1581:
1542:
1832:
1133:
1125:
1115:
1107:
1082:
1074:
1066:
1058:
1045:
1037:
1029:
1021:
1013:
1005:
997:
989:
981:
973:
960:
952:
944:
936:
928:
920:
912:
904:
896:
888:
875:
867:
859:
851:
843:
835:
827:
819:
811:
803:
790:
782:
774:
766:
758:
750:
739:
731:
723:
715:
702:
694:
686:
678:
665:
657:
649:
641:
204:
187:
170:
153:
129:
429:) for 63.79% stake, from 2010 to 2015. As at 31 December 2013, Huaigang accounted for 99.9% revenue and 97% assets of Shagang Company. However, as at 31 December 2015, Shagang Group owned just 19.88% stake in Shagang Company; in turn Shagang Company owned 63.79% stake of Huaigang. Shagang Group sold 55.12% stake of Shagang Company in 2015, for about
471:
acquired the controlling stake (93.49%). It was recapitalized in 2003, making the stake held by
Nanjing Iron and Steel Group was diluted to 26.15%. Moreover, private investors were introduced. In 2005, the 26.15% stake was returned to
1906:
27:
1871:
1901:
1569:
1876:
1881:
1856:
1891:
1911:
1562:
1866:
1641:
1547:
1385:
1886:
145:
1861:
1835:
1585:
1555:
1631:
473:
94:
1757:
1688:
1648:
1794:
1747:
363:
317:
271:
1658:
1317:
543:
527:
504:
496:
456:
426:
349:
303:
257:
1801:
468:
1508:[Prospectus of 2013 (batch 1) short-term financing of Jiangsu Shagang Group Huaigang Special Steel Co., Ltd.].
1197:[Prospectus of 2014 (batch 1) short-term financing of Jiangsu Shagang Group Huaigang Special Steel Co., Ltd.].
1596:
483:
acquired 64.40% stake of
Huaigang from other private investors. The stake was injected to a publicly traded company
1784:
1789:
1814:
1752:
535:
1669:
1653:
1626:
422:
1819:
1705:
1636:
1505:
477:
411:
1693:
239:
in a consolidated basis; equity and profit excluded minority interests; in
Chinese Accounting Standards
1710:
1698:
1619:
1194:
1896:
1440:
1389:
1278:
1249:
1732:
1683:
1469:
1411:
1356:
1220:
1601:
488:
196:
514:
In 2011 the company was re-incorporated as a company limited by shares, issuing 1.431
1725:
495:). In December 2006 Huai'an Municipal Government also sold their stake to Jiangyin Wande (
1541:
1779:
1774:
1742:
441:
1850:
1762:
1737:
1715:
1663:
1614:
616:
515:
480:
463:) was incorporated on 11 December 1996 as a subsidiary of the Economic Commission of
434:
414:
136:
1678:
539:
1388:(in Chinese). Jiangsu Provincial People's Government. 28 May 2005. Archived from
1167:
1307:
464:
407:
162:
48:
26:
1720:
430:
132:
467:(the city was known as Huaiyin at that time) for 91.97% stake. In 2000,
1316:(in Chinese (China)). Shenzhen Securities Information. 4 July 2017.
1580:
179:
1279:"华英证券有限责任公司关于李非文、刘振光、黄李厚、李强、王继满、朱峥、刘本忠、燕卫民、金洁不存在一致行动人关系之财务顾问核查意见"
440:
As of 4 July 2017, Shagang
Company is a constituent of
1477:
Huaigang
Special Steel & Talent Certified Public Accountants
1551:
538:. Huaigang owned 40% stake. In 2015 Huaigang sold the stake to
1535:
1512:(in Chinese). Shanghai Clearing House. 26 September 2013
1288:(in Chinese). Shenzhen Stock Exchange. 25 February 2015
1366:(in Chinese). Shenzhen Stock Exchange. 28 December 2010
1170:[About us] (in Chinese). Huaigang Special Steel
396:
Jiangsu
Shagang Group Huaigang Special Steel Co., Ltd.
248:
Jiangsu
Shagang Group Huaigang Special Steel Co., Ltd.
