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IMPORTANT: If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. XIWANG SPECIAL STEEL COMPANY LIMITED (西王特鋼有限公司) (incorporated in Hong Kong with limited liability) GLOBAL OFFERING Number of Offer Shares under the : 500,000,000 Shares, comprising 400,000,000 New Global Offering Shares to be offered by the Company and 100,000,000 Sale Shares to be offered by the Selling Shareholder (subject to the Over-allotment Option) Number of International Offer Shares : 450,000,000 Shares (subject to adjustment and the Over-allotment Option) Number of Hong Kong Offer Shares : 50,000,000 Shares (subject to adjustment) Maximum Offer Price : HK$3.36 per Offer Share payable in full on application and subject to refund on final pricing, plus brokerage of 1%, Hong Kong Stock Exchange trading fee of 0.005% and SFC transaction levy of 0.003% Nominal value : HK$0.10 per Share Stock code : 1266 Sole Sponsor and Sole Global Coordinator Joint Bookrunners and Joint Lead Managers Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this prospectus. A copy of this prospectus, having attached thereto the documents specified in “Appendix VII — Documents Delivered to the Registrar of Companies and Available for Inspection”, has been registered by the Registrar of Companies in Hong Kong as required by section 38D of the Hong Kong Companies Ordinance (Chapter 32 of the Laws of Hong Kong). The Securities and Futures Commission and the Registrar of Companies in Hong Kong take no responsibility for the contents of this prospectus or any of the other documents referred to above. See “Risk Factors” starting on page 38 in this prospectus for a discussion of certain risks that you should consider in connection with an investment in the Shares. The Offer Price is expected to be fixed by agreement between the Sole Global Coordinator (for itself and on behalf of the Underwriters) and us (for ourselves and on behalf of the Selling Shareholder) on the Price Determination Date which is expected to be on or before Friday, 17 February 2012 and, in any event, not later than Tuesday, 21 February 2012. The Offer Price will not be more than HK$3.36 and is currently expected not to be less than HK$2.65 per Offer Share. If, for any reason, the Offer Price is not agreed by Tuesday, 21 February 2012 between the Sole Global Coordinator (for itself and on behalf of the Underwriters) and us, the Global Offering will not proceed and will lapse. The Sole Global Coordinator (for itself and on behalf of the Underwriters) may reduce the indicative Offer Price range and/or the number of Hong Kong Offer Shares stated in this prospectus at any time prior to the morning of the last day for lodging applications under the Hong Kong Public Offering. In the case of such reduction, notice of the reduction in the indicative Offer Price range and/or the number of Hong Kong Offer Shares will be published in the South China Morning Post (in English) and the Hong Kong Economic Times (in Chinese), and will be posted on the website of the Hong Kong Stock Exchange (www.hkexnews.hk) and to the website of our Company (www.xiwangsteel.com) as soon as practicable following the decision to make such reduction, and in any event not later than the morning of the day which is the last day for lodging applications under the Hong Kong Public Offering. Further details are set out in the sections entitled “Structure of the Global Offering” starting on page 259 and “How to Apply for Hong Kong Offer Shares” starting on page 266 in this prospectus. The obligations of the Hong Kong Underwriters under the Hong Kong Underwriting Agreement are subject to termination by the Sole Global Coordinator (for itself and on behalf of the Underwriters) if certain grounds arise prior to 8:00 a.m. (Hong Kong time) on the day that trading in the Offer Shares commences on the Hong Kong Stock Exchange. Such grounds are set out in the section entitled “Underwriting — Underwriting Arrangements and Expenses — Hong Kong Public Offering — Grounds for Termination” on page 251 of this prospectus. The Offer Shares have not been and will not be registered under the US Securities Act and may not be offered or sold, pledged or transferred within the United States or to, or for the account or benefit of, US persons, except that the Offer Shares may be offered, sold or delivered to QIBs in reliance on Rule 144A or other exemption(s) from registration under the US Securities Act or outside the United States in reliance on Regulation S under the US Securities Act. 13 February 2012 EXPECTED TIMETABLE(1) Latest time to complete electronic applications under HK eIPO White Form service through