On February 7, 2024, the First Anti-Monopoly Law Enforcement Department of the State Administration for Market Regulation issued the "List of Unconditional Approval of Concentration of Undertakings Cases from January 29 to February 3, 2024", which mentioned the case of Baowu Resources *** and Rizhao Port Development *** and other operators establishing new joint ventures, the details are as follows:
Case name
Baowu Resources and Rizhao Port Development and other operators set up a new joint venture.
Operators involved in the concentration
Baowu Resources***Rizhao Port Development***Shanghai Qingcheng Lvpu Environmental Resources Development***
Closing time
February 1, 2024.
Transaction Overview
Previously, the Shanghai Municipal Administration for Market Regulation issued the "Simple Case Publicity Form" of the "Case of Baowu Resources *** and Rizhao Port Development *** and Other Operators Establishing Joint Ventures", which mentioned the transaction overview:
Baowu Resources *** Baowu Resources "), Rizhao Port Development *** Rizhao Port Development ") and Shanghai Qingcheng Lvpu Environmental Resources Development *** Qingcheng Lvpu") signed an agreementJoint investment in the establishment of a joint ventureProduce custom or standardized iron ore processing products。After this transaction,Baowu Resources, Rizhao Port Development and Qingcheng Greenpu will be respectivelyIt holds 51% of the joint venture, 35% and 14% of the shares, jointly controlling the joint venture.
Company Profile
Baowu Resources
Founded on July 21, 2006 in Shanghai, China, it mainly carries out mineral resources-related business through four major sectors: domestic mines, overseas mines, marketing and logistics.
The ultimate controller of Baowu Resources is China Baowu Iron and Steel Group***The main business is steel manufacturing, new material industry, smart service industry, resource and environment industry, industrial park industry, industrial finance industry, etc.
Rizhao Port Development
Founded on May 31, 2021 in Rizhao City, Shandong Province, China, it is mainly engaged in port extension, material supply, asset management, investment promotion and other businesses in China.
The ultimate controller of the development of Rizhao Port is Shandong Port Group***The main business is related to port operation management, industrial investment, infrastructure construction and shipping supporting services, ocean and coastal shipping, logistics, bulk commodity trading, etc.
Qingcheng Lupu
Founded in Shanghai on November 18, 2021, it is mainly engaged in the research and development of resource recycling technology, mining development and operation, and smart mine construction in China.
The ultimate controller of Qingcheng Greenpool is Yuan Haonan, and its main business is engineering and technical services, smart mine construction, and resource integration.
With the continuous development of the global economy, the importance of the steel industry to the national economy as a basic industry is self-evident. As an important raw material for steel production, iron ore has a direct impact on the operating costs and profit levels of China's iron and steel enterprises.
Through the establishment of the joint venture, the three shareholders will give full play to their respective advantages and jointly promote the expansion of the iron ore processing business. This collaboration not only helps:Improve the overall level of China's iron ore processing industryIt will also help the three companies to occupy a dominant position in the market competition. Facing the future, Baowu Resources, Rizhao Port Development and Qingcheng Greenpu will continue to deepen cooperation, jointly explore development opportunities in more business areas, and contribute to the development of China's steel industry.