Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Valin Steel) has announced that its controlling shareholder Hunan Iron and Steel Group (Valin Group) has decided to postpone its repurchase of shares in Valin Steel from state-owned Huatai Securities Company Limited (Huatai Securities).
On January 11 this year, Valin Group pledged 288,000,000 shares in Valin Steel to Huatai Securities in exchange for loans. Valin Group was due to buy the shares back on July 7, 2016, but the shares will now be bought back on December 29 this year instead.