Fangda Special Steel to Acquire 100% of Fangda Qitou for 3.5B Yuan

This is a vertical integration play: Fangda Special Steel is converting an LP position into full ownership of the entity holding vanadium-titanium supply and extraction technology, using in-kind distribution rather than an all-cash outlay. The structure matters more than the headline valuation, since the bulk of the stake transfers at no additional consideration based on paid-in capital. The open question is how the remaining cash purchase and the exit from Nanchang Huxu are treated on the balance sheet, and whether securing feedstock changes the company's cost position relative to peers.