1450:(in Chinese). Shenzhen Stock Exchange. 29 August 2015
1201:(in Chinese). Shanghai Clearing House. 26 August 2014
1421:(in Chinese). Shenzhen Stock Exchange. 26 April 2014
1259:(in Chinese). Shenzhen Stock Exchange. 31 March 2016
1230:(in Chinese). Shenzhen Stock Exchange. 26 April 2014
1479:(in Chinese). Shenzhen Stock Exchange. 21 May 2009
557:
380:
362:
348:
343:
334:
316:
302:
297:
288:
270:
256:
247:
211:
194:
177:
160:
143:
123:
115:
100:
90:
62:
54:
44:
36:
503:). The shareholder of Jiangyin Wande, Li Xinren (
476:from Nanjing Iron and Steel Group. In June 2006,
559:in a consolidated financial statements (in CN¥)
1907:Companies listed on the Shenzhen Stock Exchange
1563:
368:
354:
322:
308:
276:
262:
8:
1351:
1349:
1347:
1345:
1343:
1341:
1339:
1337:
1335:
19:
1872:Manufacturing companies established in 1986
1500:
1498:
1496:
1494:
511:), also owned the shares of Shagang Group.
410:, Jiangsu Province. It was a subsidiary of
406:) is a Chinese steel manufacturer based in
1902:Former government-owned companies of China
1570:
1556:
1548:
1540:
1189:
1187:
1185:
377:
331:
285:
31:Huaigang logo, bilingual name on the right
25:
18:
1386:"省政府关于将南京市持有的江苏淮阴钢铁集团有限公司国有股权划转淮安市持有的通知"
1877:Government agencies established in 1970
1159:
1506:"江苏沙钢集团淮钢特钢股份有限公司2013年度第一期短期融资券发行披露材料"
1195:"江苏沙钢集团淮钢特钢股份有限公司2014年度第一期短期融资券发行披露材料"
244:
1882:Chinese companies established in 1970
1857:Chinese companies established in 1986
1659:Xinjiang Ba Yi Iron & Steel Group
612:
474:Huai'an Municipal People's Government
7:
1642:Wuhan Iron and Steel Company Limited
1320:from the original on 1 November 2017
1357:"高新张铜股份有限公司发行股份购买资产暨重大资产重组报告书【修订稿】"
417:via its publicly traded subsidiary
14:
1892:Civilian-run enterprises of China
526:Huaigang formed a joint venture (
518:shares with par value CN¥1 each.
207:CN¥3.015 billion (2013)
190:CN¥8.131 billion (2013)
1831:
1830:
1758:Panzhihua New Steel and Vanadium
1689:Chongqing Iron and Steel Company
1649:Wuhan Iron and Steel Corporation
1579:
1132:
1131:
1124:
1123:
1114:
1113:
1106:
1105:
1081:
1080:
1073:
1072:
1065:
1064:
1057:
1056:
1044:
1043:
1036:
1035:
1028:
1027:
1020:
1019:
1012:
1011:
1004:
1003:
996:
995:
988:
987:
980:
979:
972:
971:
959:
958:
951:
950:
943:
942:
935:
934:
927:
926:
919:
918:
911:
910:
903:
902:
895:
894:
887:
886:
874:
873:
866:
865:
858:
857:
850:
849:
842:
841:
834:
833:
826:
825:
818:
817:
810:
809:
802:
801:
789:
788:
781:
780:
773:
772:
765:
764:
757:
756:
749:
748:
738:
737:
730:
729:
722:
721:
714:
713:
701:
700:
693:
692:
685:
684:
677:
676:
664:
663:
656:
655:
648:
647:
640:
639:
203:
202:
186:
185:
169:
168:
152:
151:
128:
127:
236:Footnotes / references
1795:Shougang Concord International
1748:Nanjing Iron and Steel Company
1441:"江苏沙钢股份有限公司关于控股子公司转让参股公司股权的公告"
547:
531:
508:
500:
460:
369:
355:
323:
309:
277:
263:
173:CN¥27 million (2013)
156:CN¥35 million (2013)
1:
1912:2006 mergers and acquisitions
1775:Shandong Iron and Steel Group
1802:Taiyuan Iron and Steel Group
1790:Tonghua Iron and Steel Group
469:Nanjing Iron and Steel Group
224:Jiangyin Wande (15.45%)
95:Huai'an Municipal Government
1867:Chemical companies of China
550:) for CN¥250 million.
