Du Shuanghua is among the thriving self-made billion in China. He owned and still owns part of the Rhizhao Steel and was majorly affected by the sale of the larger percentage of the firm. His total shares in Rhizao Steel amounts to 33 percent of the total shares. The firm was initially started in 2003, and at some point, it had to undergo restructuring by merging with Shandong Iron and Steel Group.
Shandong Iron and Steel Group Co. Ltd is a steel manufacturing firm located in China and ranks among the top producers of steel globally. The company is owned and controlled by the provincial government of Shandong. Shandong Steel’s existence resulted from a merger of Laiwu Steel Group Corp and Jinan Iron and Steel Group.
Before the acquisition of the firm by Shandong Iron and Steel, Du Shuanghua was against the idea and tried to do whatever he could to stop it. According to Shuanghua, the takeover was not justified since it was a hostile attempt to eliminate Rhizao Steel as a competitor. However, his efforts did not prevent the transaction, but he retained his part of the company.
His actions to stop the acquisition of Rhizao Steel included a failed attempt to sell his part of the company to Kai Yuan Holdings at a loss. Kai Yuan Holdings is owned and controlled by the relatives of the Chinese President, and the transaction would have resulted in conflicting political interests. After the restructuring, Du Shuanghua remained a shareholder in the firm and was to manage a subsidiary of Rhizhao Steel.
View Source: https://www.easyatm.com.tw/wiki/Du+Shuanghua