Nanjing Yunhai Special Metals Co. Ltd. received approval to issue shares to Baosteel Metal Co according to the “Approval for Nanjing Yunhai Special Metals Co., Ltd. to Issue Shares to Specific Parties”. Baosteel Metal presently holds 152,499,155 shares of the company, accounting for 21.53% of the total. The company’s current controlling shareholder and actual controller, Meixiaoming, holds 116,559,895 shares, representing a 16.45% ownership stake. In conjunction with the governance and personnel arrangements outlined in the “Cooperation Framework Agreement,” (including the establishment of the company’s party committee, an election of the board of directors, election of the supervisory board, and the appointment of senior management), the company’s controlling shareholder has changed to Baosteel Metal, and the actual controller is now the State-owned Assets Supervision and Administration Commission of the State Council.
In order to highlight the company’s core business and align with the change in its controlling shareholder, the company has changed its name to “Baowu Magnesium Technology Co., Ltd.” and its stock abbreviation to “Baowu Magnesium.” This change has been approved by China Baowu Steel Group Corporation Limited.
Effective from September 20, 2023, the company’s Chinese name has been changed from “Nanjing Yunhai Special Metals Co., Ltd.” to “Baowu Magnesium Technology Co., Ltd.,” the stock abbreviation from “Yunhai Metal” to “Baowu Magnesium,” the English name from “NANJING YUNHAI SPECIAL METALS CO., LTD” to “BAOWU MAGNESIUM TECHNOLOGY CO., LTD,” and the English abbreviation from “YUNHAI METALS” to “BAOWU MAGNESIUM.” The stock code remains unchanged and continues to be “002182.”