Fushun Special Steel Co.,LTD. (SHSE:600399) announced a private placement of A-shares on January 22, 2015. The company has signed conditional share subscription agreement for the transaction with collateral entry-into-force conditions with specific objects. The transaction will involve participation from Fushun Hexin Investment Management Partnership, which will invest CNY 199,560,000 for 9,192,077 shares, Chinalion Securities Sunflowers No. 1, which will invest CNY 19,535,000 for 899,815 shares, Zhejiang Zheshang Securities Asset Management Co., Ltd., which will invest CNY 112,023,600 for 5,160,000 shares, Shanghai Zhiyong Asset Management Center, which will invest CNY 400,000,000 for 18,424,689 shares, Qian Hai Kai Yuan Fund Management Co., Ltd., which will invest CNY 1,400,000,000 for 64,486,411 shares, Liaoning Province State-owned Asset Management Co., Ltd., which will invest CNY 108,550,000 for 5,000,000 shares, Gangyan Dahui Investment Co., Ltd. which will invest CNY 43,420,000 for 2,000,000 shares, and individual investor Li Wei, who will invest CNY 108,550,000 for 5,000,000 shares in the transaction. The securities being issued are subject to a hold period of 36 months from the date of issuance. The transaction has been approved in its 14th session of the 5th directorate meeting. The transaction is subject to approval from the State-owned Assets Supervision and Administration Commission of Liaoning Province, from the shareholders of the company, and from the China Securities Regulatory Commission.

On January 23, 2015, the company announced that it will issue 110,162,992 shares at CNY 21.71 per share for gross proceeds of CNY 2,391,638,556.32. The company will issue shares to eight designated investors including a Shenzhen-based fund management company for 64,486,411 shares for 10.23% stake in the company. After the completion of the transaction, the stake of Dongbei Special Steel Group Co., Ltd. will be diluted to 36.92% from 44.74%.

On July 27, 2015, the company announced that it has amended the terms of the transaction. The company will now issue 220,022,000 shares at CNY 9.09 per share for gross proceeds of CNY 2,000,000,000. The amendment has been approved at its 2nd session of the 6th directorate meeting.

On August 10, 2015, the company received a written reply to scheme for non-public shares issuance from State-owned Assets Supervision and Administration Commission of Liaoning Province.

On August 14, 2015, the company amended the terms of the transaction. The company will now issue 198,019,800 shares at CNY 10.10 per share for gross proceeds of CNY 1,999,999,980. The securities being issued are subject to a hold period of 12 months from the date of issuance. The transaction has been approved by the company's directorate and State-owned Assets Supervision and Administration Commission of Liaoning Provincial Government and is subject to approval from the company's shareholders and from the China Securities Regulatory Commission. The transaction was approved at 3rd session of the 6th directorate meeting.

On August 31, 2015, the company announced that it has obtained shareholders' approval at its 3rd Extraordinary General Meeting of 2015 and 3rd special shareholders' meeting of 2015.

On November 12, 2015, the company announced that finance department of Liaoning province will subscribe for shares in the transaction.