How it started
History
In 2000, the Baosteel Group split, creating the new Baoshan Iron & Steel Co., Ltd., which is listed on the Shanghai Stock Exchange since 12 December 2000. It was the largest initial public offering in Mainland China up to that time, raising CNY 7.7 billion despite being limited to domestic investors. It was rumoured that the company has planned to list in the Stock Exchange of Hong Kong in the same year. (and again in 2007) However, they were never materialized. Baoshan Iron & Steel's IPO record was broken by fellow government controlling listed company Sinopec in 2001. Nevertheless, Baoshan Iron & Steel also re-capitalize a few times to increase its share capital and market capitalization. For example, right after the IPO the share capital was CNY 12,512 million, as of 31 December 2019, it was CNY 22,274,460,375.
The major assets of the listed company at that time was the steel plant located in Shanghai.
However, even until today, not all of the assets of China Baowu Steel Group were injected into the listed company, for example steel plants that incorporated as Maanshan Iron & Steel Shaoguan Iron and Steel and Xinjiang Ba Yi Iron and Steel. Some of the assets were injected into another listed company Baosight Software in 2001. In 2004 Baoshan Iron & Steel Co., Ltd. acquired Baosight Software from the parent company. In the same year the listed company also attempted to acquire other assets from the parent, such as Meishan Iron & Steel, as well as the "special steel" (Chinese: 特殊鋼) production line of Shanghai Fifth Steel Plant. At that time, another unlisted sister company which has major connected transactions with the listed company, was Shanghai Baosteel International Economic & Trade Co. Ltd. (Chinese: 上海宝钢国际经济贸易有限公司; "Baosteel International" (Chinese: 宝钢国际) in short). Baosteel International became a wholly owned subsidiary of the listed company in 2005. A redistribution of the businesses of Baosteel International, to sister division and company took place in 2006.
In 2016, Baoshan Iron & Steel Co., Ltd. merged with Wuhan Iron and Steel Company Limited in an all-share deal.
From Wikipedia’s article on Baoshan Iron & Steel, shared under CC BY-SA 4.0.2