Shougang Century Proposes to Change Company Name to Shougang Century Holdings Limited, Economic News

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HONG KONG, November 16, 2021 – (ACN Newswire) – Shougang Concord Century Holdings Limited (“Shougang Century”, together with its subsidiaries, “the Group”; stock code: 0103.HK) is pleased to announce the proposed name change English of the company from “Shougang Concord Century Holdings Limited” to “Shougang Century Holdings Limited”, to better reflect the future direction of the Group’s business development.

The proposed change of company name is subject to the approval by the shareholders of the special resolution for the proposed change of company name at a general meeting of the Group, and the approval to be granted by the Registrar of Companies. from Hong Kong. Management believes that the proposed change of corporate name will revitalize the brand image and identity of the Group, allow it to truly present the current orientation of the Group in terms of both strategy and commercial development, and will benefit development. future of the Group, thus acting in the best interests of the Group and its shareholders as a whole.

Shougang Century is mainly engaged in the manufacture of radial tire steel cables, saw wire and other wire products. Currently, the two large-scale production bases of the group in Zhejiang and Shandong provinces are qualified as high and new technology enterprises in PRC, and together produce more than 200,000 tons of steel cables in total every year. . Building on its factory expansion plan, the Group continues to make great strides towards its goal of becoming a company with an annual manufacturing capacity of over 300,000 tonnes of high quality steel cables. .

Mr. SU Fanrong, Chairman and General Manager of Shougang Century said, “With years of continuous technological advancement, there is an increasing consumer demand for high-tech products, opening up new horizons for the manufacturing market. high technology. – Growing high-tech manufacturing market, we will actively explore new opportunities in high-tech manufacturing field and take advantage of our extensive experience in existing companies and competitive advantages, to enhance our ability to production and quality of our products through high technology, with the aim of establishing an influential “oriental” brand and emerging as one of the three leading manufacturers of the steel cable industry in China. “

The Group maintains a healthy financial situation. As of June 30, 2021, the Group’s net asset value was HK $ 1,719,423,000 with a low debt ratio of 28.7%. The Group’s bank balances and liquidity (including pledged bank deposits) amounted to HK $ 230,781,000, while sufficient cash flow allows the Group to actively identify suitable investment targets in the industry. high-tech manufacturer.

Mr. SU Fanrong added: “The new name of the company will mark a new stage for the Group. In the future, we will devote more resources to the development of our high-tech manufacturing business and provide more superior products and services to our customers, hoping to expand our market share in the field of high-tech manufacturing, as well as creating stable, long-term returns for our shareholders and investors through taking a multi-pronged approach. “

About Shougang Concord Century Holdings Limited
The Group is mainly engaged in the manufacture of steel cables for radial tires, sawing wires and flexible wires. The Group has two large production bases in Zhejiang and Shandong provinces, together producing more than 200,000 tonnes of steel cables in total per year. Having supplied products of consistent superior quality over the years, the Group supplies products to more than 20 countries around the world and has been widely recognized by international tire manufacturers. The group has been listed on the Hong Kong Stock Exchange since April 1992, along with Shougang Group Co., Ltd. company, being its main shareholder. Through its long-standing commitment to providing superior quality steel cables and steel wire products, the Group aims to become one of the top three independent manufacturers in the steel cable industry in China. .

For more information, please visit: http://www.shougangcentury.com.hk

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