Tiangong Int'l (00826) rose nearly 7% in the morning session, as of the press release, up 4.47% to HK$1.87, with a turnover of HK$4.3406 million.
According to the wise finance APP, Tiangong Int'l (00826) rose nearly 7% in the morning session, up 4.47% to HK$1.87 as of the press release, with a turnover of HK$4.3406 million.
On the news front, the China Iron and Steel Industry Association stated that it is accelerating research to advance capacity governance and joint reorganization. The CISA has started to expedite relevant research, conduct special investigations, and put forward a package of relevant policy recommendations to promote joint reorganization and improve exit mechanisms. On one hand, in August, the Ministry of Industry and Information Technology suspended publicizing and announcing new steel capacity replacement projects to block the entry of new capacity; on the other hand, it is necessary to quickly establish existing capacity exit mechanisms, create conditions to guide the exit of backward capacity, and promote the direction of steel production towards advantageous capacity. At the same time, steadfastly promote joint reorganization to prevent a large amount of invalid capacity or even "zombie capacity" from being resurrected during the reorganization process.
It is worth noting that Tiangong Int'l recently announced the performance of Tiangong Stock for the first 9 months of 2024. During the period, the revenue was approximately 0.6 billion yuan, and the net profit attributable to the parent company was approximately 0.142 billion yuan, a year-on-year increase of 10.54%. In addition, according to the latest equity disclosure data of the stock exchange, on October 18, Tiangong Int'l's executive director Zhu Zefeng increased his shareholding by 0.5 million shares; after the shareholding increase, Zhu Zefeng's latest shareholding ratio rose to 25.30%.