Magang Group: Controlling Subsidiary Xinyang Jingang Energy Co., Ltd. Files for Bankruptcy and Liquidation

Maanshan Iron and Steel Group announced that Xinyang Jingang Energy Co., Ltd., a holding subsidiary of Jinma Energy, in which the company holds a 26.89% stake, has received a court ruling to accept bankruptcy liquidation. Xinyang Jingang has a registered capital of 1 billion yuan, with Jinma Energy holding a 70% stake and the company holding 26.89%. Xinyang Jingang is currently unable to repay its debts, has ceased production, and clearly lacks the ability to repay, as its assets are insufficient to cover all debts.