The Steel Group-W, which went public through a de-SPAC, saw its stock price drop by 22% at the end of trading. Over the past three years, the company has incurred losses of over RMB1.1 billion.

Fangsteel Group-W (06676) once fell 22% in the closing, up more than 18% in the morning. As of the time of writing, it fell 10% to HK$9, with a turnover of HK$5.9155 million.

On the news front, on March 10, Fangsteel Group went public through a De-SPAC (special purpose acquisition company merger) and officially listed on the Hong Kong Stock Exchange. It is known that the Group was established in 2012, mainly connecting major players in the steel trading industry to its digital platform to provide one-stop B2B services covering online steel trading, logistics, warehousing and processing, SaaS products, and big data analysis. Currently, Fangsteel Group is gradually expanding into the non-steel industrial raw materials market such as electronic components, electrical appliances, hardware and machinery products.

On the performance front, Fangsteel's revenue was Rmb1.35bn in 2021, Rmb905mn in 2022, Rmb1.17bn in 2023, and Rmb1.14bn in the first nine months of 2024; its net loss was Rmb270mn, Rmb370mn, and Rmb470mn and Rmb50mn in 2021, 2022, 2023, and the first nine months of 2024 respectively, with a cumulative loss of about Rmb1.16bn in three years and more. For the reason of long-term losses, Fangsteel explained in its prospectus that the Company has always focused on investing resources to expand its business scale, expand its buyer and seller base, develop and launch new services, and enhance its technological infrastructure, resulting in increased operating expenses.