1928:
1887:Companies based in Jiangsu
75:11 December 1996
16:Chinese steel manufacturer
1828:
1670:Maanshan Iron & Steel
1610:
1592:
744:
631:
623:
566:
563:
389:
376:
330:
284:
252:
234:
24:
1862:Steel companies of China
1815:Tianjin Pipe Corporation
1753:Panzhihua Iron and Steel
1632:Baoshan Iron & Steel
1586:Steel companies of China
1308:
536:Tianjin Pipe Corporation
453:Huaigang Group Co., Ltd.
437:(or CN¥5.29 per share).
364:Traditional Chinese
318:Traditional Chinese
272:Traditional Chinese
40:Huaigang Group Co., Ltd.
1806:Taigang Stainless Steel
1654:Shaoguan Iron and Steel
1470:"2008 Auditor's Report"
1312:[Constituents]
567:Huaigang Special Steel
350:Simplified Chinese
304:Simplified Chinese
258:Simplified Chinese
1820:Tiangong International
1768:Huaigang Special Steel
1706:Fengbao Iron and Steel
1637:Meishan Iron and Steel
1510:Huaigang Special Steel
1199:Huaigang Special Steel
491:in 2010 (now known as
478:privately held company
412:privately held company
298:Huaigang Special Steel
104:188 Xi'an South Road,
20:Huaigang Special Steel
1809:Linfen Iron and Steel
1694:Dongbei Special Steel
1412:"关于继续对控股子公司提供财务资助的公告"
69:1970 (as steel plant)
1711:Fushun Special Steel
1699:Beiman Special Steel
1620:Angang Steel Company
1250:"2015 Annual Report"
1221:"2013 Annual Report"
219:Shagang Company
83:(as limited company)
1392:on 20 November 2016
1061:10.308 billion
1048:1.923 billion
1008:10.781 billion
976:10.787 billion
963:2.037 billion
923:12.143 billion
891:12.148 billion
878:2.086 billion
862:10.100 billion
838:14.934 billion
822:10.144 billion
806:15.001 billion
793:2.048 billion
777:10.724 billion
753:12.537 billion
734:11.555 billion
718:12.537 billion
705:2.596 billion
697:15.060 billion
681:12.619 billion
668:2.489 billion
660:16.398 billion
644:15.347 billion
626:13.990 billion
560:
21:
1597:Companies of China
1286:Huaying Securities
1136:2.307 billion
1128:6.550 billion
1110:7.357 billion
1085:2.389 billion
1077:7.137 billion
1040:3.015 billion
1032:8.131 billion
1000:2.351 billion
992:8.382 billion
955:3.194 billion
947:8.058 billion
915:2.319 billion
907:8.153 billion
870:3.270 billion
830:2.290 billion
785:3.210 billion
742:1.994 billion
629:1.774 billion
558:
1844:
1843:
1733:Hunan Valin Steel
1684:Benxi Steel Group
1627:Baowu Steel Group
1314:(Microsoft Excel)
1152:
1151:
1119:(81 million)
605:Equity to parent
596:Profit to parent
444:(mid cap index).
