Maanshan Iron & Steel Company Limited (“Maanshan Iron & Steel”) announced that Henan Jinma Energy Company Limited (“Jinma Energy”)—in which Maanshan Iron & Steel holds a 26.89% stake—has received a court ruling placing its 70%-owned subsidiary, Xinyang Steel Jingang Energy Co., Ltd. (“Xinyang Jingang”), into bankruptcy liquidation.

Xinyang Jingang, with registered and paid-in capital of RMB1.00 billion, ceased operations after failing to service maturing debts and being deemed “evidently insolvent” by the People’s Court of Pingqiao District, Xinyang City. On 29 June 2026, the court formally accepted a creditor-filed bankruptcy application (Case No. (2026) Yu 1503 Po Shen No. 6) and appointed a bankruptcy administrator.

For the period 1 January–30 June 2026, Xinyang Jingang generated approximately RMB49.00 million in revenue and posted a net loss of about RMB106.00 million (unaudited). The company’s equity is split 70% to Jinma Energy and 30% to Angang Group Xinyang Steel Co., Ltd.

Jinma Energy had already recognized full impairment on its Xinyang Jingang holding in the 2025 financial year and, from 30 June 2026, ceased consolidating the subsidiary. Outstanding shareholder loans from Jinma Energy to Xinyang Jingang total roughly RMB1.90 billion, of which RMB1.61 billion is secured by pledged assets. Jinma Energy intends to file claims with the bankruptcy administrator and seek priority repayment tied to those collateralized assets.

Maanshan Iron & Steel accounts for its stake in Jinma Energy using the equity method. The eventual financial impact from the liquidation—dependent on asset disposals and claim recoveries—remains uncertain, but the company expects no material effect on its day-to-day production and operations.

Maanshan Iron & Steel will continue monitoring the proceedings and comply with disclosure obligations. Investors are advised to remain alert to potential risks associated with the ongoing bankruptcy process.