Chairman Qin Junshan of Gansu Jiu Steel Group Hong Xing Iron & Steel Co., Ltd (600307.SH) proposed to spend 100-200 million yuan to repurchase company shares.

Gan Su Jiu Steel Group Hong Xing Iron & Steel Co., Ltd. (600307.SH) announced that the company has received a letter from the Chairman of the company, Mr. Qin Junshan, proposing a buy-back of company shares. Mr. Qin Junshan proposed that the company buy back a portion of its issued A-shares through centralized competitive bidding, with a total amount of 1-2 billion yuan. The buy-back period will be within 3 months from the date of the board of directors' approval of the buy-back plan.