393:
392:
385:
384:
339:
338:
293:
292:
243:
242:
72:1986 (as company)
1919:
1834:
1833:
1785:Beijing Shougang
1602:Economy of China
1584:
1583:
1572:
1565:
1558:
1549:
1544:
1539:
1538:
1536:Official website
1522:
1521:
1519:
1517:
1502:
1489:
1488:
1486:
1484:
1474:
1466:
1460:
1459:
1457:
1455:
1445:
1437:
1431:
1430:
1428:
1426:
1416:
1408:
1402:
1401:
1399:
1397:
1382:
1376:
1375:
1373:
1371:
1364:Gaoxin Zhangtong
1361:
1353:
1330:
1329:
1327:
1325:
1315:
1304:
1298:
1297:
1295:
1293:
1283:
1275:
1269:
1268:
1266:
1264:
1254:
1246:
1240:
1239:
1237:
1235:
1225:
1217:
1211:
1210:
1208:
1206:
1191:
1180:
1179:
1177:
1175:
1164:
1135:
1134:
1127:
1126:
1120:
1117:
1116:
1109:
1108:
1084:
1083:
1076:
1075:
1068:
1067:
1060:
1059:
1047:
1046:
1039:
1038:
1031:
1030:
1023:
1022:
1015:
1014:
1007:
1006:
999:
998:
991:
990:
983:
982:
975:
974:
962:
961:
954:
953:
946:
945:
938:
937:
930:
929:
922:
921:
914:
913:
906:
905:
898:
897:
890:
889:
877:
876:
869:
868:
861:
860:
854:293 million
853:
852:
846:459 million
845:
844:
837:
836:
829:
828:
821:
820:
814:278 million
813:
812:
805:
804:
792:
791:
784:
783:
776:
775:
769:358 million
768:
767:
761:561 million
760:
759:
752:
751:
741:
740:
733:
732:
726:358 million
725:
724:
717:
716:
704:
703:
696:
695:
689:110 million
688:
687:
680:
679:
667:
666:
659:
658:
652:104 million
651:
650:
643:
642:
621:563 million
561:
549:
533:
510:
502:
485:Gaoxin Zhangtong
462:
378:
372:
371:
358:
357:
332:
326:
325:
312:
311:
286:
280:
279:
278:江蘇沙鋼集團淮鋼特鋼股份有限公司
266:
265:
264:江苏沙钢集团淮钢特钢股份有限公司
245:
206:
205:
199:
189:
188:
182:
172:
171:
155:
154:
146:Operating income
131:
130:
82:
80:
29:
22:
1927:
1926:
1922:
1921:
1920:
1918:
1917:
1916:
1847:
1846:
1845:
1840:
1824:
1726:Tangsteel Group
1606:
1588:
1578:
1576:
1534:
1533:
1530:
1525:
1515:
1513:
1504:
1503:
1492:
1482:
1480:
1472:
1468:
1467:
1463:
1453:
1451:
1448:Shagang Company
1443:
1439:
1438:
1434:
1424:
1422:
1419:Shagang Company
1414:
1410:
1409:
1405:
1395:
1393:
1384:
1383:
1379:
1369:
1367:
1359:
1355:
1354:
1333:
1323:
1321:
1313:
1310:
1306:
1305:
1301:
1291:
1289:
1281:
1277:
1276:
1272:
1262:
1260:
1257:Shagang Company
1252:
1248:
1247:
1243:
1233:
1231:
1228:Shagang Company
1223:
1219:
1218:
1214:
1204:
1202:
1193:
1192:
1183:
1173:
1171:
1166:
1165:
1161:
1157:
1118:
1069:35 million
1024:17 million
1016:27 million
984:28 million
939:14 million
931:22 million
899:23 million
564:Shagang Company
556:
524:
493:Shagang Company
450:
419:Shagang Company
238:
230:
227:others (20.76%)
195:
178:
165:
148:
111:
107:
86:
78:
76:
32:
17:
12:
11:
5:
1925:
1923:
1915:
1914:
1909:
1904:
1899:
1894:
1889:
1884:
1879:
1874:
1869:
1864:
1859:
1849:
1848:
1842:
1841:
1829:
1826:
1825:
1823:
1822:
1817:
1812:
1811:
1810:
1807:
1799:
1798:
1797:
1792:
1787:
1780:Shougang Group
1777:
1772:
1771:
1770:
1760:
1755:
1750:
1745:
1743:Jianlong Steel
1740:
1735:
1730:
1729:
1728:
1723:
1713:
1708:
1703:
1702:
1701:
1691:
1686:
1681:
1676:
1675:
1674:
1673:
1672:
1661:
1656:
1651:
1646:
1645:
1644:
1639:
