Shougang_Concord_International

Shougang Concord International

Shougang Concord International

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Shoucheng Holdings Limited (SEHK: 697) is the subsidiary of Beijing-based state-owned Shougang Group[1] engaging in seven businesses: steel manufacturing, steel trading, shipping segment, electric generation, property investment and management and other corporate businesses.[2]

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History

Shougang Concord International was formerly Tung Wing Steel and Iron Company Limited (Tung Wing Steel). In 1992, Shougang Group partnered with Li Ka Shing from Cheung Kong Holdings to acquire 51% and 21% of total shares of Tung Wing Steel respectively, and then Tung Wing Steel became the subsidiary of Shougang Group. In 1993, Tung Wing Steel was renamed to Shougang Concord International, the present company name.[3][4]

Shougang Concord International is one of the most historical red chip shares in Hong Kong. It joined the Hang Seng China-Affiliated Corporations Index in 1993, but it was expelled from the index in 2001. It rejoined the index in 2008.[5]

References

  1. [1]
    Shougang Concord gets $320m for expansions
  2. [2]
    Shoucheng Holdings Limited
  3. [3]
    Shougang spent US$20 million to purchase 51% of the total share of Tung Wing Steel and Iron Ltd.
  4. [4]
    Investors Dump Firms With China Ties : Shougang Rattles Market
  5. [5]
    Constituents of Hang Seng China-Affiliated Corporations Index
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