China)). Archived from the original on 1 September 2022. Retrieved 22 May 2020.
  26. ↑ 邓亚卿 (15 July 2016). 宝钢湛江钢铁二号高炉点火，未来产能将移至湛江. 北京周报 [Beijing Review] (in Chinese (China)). Archived from the original on 4 September 2019. Retrieved 22 May 2020.
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  30. ↑ 2015年年度报告 [2015 Annual Report](PDF) (Report) (in Chinese (China)). Baoshan Iron & Steel Co., Ltd. 31 March 2016. Archived (PDF) from the original on 21 December 2016. Retrieved 3 October 2016– via Shanghai Stock Exchange.
  31. ↑ "Discloseable Transaction – Connected Transaction" (PDF). PetroChina. 24 December 2016. Archived (PDF) from the original on 25 January 2022. Retrieved 3 October 2016– via Hong Kong Exchanges and Clearing website.
  32. 1 2 "Baosteel Seals CNPC Stake Swap With $590 Million Worth of Shares". Bloomberg. 15 August 2016. Archived from the original on 21 October 2019. Retrieved 3 October 2016.
  33. 1 2 关于国有股份无偿划转的提示性公告 (PDF) (Press release) (in Chinese (China)). Baoshan Iron and Steel Co., Ltd. 11 December 2019. Archived (PDF) from the original on 15 December 2019. Retrieved 15 December 2019– via Shanghai Stock Exchange website.
  34. ↑ "Constituents List". China Securities Index. Archived from the original on 1 January 2024. Retrieved 22 May 2020.
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