Shaoguan Iron and Steel

Baosteel Group Guangdong Shaoguan Iron and Steel Co., Ltd. known as Shaoguan Iron and Steel or SGIS or Shaogang (Chinese: 韶钢) or Shaosteel (formerly Shaoguan Iron and Steel Group) is a Chinese steel maker.

Baosteel Group Guangdong Shaoguan Iron and Steel
Formerly
Shaoguan Iron and Steel Group
state-owned enterprise
IndustryIron and steel manufacturing
Founded
  • 1966 (as steel plant)
  • 11 September 1989 (1989-09-11) (as company)[1]
  • December 1996 (as limited company)
Headquarters
  • Guangzhou, China (legal)
  • Shaoguan, China (general office)
Key people
Li Shi-ping (Charmian & Party Committee Secretary)
Revenue CN¥15.175 billion (2016)
(CN¥0301 million) (2016)
CN¥00054 million (2016)
Total assets CN¥19.117 billion (2016)
Total equity CN¥04.822 billion (2016)
Owner
China Baowu Steel Group(51%)
Hengjian Holding(49%)
Parent
China Baowu Steel Group(direct)
SASAC(intermediate)
State Council(ultimate)
Subsidiaries
SGIS Songshan(53.37%)
Shaoguan Iron and Steel(100.0%)
Chung Shan Development(100.0%)
Footnotes / references
in consolidated financial statement[2]
Baosteel Group Guangdong Shaoguan Iron and Steel Co., Ltd.
Simplified Chinese宝钢集团广东韶关钢铁有限公司
Traditional Chinese寶鋼集團廣東韶關鋼鐵有限公司
SGIS Songshan Co., Ltd.
Simplified Chinese广东韶钢松山股份有限公司
Traditional Chinese廣東韶鋼松山股份有限公司
Literal meaningGuangdong Shaoguan Iron and Steel Songshan Company Limited by Shares

The company is a joint venture of central government-owned iron and steel conglomerate China Baowu Steel Group (51%; formerly known as Baosteel Group) and the government of Guangdong (49%).

Structure

The company was registered in Guangzhou, Guangdong, but the general office is located in Maba, Qujiang District, Shaoguan, Guangdong. SGIS Group is the parent company of SGIS Songshan Co., Ltd. (SZSE: 000717) for 53.37% stake, which most of the group assets and revenue came from.[3]

History

The steel plant in Shaogang, Guangdong was established in 1966 (as Chinese: 韶关钢铁厂). In 1989 the plant was marketized as a company and was subsequently renamed into Guangdong Shaoguan Iron and Steel Group Corporation (Chinese: 广东省韶关钢铁集团公司) in December 1993. In December 1996, it became Guangdong Shaoguan Iron and Steel Group Co., Ltd. (Chinese: 广东省韶关钢铁集团有限公司) Shaoguan Iron and Steel was one of the most 512 important state-owned enterprises in 1997. In early 2000, the enterprise was among 120 companies selected in a pilot project aimed at rapidly improving their international competitiveness.[4]

Subsidiaries

In 1997 Shaoguan Iron and Steel Group was split into 5 main subsidiaries:[5] SGIS Songshan (Chinese: 广东韶钢松山股份有限公司, incorporated on 29 April 1997), "Chung Shan Investment & Development" (Chinese: 松山置业发展, "Chung Shan Development" in short),[nb 1] "Shaoguan Iron and Steel Co., Ltd.",[nb 2] and two other subsidiaries.[5] In the same year the shares of SGIS Songshan were floated at the Shenzhen Stock Exchange.[3] The initial public offering price was CN¥7.76 per share;[7] SGIS Group incorporated the listed company for CN¥1.50 only, by injecting a net assets of CN¥359 million for 240 million shares.[7]

In 2008, an agreement was signed with Baosteel Group that 100% shares of Shaoguan Iron and Steel Group and Guangzhou Iron and Steel Enterprise Group would be injected into "Guangdong Iron and Steel Group" as share capital. As a result, the State-owned Assets Supervision and Administration Commissions (SASACs) of Guangdong Province and Guangzhou City respectively, would come to own a combined 20% stake in Guangdong Iron and Steel Group. However, the deal collapsed.[8]

In 2011, a 51% stake of Shaoguan Iron and Steel Group was transferred from SASAC of Guangdong Province to Baosteel Group, a steel conglomerate and supervised by the central government's SASAC.[8]

In September 2012, the remaining 49% were transferred to a wholly owned subsidiary of Guangdong SASAC, namely Guangdong Hengjian Investment Holding (Chinese: 广东恒建投资控股有限公司). In November 2012 Shaoguan Iron and Steel Group was recapitalized for CN¥1.851 billion.[9]

In December 2012, the company was once more renamed into Baosteel Group Guangdong Shaoguan Iron and Steel Co., Ltd. (Chinese: 宝钢集团广东韶关钢铁有限公司).[5]

