The New Third Board Steel Network faces delisting; the China Steel Network continues to suffer losses
2022-07-21
In 2015, the steel industry experienced a significant downturn. However, a sub-sector within the industry, steel e-commerce, quietly emerged. Data indicates that in 2016, the number of steel e-commerce platforms in China exceeded 300. Due to a business model similar to the 'money-burning' model of traditional internet companies, many steel e-commerce companies, facing financial constraints, began seeking listings, with the New Third Board becoming their preferred choice.
Some steel e-commerce companies are awkwardly shouting IPO slogans, and Gangang.com's investment and financing stories repeatedly fail and will be delisted.
2022-06-22
Recently, GangGang.com, known as the "first steel e-commerce company on the NEEQ," released a latest announcement showing that at the temporary shareholders' meeting held on August 24, the company passed a number of resolutions, involving the termination of the company's stock issuance, the termination of a major asset restructuring plan, the signing of a refund agreement with investors who had already paid funds for the third stock issuance in 2015, and a proposal to authorize the board of directors to handle the termination of the company's NEEQ listing.
GangGang.com's investment and financing stories repeatedly fail to deliver and will be delisted
2021-04-07
FindSteel.com achieved profitability last year: Steel e-commerce is profitable
Since its full-scale rise in 2012, steel e-commerce has quickly eliminated the information asymmetry of traditional steel trade and compressed the intermediate links of multiple agents, allowing steel mills to directly face users and significantly improve supply chain efficiency, thanks to its advantages of transparent prices and efficient information. However, it is worth noting that although the industry prospects are broad, the gross profit margin of steel e-commerce has been low, business models are highly homogeneous, and profit models are unclear, with most companies operating at a loss and relying on continuous financing and capital market infusions to maintain their development. Therefore, as the first steel e-commerce company to announce that it achieved profitability in 2016, Zhaogang.com not only broke the market's doubts about steel e-commerce's "money-burning and unprofitable" nature but also was the first to fire the starting gun for the industry to achieve profitability.
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