Shanxi Taigang Stainless Steel Co., Ltd. (STSS) has recently signed a capital increase agreement with Linyi Xinhai New Materials Co., Ltd. and Shandong Xinhai Industrial Co., Ltd. to increase the capital of Xinhai Industrial by CNY 1.749 billion.

After the completion, STSS will hold 51% equities of Xinhai Industrial, and Xinhai New Materials will hold 49% of Xinhai Industrial.

Xinhai Industrial increased its registered capital by CNY 3.429 billion this time, of which STSS subscribed for CNY 1.749 billion and Xinhai New Materials subscribed for CNY 1.68 billion. After the capital increase, Xinhai Industrial has a registered capital of CNY 3.929 billion.