In June 2013 SGIS Group subscribed CN¥1.5 billion capital increase of SGIS Songshan for CN¥2 each (750 million shares). In March 2015 SGIS Group sold 2.976% shares (72 million shares) of SGIS Songshan for a weighed-average price of CN¥5.58.[10] In September 2015 the group bought back 0.32% shares (approx. 7.7 million in number) for a weighed-average of CN¥5.33 each.[11]

On 28 September 2016, Shaoguan Iron and Steel Group was recapitalized again for CN¥3.3 billion.[12] It was planned to buy back some assets from the listed subsidiary for CN¥4.45 million.[13] SGIS Songshan also sold some assets to an associate company: Baosteel Special Steel Shaoguan for CN¥1.81 million (SGIS Songshan owned 49% of Baosteel Special Steel Shaoguan indirectly, the rest was owned by China Baowu Steel Group via Baosteel Special Steel).[14]

Financial data
in consolidated financial statement (in CN¥)
Shaoguan Iron and Steel GroupSGIS Songshan
Year Revenue Profit Total assets Equity no. of Songshan shares % Revenue Profit Profit to group Total assets Equity Equity to group Net asset per shares
1997 (restated)[15][16] 0240 million75.0% 02.251 billion 0 170 million 0 128 million 01.373 billion 1.135 billion 0852 million 3.55
1998 (restated)[17][16] 0312 million 02.671 billion 0 176 million 0 132 million 02.490 billion 1.907 billion 1.430 billion 4.56
1999 (restated)[16][18][19] 0312 million 03.048 billion 0 164 million 0 123 million 02.412 billion 1.988 billion 1.491 billion 4.78
2000 (restated)[18][20]69.77% 03.346 billion 0 204 million 0 143 million 02.967 billion 2.250 billion 1.570 billion 5.03
2001 (restated)[19][20][21] 03.926 billion 0 259 million 0 180 million 03.888 billion 2.559 billion 1.785 billion 5.72
2002 (restated)[20][21] 04.431 billion 0 349 million 0 244 million 05.274 billion 2.729 billion 1.904 billion 6.10
2003[21] 0468 million55.83% 07.161 billion 0 982 million 0 548 million 08.049 billion 4.319 billion 2.411 billion 5.15
2004[22] 0468 million 10.329 billion 0 948 million 0 529 million 11.010 billion 5.016 billion 2.800 billion 5.98
2005 (restated)[23][24] 0606 million45.15% 10.799 billion 0 147 million 00 66 million 12.377 billion 4.880 billion 2.203 billion 3.64
2006 (restated)[25][24] 0606 million 12.516 billion 0 424 million 0 191 million 12.373 billion 5.326 billion 2.364 billion 3.90
2007[24]36.27% 14.961 billion 0 827 million 0 300 million 16.838 billion 7.406 billion 2.686 billion 4.44
2008[26] 19.108 billion (1.611 billion) (0584 million) 17.281 billion 5.704 billion 2.069 billion 3.42
2009[27] 13.350 billion 0093 million 0034 million 18.341 billion 5.797 billion 2.103 billion 3.47
2010[28] 18.836 billion 0021 million 0008 million 23.099 billion 5.817 billion 2.110 billion 3.47
2011[29][30] 24.664 billion (0497 million) 27.127 billion 2.154 billion 22.874 billion (1.138 billion) (0413 million) 24.361 billion 4.679 billion 1.697 billion 2.80
2012[29][31] 20.822 billion (0562 million) 23.407 billion 3.444 billion 19.260 billion (1.952 billion) (0708 million) 20.488 billion 2.730 billion 0990 million 1.64
2013 (restated)[29][32][33] 20.574 billion (0046 million) 24.574 billion 3.360 billion 1.356 billion56.02% 19.171 billion 0 101 million 00 57 million 21.647 billion 4.347 billion 2.435 billion 1.80
2014[32][34] 20.958 billion (0677 million) 21.418 billion 2.674 billion 1.356 billion 19.497 billion (1.388 billion) (0778 million) 18.570 billion 2.937 billion 1.645 billion 1.21
2015[5][3] 12.030 billion (1.387 billion) 19.076 billion 1.463 billion 1.291 billion53.37% 11.145 billion (2.596 billion) (1.385 billion) 16.560 billion 0 355 million 0189 million 0.15
2016[2] 15.175 billion 00054 million 19.117 billion 4.822 billion

Shareholders
  • State-owned Assets Supervision and Administration Commission of the State Council
    • China Baowu Steel Group (51%)
  • State-owned Assets Supervision and Administration Commission of Guangdong Provincial People's Government

Subsidiaries
  • Chung Shan Investment & Development (simplified Chinese: 松山置业发展; traditional Chinese: 松山置業發展; pinyin: Sōngshān Zhìyè Fāzhǎn, 100%)
  • SGIS Songshan (53.37%)
  • Shaoguan Iron and Steel (70.00% directly; 22.15% via Chung Shan Investment & Development and 7.85% by Guangdong Assets Management (BVI) No.4 Limited)

