HK Stock Market Move | MAANSHAN IRON (00323) drops over 4%, plans to transfer 92% equity in Ma'anshan Magang Cihu Steel Processing and Distribution for RMB 136 million.

MAANSHAN IRON (00323) dropped over 4%, down 4.64% as of press time, at HK$1.54, with a turnover of HK$2.2639 million. On the news front, MAANSHAN IRON issued an announcement that on September 29, 2026, the company entered into an equity transfer agreement with Magang Group, pursuant to which the company agreed to transfer 92% equity in the target company (Ma'anshan Magang Cihu Steel Processing and Distribution Co., Ltd.) held by it to Magang Group, and Magang Group agreed to acquire 92% equity in the target company held by the company, at a transfer consideration of RMB 136 million. Upon completion of the equity transfer, the company will no longer hold any equity in the target company. The target company's main business is cold rolling, galvanizing, silicon steel, color coating processing, distribution, and warehousing services. The equity transfer is conducive to the company recovering approximately RMB 136 million in funds, divesting non-core assets from the steel extension processing business it has exited and which recorded a loss in the first half of 2026, thereby helping to further improve the company's asset quality, reduce sources of losses, focus on its core steel business, and enhance liquidity, supporting the company in achieving long-term sustainable development, recovering funds, and underpinning the company's high-quality long-term development.