On Wednesday, Chinese conglomerate Fosun International said its three subsidiaries would sell a 60% stake in Nanjing Nangang Iron & Steel United to the steelmaker Jiangsu Shagang Group for up to 16 billion yuan ($2.21 billion).

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Earlier this year, Fosun also agreed to sell its 4.89% stake in Tsingtao Brewery while reducing its stake in Fosun Tourism. Nanjing Iron & Steel Group holds the remaining 40% stake in Nanjing Nangang Iron & Steel United. Fosun shares were suspended on October 17, and the company applied for resumption of trading on October 20.