Footnotes
  1. Chung Shan Investment & Development Co., Ltd. was incorporated on 4 August 1994 in Hong Kong, Chung Shan was Cantonese translation of Songshan
  2. Shaoguan Iron and Steel Co., Ltd. was incorporated in 1990; minority stakes were owned by Chung Shan Investment & Development and Guangdong Assets Management (BVI) No.4 Limited;[1] the British Virgin Islands company was strike off due to non-payment of annual fee in 2015;[6] it was reported that the BVI was also owned by SGIS Group, acquired from Guangdong Enterprises
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References
  1. Government database (in Chinese)
  2. "2016 Annual Report". SGIS (in Chinese). Shanghai Clearing House. 13 April 2017. Retrieved 1 May 2017.
  3. "2015 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 20 April 2016. Retrieved 7 October 2016.
  4. "关于深化大型企业集团试点工作_范坤_新浪博客". blog.sina.com.cn. Retrieved 2017-02-23.
  5. "宝钢集团广东韶关钢铁有限公司2015年度审计报告" [2015 Annual Report]. Baosteel Group Guangdong Shaoguan Iron and Steel Co., Ltd. (in Chinese). Shanghai Clearing House. 29 April 2016. Retrieved 7 October 2016.
  6. The Virgin Islands Official Gazette (PDF). Vol. XLIX, No. 78. Government of the Virgin Islands. 15 October 2015. Retrieved 23 February 2017.
  7. "上市公告书". SGIS Songshan (in Chinese). 163.com. 8 May 1997. Retrieved 23 February 2017.
  8. "关于实际控制人股权变更的进展公告" [Change in ownership of the parent company] (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 23 August 2008. Retrieved 7 October 2016.
  9. "关于增加韶关钢铁注册资本金的公告". Guangdong Hengjian Investment Holding (in Chinese). chinabond.com.cn. 7 November 2012. Retrieved 23 February 2017.
  10. "关于控股股东减持股份的公告" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 21 March 2015. Retrieved 24 February 2017.
  11. "关于公司控股股东完成增持计划的公告" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 26 September 2015. Retrieved 24 February 2017.
  12. "关于公司控股股东增资的公告" [Announcement on the recapitalization of the parent company] (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 30 September 2016.
  13. "广东韶钢松山股份有限公司关于向韶关钢铁出售资产事项暨关联交易的公告" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 25 November 2016. Retrieved 10 December 2016.
  14. "广东韶钢松山股份有限公司关于向宝特韶关出售资产事项暨关联交易的公告" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 25 November 2016. Retrieved 10 December 2016.
  15. "1997 Annual Report". SGIS Songshan (in Chinese). 163.com. 6 March 1998. Retrieved 23 February 2017.
  16. "1999 Annual Report". SGIS Songshan (in Chinese). 163.com. 28 January 2000. Retrieved 23 February 2017.
  17. "1998 Annual Report". SGIS Songshan (in Chinese). 163.com. 8 April 1999. Retrieved 23 February 2017.
  18. "2000 Annual Report". SGIS Songshan (in Chinese). 163.com. 7 April 2001. Retrieved 23 February 2017.
  19. "2001 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 25 February 2002. Retrieved 23 February 2017.
  20. "2002 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 10 January 2003. Retrieved 23 February 2017.
  21. "2003 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 15 January 2004. Retrieved 23 February 2017.
  22. "2004 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 29 January 2005. Retrieved 23 February 2017.
  23. "2005 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 13 April 2006. Retrieved 23 February 2017.
  24. "2007 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 8 March 2008. Retrieved 23 February 2017.
  25. "2006 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 13 April 2007. Retrieved 23 February 2017.
  26. "2008 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 21 April 2009. Retrieved 23 February 2017.
  27. "2009 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 27 March 2010. Retrieved 23 February 2017.
  28. "2010 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 23 April 2011. Retrieved 23 February 2017.
  29. 2011, 2012, 2013 Consolidated Annual Reports, "2014年度第一期中期票据发行披露材料" [Pospectus of 2014 batch 1 mid term note] (PDFs). Baosteel Group Shaoguan Iron and Steel (in Chinese). Shanghai Clearing House. 20 October 2014. Retrieved 23 February 2017.
  30. "2011 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 28 March 2012. Retrieved 23 February 2017.
  31. "2012 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 4 February 2013. Retrieved 24 February 2017.
  32. "2014 Annual Report" (PDF). Baosteel Group Shaoguan Iron and Steel (in Chinese). Shanghai Clearing House. 29 April 2015. Retrieved 23 February 2017.
  33. "2013 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 17 April 2014. Retrieved 24 February 2017.
  34. "2014 Annual Report" (PDF). SGIS Songshan (in Chinese). Shenzhen Stock Exchange. 27 April 2015. Retrieved 24 February 2017.
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