Honglu Steel Construction Actual Controller's Stake Diluted on Bond Conversion; Shares Down 3%

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Anhui Honglu Steel Construction (SHE:002541) said the shareholding percentage of its actual controller, Shang Xiaobo, and his persons acting in concert were diluted by 0.98% due to the conversion of the company's convertible bonds, according to a Shenzhen bourse filing on Thursday.

The construction company's total share capital rose to 704.5 million shares from 690 million shares after converting the Honglu Convertible Bonds into approximately 14.5 million shares.

The company's shares fell 3% during the afternoon trade.

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