1624:
1623:
1622:
1611:
1608:
1607:
1605:
1604:
1599:
1593:
1590:
1589:
1577:
1575:
1574:
1567:
1560:
1552:
1546:
1545:
1529:
1528:External links
1526:
1524:
1523:
1490:
1461:
1432:
1403:
1377:
1331:
1299:
1270:
1241:
1212:
1181:
1158:
1156:
1153:
1150:
1149:
1147:
1145:
1143:
1141:
1139:
1137:
1129:
1121:
1111:
1103:
1099:
1098:
1096:
1094:
1092:
1090:
1088:
1086:
1078:
1070:
1062:
1054:
1050:
1049:
1041:
1033:
1025:
1017:
1009:
1001:
993:
985:
977:
969:
965:
964:
956:
948:
940:
932:
924:
916:
908:
900:
892:
884:
880:
879:
871:
863:
855:
847:
839:
831:
823:
815:
807:
799:
795:
794:
786:
778:
770:
762:
754:
746:
743:
735:
727:
719:
711:
707:
706:
698:
690:
682:
674:
670:
669:
661:
653:
645:
637:
633:
632:
630:
627:
624:
622:
619:
613:
611:
607:
606:
603:
600:
597:
594:
591:
588:
587:shares %
585:
582:
579:
576:
573:
569:
568:
565:
555:
554:Financial data
552:
523:
520:
449:
446:
442:SZSE 200 Index
391:
390:
387:
386:
383:
382:
381:Transcriptions
374:
373:
366:
360:
359:
352:
346:
345:
341:
340:
337:
336:
335:Transcriptions
328:
327:
320:
314:
313:
306:
300:
299:
295:
294:
291:
290:
289:Transcriptions
282:
281:
274:
268:
267:
260:
254:
253:
250:
249:
241:
240:
232:
231:
229:
228:
225:
222:
221: (63.79%)
215:
213:
209:
208:
200:
192:
191:
183:
175:
174:
166:
161:
158:
157:
149:
144:
141:
140:
125:
121:
120:
119:Steel and coke
117:
113:
112:
109:
105:
102:
98:
97:
92:
88:
87:
85:
84:
73:
70:
66:
64:
60:
59:
56:
52:
51:
46:
42:
41:
38:
34:
33:
30:
15:
13:
10:
9:
6:
4:
3:
2:
1924:
1913:
1910:
1908:
1905:
1903:
1900:
1898:
1895:
1893:
1890:
1888:
1885:
1883:
1880:
1878:
1875:
1873:
1870:
1868:
1865:
1863:
1860:
1858:
1855:
1854:
1852:
1839:
1838:
1827:
1821:
1818:
1816:
1813:
1808:
1805:
1804:
1803:
1800:
1796:
1793:
1791:
1788:
1786:
1783:
1782:
1781:
1778:
1776:
1773:
1769:
1766:
1765:
1764:
1763:Shagang Group
1761:
1759:
1756:
1754:
1751:
1749:
1746:
1744:
1741:
1739:
1738:Linzhou Steel
1736:
1734:
1731:
1727:
1724:
1722:
1719:
1718:
1717:
1716:Hesteel Group
1714:
1712:
1709:
1707:
1704:
1700:
1697:
1696:
1695:
1692:
1690:
1687:
1685:
1682:
1680:
1677:
1671:
1668:
1667:
1665:
1664:Masteel Group
1662:
1660:
1657:
1655:
1652:
1650:
1647:
1643:
1640:
1638:
1635:
1634:
1633:
1630:
1629:
1628:
1625:
1621:
1618:
1617:
1616:
1615:Ansteel Group
1613:
1612:
1609:
1603:
1600:
1598:
1595:
1594:
1591:
1587:
1582:
1573:
1568:
1566:
1561:
1559:
1554:
1553:
1550:
1543:
1537:
1532:
1531:
1527:
1511:
1507:
1501:
1499:
1497:
1495:
1491:
1478:
1471:
1465:
1462:
1449:
1442:
1436:
1433:
1420:
1413:
1407:
1404:
1391:
1387:
1381:
1378:
1365:
1358:
1352:
1350:
1348:
1346:
1344:
1342:
1340:
1338:
1336:
1332:
1319:
1311:
1303:
1300:
1287:
1280:
1274:
1271:
1258:
1251:
1245:
1242:
1229:
1222:
1216:
1213:
1200:
1196:
1190:
1188:
1186:
1182:
1169:
1163:
1160:
1154:
1148:
1146:
1144:
1142:
1140:
1138:
1130:
1122:
1112:
1104:
1101:
1100:
1097:
1095:
1093:
1091:
1089:
1087:
1079:
1071:
1063:
1055:
1052:
1051:
1042:
1034:
1026:
1018:
1010:
1002:
994:
986:
978:
970:
967:
966:
957:
949:
941:
933:
925:
917:
