Maanshan Iron & Steel (00323) dropped more than 4%, down 4.64% at HK$1.54 as of press time, with turnover of HK$2.2639 million.

On the news front, Maanshan Iron & Steel announced that on September 29, 2026, the company entered into an equity transfer agreement with Magang Group, under which the company agreed to transfer its 92% equity interest in the target company (Maanshan Magang Ciho Steel Processing and Distribution Co., Ltd.) to Magang Group, and Magang Group agreed to acquire the 92% equity interest held by the company, for a consideration of RMB 136 million.

After completion of the equity transfer, the company will no longer hold any equity interest 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 will help the company recover approximately RMB 136 million in funds, divest a non-core asset from its exited steel extension processing business that posted a loss in the first half of 2026, thereby further improving the company's asset quality, reducing loss sources, focusing on its core steel business and enhancing liquidity, supporting the company's long-term sustainable development, recovering funds, and underpinning the company's high-quality long-term growth.