Shougang Concord International Enterprises Company Limited is the subsidiary

Subsidiary

A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...

 of Beijing

Beijing

Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...

-based state-owned Shougang Group  engaging in seven businesses: steel

Steel

Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...

 manufacturing

Manufacturing

Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...

, steel trading

Trade

Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...

, shipping

Shipping

Shipping has multiple meanings. It can be a physical process of transporting commodities and merchandise goods and cargo, by land, air, and sea. It also can describe the movement of objects by ship.Land or "ground" shipping can be by train or by truck...

 segment, electric generation, property investment and management

Property management

Property management is the operation, control of ususally on behalf of an owner, and oversight of commercial, industrial or residential real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its usable life and condition...

 and other corporate businesses.

History

Shougang Concord International was formerly Tung Wing Steel and Iron Company Limited (Tung Wing Steel). In 1992, Shougang Group partnered with Li Ka Shing

Li Ka Shing

Sir Ka-shing Li, GBM, KBE, JP is a Chinese business magnate based in Hong Kong. He is the richest person of East Asian descent in the world and the eleventh richest person in the world with an estimated wealth of US$26.0 billion on 10 March 2011...

 from Cheung Kong Holdings to acquire

Mergers and acquisitions

Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...

 51% and 21% of total shares of Tung Wing Steel respectively, and then Tung Wing Steel became the subsidiary of Shougang Group. In 1993, Tung Wing Steel was renamed to Shougang Concord International, the present company name.

Shougang Concord International is one of the most historical red chip

Red chip

Red chips stocks are the stocks of mainland China companies incorporated outside mainland China and listed in Hong Kong. The actual business is based in mainland China and controlled, either directly or indirectly, by the central, provincial or municipal governments of the Peoples' Republic of China...

 shares in Hong Kong. It joined the Hang Seng China-Affiliated Corporations Index in 1993, but it was expelled from the index in 2001. It rejoined the index in 2008.

External links

• Shougang Concord International Holdings Limited