Baowu Group Finance Co., Ltd. acquired Taiyuan Iron&Steel Group Finance Company Limited from Taiyuan Iron & Steel (Group) Co., Ltd. and Shanxi Taigang Stainless Steel Co., Ltd. (SZSE:000825) for CNY 3 billion on July 28, 2023. Taiyuan Iron&Steel Group Finance Company Limited reported Total assets worth CNY 18.4 billion and Total common equity worth CNY 3.7 billion on March 2023. Transaction has already been approved by Shanxi Taigang Stainless Steel's board of directors.

Transaction is still subject to approval from Shanxi Taigang Stainless Steel's shareholders and approval from regulatory body.