the designated website www.hkeipo.hk(3) ......................11.30 a.m. on Thursday, 16 February 2012 Application lists open(2) .........................11:45 a.m. on Thursday, 16 February 2012 Latest time for lodging WHITE and YELLOW Application Forms ...........................12:00 noon on Thursday, 16 February 2012 Latest time to complete payment of HK eIPO White Form applications by effecting internet banking transfer(s) or PPS payment transfer(s) .............12:00 noon on Thursday, 16 February 2012 Latest time to give electronic application instructions to HKSCC(4) ................................12:00 noon on Thursday, 16 February 2012 Application lists close(2) .........................12:00 noon on Thursday, 16 February 2012 Expected Price Determination Date(5) ............................Friday, 17 February 2012 Announcement of — the Offer Price; — the level of applications in the Hong Kong Public Offering; — the level of indications of interest in the International Offering; and — the basis of allotment of the Hong Kong Offer Shares to be published in South China Morning Post (in English) and Hong Kong Economic Times (in Chinese) on or before ....Wednesday, 22 February 2012 Results of allocations in the Hong Kong Public Offering (with successful applicants’ identification document numbers, where appropriate) to be available through a variety of channels, including the websites of the Hong Kong Stock Exchange at www.hkexnews.hk and our Company at www.xiwangsteel.com (see paragraph headed “Publication of Results” in the section headed “How to Apply for Hong Kong Offer Shares”) from .............Wednesday, 22 February 2012 Results of allocations in the Hong Kong Public Offering will be available at www.tricor.com.hk/ipo/result with a “search by ID” function .......................................Wednesday, 22 February 2012 Despatch of Share certificates or deposit of the Share certificates into CCASS on or before(6) ......................Wednesday, 22 February 2012 Despatch of HK eIPO White Form e-Auto Refund payment instructions/refund cheques on or before(6) ...................Wednesday, 22 February 2012 Dealings in the Shares on the Main Board to commence on ...........Thursday, 23 February 2012 —i— EXPECTED TIMETABLE(1) 1. All times and dates refer to Hong Kong local time and dates except otherwise stated. Details of the structure of the Global Offering, including its conditions, are set forth in the section headed “Structure of the Global Offering” in this prospectus. 2. If there is a “black” rainstorm warning or a tropical cyclone warning signal number 8 or above in force in Hong Kong at any time between 9:00 a.m. and 12:00 noon on Thursday, 16 February 2012, the application lists will not open or close on that day. Further information is set forth in the section headed “How to Apply for Hong Kong Offer Shares — Effect of bad weather on the opening of the application lists” in this prospectus. 3. You will not be permitted to submit your application through the designated website at www.hkeipo.hk after 11:30 a.m. on the last day for submitting applications. If you have already submitted your application and obtained a payment reference number from the designated website prior to 11:30 a.m., you will be permitted to continue the application process (by completing payment of application monies) until 12:00 noon on the last day for submitting applications, when the application lists close. 4. Applicants who apply for Hong Kong Offer Shares by giving electronic application instructions to HKSCC should refer to the section headed “How to Apply for Hong Kong Offer Shares — Applying by giving electronic application instructions to HKSCC” in this prospectus. 5. The Price Determination Date is expected to be on or around Friday, 17 February 2012 (Hong Kong time) and, in any event, not later than Tuesday, 21 February 2012 (Hong Kong time). If, for any reason, the Offer Price is not agreed between the Sole Global Coordinator (on behalf of the Hong Kong Underwriters) and our Company by Tuesday, 21 February 2012, the Global Offering will not proceed and will lapse. 6. Applicants who apply for 1,000,000 Hong Kong Offer Shares or more and have indicated in the Application Forms that they wish to collect any refund cheque(s) (where applicable) and share certificates (where applicable) in person and have provided all information required by their Application Forms, may collect their refund cheques (where applicable) and share certificates (where applicable) in person from the Hong Kong Share Registrar, Tricor Investor Services Limited, at 26/F, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong between 9:00 a.m.