909:
901:
893:
885:
882:
881:
872:
864:
856:
848:
840:
832:
824:
816:
808:
800:
797:
796:
787:
779:
771:
763:
755:
747:
736:
728:
720:
712:
709:
708:
699:
691:
683:
675:
672:
671:
662:
654:
646:
638:
635:
634:
628:
625:
620:
618:
614:
609:
608:
604:
601:
598:
595:
592:
589:
586:
583:
580:
577:
574:
571:
570:
562:
553:
551:
545:
541:
537:
529:
522:Joint Venture
521:
519:
517:
512:
506:
498:
494:
490:
486:
482:
481:Shagang Group
479:
475:
470:
466:
458:
454:
447:
445:
443:
438:
436:
432:
428:
424:
420:
416:
415:Shagang Group
413:
409:
405:
401:
397:
388:
379:
375:
367:
365:
361:
353:
351:
347:
342:
333:
329:
321:
319:
315:
307:
305:
301:
296:
287:
283:
275:
273:
269:
261:
259:
255:
251:
246:
237:
233:
226:
223:
220:
217:
216:
214:
210:
201:
198:
193:
184:
181:
176:
167:
164:
159:
150:
147:
142:
138:
134:
126:
122:
118:
114:
103:
99:
96:
93:
89:
74:
71:
68:
67:
65:
61:
58:Manufacturing
57:
53:
50:
47:
43:
39:
35:
28:
23:
1836:
1767:
1679:Baotou Steel
1514:. Retrieved
1509:
1481:. Retrieved
1476:
1464:
1452:. Retrieved
1447:
1435:
1423:. Retrieved
1418:
1406:
1394:. Retrieved
1390:the original
1380:
1368:. Retrieved
1363:
1322:. Retrieved
1302:
1290:. Retrieved
1285:
1273:
1261:. Retrieved
1256:
1244:
1232:. Retrieved
1227:
1215:
1203:. Retrieved
1198:
1172:. Retrieved
1162:
540:Zhangjiagang
525:
513:
492:
484:
452:
451:
439:
418:
403:
399:
395:
394:
235:
218:
197:Total equity
180:Total assets
139: (2013)
135:10.781
101:Headquarters
45:Company type
1516:26 November
1483:26 November
1454:25 November
1425:26 November
1396:20 November
1370:26 November
1292:26 November
1263:25 November
1234:25 November
1205:25 November
1174:25 November
615:8.994
489:reverse IPO
1851:Categories
1324:1 November
1155:References
461:江苏淮钢集团有限公司
398:(known as
163:Net income
79:1996-12-11
49:subsidiary
542:Xiangbo (
433:4.6
404:Huaisteel
1837:Category
1721:Hansteel
1318:Archived
590:Revenue
575:Revenue
400:Huaigang
344:Huaigang
116:Products
55:Industry
37:Formerly
1897:Huai'an
617:billion
602:Equity
599:Assets
593:Profit
584:Equity
581:Assets
578:Profit
548:张家港翔博贸易
544:Chinese
534:) with
528:Chinese
516:billion
505:Chinese
497:Chinese
465:Huai'an
457:Chinese
448:History
435:billion
408:Huai'an
137:billion
124:Revenue
106:Huai'an
91:Founder
77: (
63:Founded
1666:(51%)
1168:"公司简介"
745:63.79%
546::
532:江苏天淮钢管
530::
507::
499::
459::
427:002075
1473:(PDF)
1444:(PDF)
1415:(PDF)
1360:(PDF)
1282:(PDF)
1253:(PDF)
1224:(PDF)
572:Year
487:as a
212:Owner
110:China
1518:2016
1485:2016
1456:2016
1427:2016
1398:2016
1372:2016
1326:2017
1309:指数样本
1294:2016
1265:2016
1236:2016
1207:2016
1176:2016
1102:2015
1053:2014
968:2013
883:2012
798:2011
710:2010
673:2009
636:2008
610:2007
501:江阴万德
423:SZSE
324:淮鋼特鋼
310:淮钢特钢
509:李新仁
431:CN¥
402:or
133:CN¥
1853::
1493:^
1475:.
1446:.
1417:.
1362:.
1334:^
1284:.
1255:.
1226:.
1184:^
425::
370:淮鋼
356:淮钢
108:,
1571:e
1564:t
1557:v
1520:.
1487:.
1458:.
1429:.
1400:.
1374:.
1328:.
1296:.
1267:.
1238:.
1209:.
1178:.
455:(
421:(
81:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
