On December 23rd, on the occasion that China Baowu was commemorating its 130th anniversary, TISCO Group completed the registration of industrial and commercial change to its 51% equity, making China Baowu the controlling shareholder. It marks the restructuring between China Baowu and TISCO Group have officially entered the substantive operation stage, since when, TISCO has become a family member of China Baowu Group.

On August 21st this year, Shanxi Provincial People's Government and China Baowu signed a strategic cooperation framework agreement in Taiyuan. On the same day, Shanxi State-owned Capital Operation Co., Ltd. and Baowu signed an equity transfer agreement. On September 27, the equity transfer agreement was approved by the State-owned Assets Supervision and Administration Commission of the State Council. On November 10, the State Administration of Market Supervision passed the centralized anti-monopoly review; On December 23rd, Shanxi Provincial Market Supervision Administration handled the industrial and commercial change registration of TISCO Group.

The reorganization of China Baowu and TISCO Group is an important measure to thoroughly implement the spirit of General Secretary Xi Jinping's important speech in his inspection to China Baowu. It implements the CPC Central Committee and the State Council's recommendations on promoting the healthy development of China's steel industry. From industry aspect, the reorganization aims at further promoting the adjustment of the layout structure of the state-owned economy, implementing the supply-side structural reform, and accelerating the merger and reorganization of industries with overcapacity. From nation’s points of view, it is critical to strengthen the coordinated development of regional economy, deepen the cooperation between central enterprises and local economies, and better meet market demand. And from international prospect, it is an important measure to cultivate world-class enterprise groups with global competitiveness. The restructuring will add fuel to China Baowu’s vision of becoming the “global steel industry leader”. And meanwhile, TISCO will benefit from synergy effect and joint support from both Shanxi Province and China Baowu, who will feed TISCO with dynamics and motivations, and bring more market spectrum, stronger competence and influence to TISCO. It is expected that TISCO will consolidate its leading position in worldwide stainless steel industry, realize high quality development, and increase its contribution to Shanxi economy. The company is dedicated to building itself into a flagship platform of China Baowu’s integrated stainless steel business as well as the most competitive stainless steel enterprise with whole industry chains within 5 years.

TISCO insider said that the joint reorganization of China Baowu and TISCO opened a new chapter in the history of TISCO. The company will seize this opportunity to accelerate its integration into China Baowu's "high-quality steel ecosystem", work together with Baowu to create a "global steel industry leader", take "supporting advanced manufacturing and creating a better life" as its mission, and focus on cultural integration, management docking, and mechanism improvement. It will accelerate integration, realize the benefits and effects of joint restructuring as soon as possible, and accelerate the construction of the entire stainless steel industry chain system, for the interests of the investors, employees, customers, suppliers, the public and other interested parties.