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    000708   CNE0000008J6

CITIC PACIFIC SPECIAL STEEL GROUP CO., LTD.

(000708)
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Daye Special Steel Co., Ltd. signed an asset purchase agreement to acquire 86.5% stake in Jiangyin Xingcheng Special Steel Works Co., Ltd. from a group of sellers for CNY 31.4 billion.

12/24/2018 EST

Daye Special Steel Co., Ltd. (SZSE:000708) agreed to acquire unknown majority stake in Jiangyin Xingcheng Special Steel Works Co., Ltd. from a group of sellers for CNY 20.2 billion on December 24, 2018. Daye Special Steel Co., Ltd. signed an asset purchase agreement to acquire 86.5% stake in Jiangyin Xingcheng Special Steel Works Co., Ltd. from a group of sellers on January 2, 2019. Under the terms of the transaction, Daye Special Steel Co., Ltd. will issue 2.32 billion shares as consideration. CITIC Pacific Special Steel Investment Limited will transfer 76.5% stake and remaining sellers will transfer 10% stake. As of March 29, 2019, the consideration of the acquisition has been revised to approximately CNY 23.1 billion. As of May 23, 2019, Daye Special Steel Co., Ltd. will issue a total of 2.5 billion shares to group of sellers. The consideration of the acquisition has been revised to approximately CNY 31.4 billion. The transaction is subject to definitive agreement. The transaction is subject to approval from Board of Directors and shareholders of Daye Special Steel Co., Ltd., competent internal organizations of sellers, Board of Jiangyin Xingcheng Special Steel Works Co., Ltd., the competent state assets supervisory authority, China Securities Regulatory Commission, and others.The transaction plan has obtained the principled consent of CITIC Group, one of the seller. The internal decision-making of Daye Special Steel Co., Ltd. that has been marked by this transaction plan has been passed. The transaction plan has been reviewed and approved at the eleventh meeting of the eighth Board of Directors of Daye Special Steel Co., Ltd. The transaction has obtained approval of internal decision-making bodies of counterparties, Jiangyin Xingcheng Special Steel Works Co., Ltd.’s internal decision-making bodies, transaction formal plan by CITIC Limited and Daye Special Steel Co., Ltd.’s 8th Directorate in its 13th meeting. Daye Special Steel Co., Ltd. shareholders’ meeting held on April 19, 2019 approved the transaction. As of July 26, 2019, the transaction has been approved by China Securities Regulatory Commission. As of August 22, 2019, securities’ regulatory body has approved the transaction. Jiang Jingliang, Song Tianbang, Yan Jiali, Yu Fengyuan, Li Zhen, Hao Ruoye and Yu Hao of China Merchants Securities Co., Ltd. acted as financial advisor to Daye Special Steel Co., Ltd. Lin Jiawei, Liu Zhe, Xue Ying, Gao Shibo, Qian Wenrui, Gu Yongliang, Qian Yunhao, Feng Ziqiang, Yu Jiajun, Li Yongshen, Mo Kai, Yang Wei and Lin Kai of CITIC Securities Company Limited acted as financial advisor to Daye Special Steel Co., Ltd. Tang Lizi, Jiao Fugang and Zhang Yanan of King & Wood Mallesons acted as legal advisor to Daye Special Steel Co., Ltd. Wang Bin and Li Yanhua of PricewaterhouseCoopers Zhong Tian LLP acted as auditor in the transaction to Daye Special Steel Co., Ltd.


ę S&P Capital IQ 2018
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Financials
Sales 2021 97 793 M 15 367 M 15 367 M
Net income 2021 8 753 M 1 375 M 1 375 M
Net Debt 2021 - - -
P/E ratio 2021 11,8x
Yield 2021 4,26%
Capitalization 103 B 16 178 M 16 179 M
Capi. / Sales 2021 1,05x
Capi. / Sales 2022 1,09x
Nbr of Employees 22 753
Free-Float 7,64%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 20,40 CNY
Average target price 38,54 CNY
Spread / Average Target 88,9%
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Managers and Directors
Guo Zhong Li President & Director
Gang Qian Chairman
Jing Hong Jia Chairman-Supervisory Board
Zheng Hong Zhu Independent Director
De Gen Hou Independent Director
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