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2024 ANNUAL REPORT
Hong Kong A shares are showing unusual movements丨Steel stocks fell broadly, with India imposing a temporary 12% tariff on certain imported steel products.
On April 22, according to Gelonghui, steel stocks in the Hong Kong and A-share markets experienced declines. Specifically, Sansteel Minguang and Hang Zhou Iron & Steel fell over 3% in the A-share market, and Zhangjiagang Guangda Special Material dropped over 2%; in the Hong Kong stock market, Zhaogang Group decreased more than 7%, Maanshan Steel fell over 6%, and HUAJIN INTL fell over 5%. The Ministry of Finance of India announced that starting from Monday, a temporary 12% tariff on certain steel imports will be implemented for 200 days to curb the surge in imports, protect domestic manufacturing, and boost the local Industry.
Steel Group-W (06676): The exercise period for inheriting the company's listing warrants and the exercise period for inheriting the company's founder warrants has begun.
Zhaogang Group-W (06676) announced that according to the deadline for completing the merger of the special purpose acquisition company on March 10, 2025, the exercise period of the company's listing warrants will be from April 9, 2025, to March 10, 2030 (including both dates) (the exercise period for listing warrants), while the exercise period for the company's founder warrants will be from March 10, 2026, to March 10, 2030 (including both dates) (the exercise period for founder warrants, collectively referred to as the "exercise period" along with the listing warrants exercise period).
Hong Kong stocks moved | Steel stocks fell generally in early trading. The USA's imposition of tariffs has limited impact on the Industry. The market is concerned about the implementation of domestic production restrictions.
Steel stocks are generally declining in the morning session. As of the time of this report, Zhaogang Group-W (06676) is down 9.82%, at HKD 5.14; Angang Steel (00347) is down 3.98%, at HKD 1.69; MAANSHAN IRON (00323) is down 2.7%, at HKD 1.8; CHONGQING IRON (01053) is down 1.14%, at HKD 0.87.
Hong Kong stock movement | Steel Group-W (06676) fell more than 17% in the afternoon. The company went public through a De-SPAC method, and within less than a month since its listing, the stock price has already halved.
Steel Group-W (06676) fell more than 17% in the afternoon, hitting a low of 5.3 Hong Kong dollars during the session, which is a halving from the intra-day high of 11.98 Hong Kong dollars on March 10. As of the time of writing, it has fallen 16.25%, priced at 5.36 Hong Kong dollars, with a transaction value of 2.7073 million Hong Kong dollars.
Zhaogang Group-W (06676) released its annual performance, with a Shareholder net loss of 69.002 million yuan, a year-on-year decrease of 85.26%.
The Steel Group-W (06676) announced its annual performance results for the year ending December 31, 2024, during which the group achieved...
