Beijing Shougang Co., Ltd. (SZSE:000959) agreed to acquire an additional 11.51% stake in Shougang Jingtang United Iron & Steel Co. Ltd. from Beijing Capital Investment Holdings Co., Ltd for CNY 3.2 billion on September 25, 2020. Under the terms, 740.9 million ordinary A shares of Beijing Shougang will be issued as consideration. In a related transaction, Beijing Shougang Co., Ltd agreed to acquire 7.67% stake in Shougang Jingtang United Iron & Steel Co. Ltd from Beijing Jing Guorui State-owned Enterprise Reform and Development Fund for CNY 2.2 billion. The total consideration for both transactions is CNY 5.57 billion. Post completion of the transaction, Beijing Shougang will hold 70.18% stake in Shougang Jingtang United Iron & Steel. As at June 30, 2020, Shougang Jingtang United Iron & Steel had total assets of CNY 85.6 billion and owner's equity of CNY 26.8 billion. The transaction is subject to approval from The Beijing State-owned Assets Supervision and Administration Commission having approved the assessment results of the target assets of the transaction, State-owned Assets Supervision and Administration Commission of Beijing Municipal People's Government, the approval at shareholders' meeting of Beijing Shougang Co., Ltd and The China Securities Regulatory Commission. Matters related to this transaction have been reviewed and approved by the Board of Directors of Shougang Group Co., Ltd, This transaction has been reviewed and approved by Beijing Infrastructure Investment Co., Ltd. in performing its decision-making procedures in accordance with regulations, and has been reviewed and approved by Beijing Jingguorui State-owned Enterprise Reform and Development Fund (Limited Partnership)'s competent decision-making body. The transaction has passed the pre-audit of State-owned Assets Supervision and Administration Commission of Beijing Municipal People's Government. The transaction has been reviewed and approved at the fifth meeting of the seventh directorate of Beijing Shougang. As of December 17, 2020, the transaction is approved by the State-owned Assets Supervision and Administration Commission of the Beijing Municipal People’s Government. As of March 31, 2021, Beijing Shougang Co Ltd received securities regulator approval for asset acquisition from the China Securities Regulatory Commission's Listed Companies Mergers and Acquisitions and Reorganization Review Committee. As of April 2021, State-owned Assets Supervision and Administration Commission of Beijing Municipal People's Government approved the transaction and it has been reviewed and approved by the Beijing Shougang Co., Ltd. first extraordinary general meeting of shareholders in 2020. On April 21, 2021, the China Securities Regulatory Commission approved the issuance of 740.9 million shares to Beijing Capital Investment Holdings Co., Ltd. Huatai United Securities Co., Ltd. and CSC Financial Co., Ltd. (SEHK:6066) acted as financial advisors to Beijing Shougang. Jingtian & Gongcheng acted as legal advisor and Grant Thornton China acted as accountant for Beijing Shougang Co., Ltd. in the deal. Beijing Shougang Co., Ltd. (SZSE:000959) completed the acquisition of an additional 11.51% stake in Shougang Jingtang United Iron & Steel Co. Ltd. from Beijing Capital Investment Holdings Co., Ltd on April 22, 2020.