Citic Pacific Special Steel Group Co., Ltd. (SZSE:000708) signed a state-owned property rights transfer contract to acquire remaining 13.5% stake in Jiangyin Xingcheng Special Steel Works Co., Ltd. from CITIC Pacific Special Steel Investment Limited for CNY 3.6 billion on November 8, 2019. The deal value is payable in cash. Pre deal, Citic Pacific Special Steel Group Co., Ltd. holds 86.5% stake and post deal, it will hold 100% stake in Jiangyin Xingcheng Special Steel Works Co., Ltd. Jiangyin Xingcheng Special Steel Works Co., Ltd. will operate as a wholly owned subsidiary of Citic Pacific Special Steel Group Co., Ltd. The deal is subject to approval of shareholders of Citic Pacific Special Steel Group Co., Ltd. and other approvals that may be required by relevant laws and regulation. The deal has been passed by the counterparty's internal decision-making. The transaction has been reviewed and approved at the 23rd meeting of the 8th Board of Directors of Citic Pacific Special Steel Group Co., Ltd. Ning Min of BOC International (China) Limited and Zhang Youjun of CITIC Securities Company Limited (SHSE:600030) acted as financial advisors, Wang Ling of Beijing King & Wood Law Firm acted as legal advisor and Li Dan of PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) acted as auditor to Citic Pacific Special Steel Group Co., Ltd.