On February 22, a person in charge of the securities department of Laiwu Iron and Steel Co., Ltd. (600102.SH) told reporters that currently Laiwu Steel's stock exchange work is in communication with the Shanghai Stock Exchange, and it is expected that the stock exchange will be completed by the end of February at the latest. This means that shareholders of Laiwu Steel who choose to exchange stocks will be able to convert them into Jinan Iron and Steel (600022.SH) shares for trading at the end of February or early March. According to the restructuring plan, after exchanging Laiwu Steel shares for Jinan Steel shares, the cost is only 2.95 yuan (cash price 7.12 yuan, exchange ratio 1:2.41), while Jinan Steel closed at 3.55 yuan on February 21. Calculating at this price, shareholders of Laiwu Steel will have a premium of over 20% after the exchange, meaning that shareholders of Laiwu Steel have already achieved a floating profit of more than 20%. "The specific arbitrage space still depends on Jinan Steel's stock price after the exchange," said Yu Baoshan, a steel researcher at Huabao Securities. "Currently, the exchange has not been completed yet, so arbitrage funds cannot sell. Jinan Steel has seen a small increase recently, but shareholders of Jinan Steel need to beware of the pressure that arbitrage funds from Laiwu Steel may exert on Jinan Steel's stock after the exchange." On February 15, Jinan Iron and Steel announced the results of the cash option application and resumed trading. In the following few days, the stock price rose slightly. As of February 21, Jinan Steel's stock closed at 3.55 yuan, up 0.57%. According to Jinan Iron and Steel's announcement, the implementation of the cash option has ended, and the exchange absorption merger is currently underway. Laiwu Iron and Steel will no longer resume trading, and after the exchange is completed, Laiwu Iron and Steel will be deregistered.