China’s Chongqing Iron and Steel Co., Ltd. has announced its decision to terminate the absorption and merger of its wholly-owned subsidiary, Chongqing Xingang Changlong Logistics Co., Ltd., due to the current market conditions and the company's development strategy.

Therefore, Xingang Changlong will continue operating as an independent entity, which is expected to enhance Chongqing Iron and Steel’s supply chain value-added services, such as intermodal transport and logistics warehousing. This will address the company's shortcomings in integrated logistics and storage.

The termination of the absorption and merger of Xingang Changlong would not impact Chongqing Iron and Steel’s normal operations or financial standing, with the actual shareholding percentage remaining unchanged.