On June 1 this year, Chongqing-based Chinese steel producer Chongqing Iron & Steel Co. (Chongqing Steel) announced that trading of the company’s shares would be suspended as of June 2 due to uncertainties regarding its major assets reorganization plan.
Chongqing Steel stated that the suspension of trading of its shares was to ensure the fairness of information disclosure and avoid abnormal fluctuations in its share price. Chongqing Steel added that it would decide as soon as possible whether to carry out the major assets organization and would keep the public informed of progress within five working days as of the day of suspension.
Chongqing Steel announced that it registered a net loss of RMB of 5.987 billion ($0.91 billion) for 2015, while it recorded a net loss of RMB 992 million ($150.81 million) for the first quarter of this year.