Diana Chen Ningning, one of the mainland's richest women and the second-largest shareholder of China Oriental Group, has failed in her attempt to launch a hostile takeover and oust chairman Han Jingyuan. The steelmaker's share price is now expected to face downward pressure as Ms Chen has said she will consider selling her stake if her attempt is unsuccessful. By yesterday's deadline, her company Smart Triumph Corp had received acceptances from shareholders representing 16.62 per cent of China Oriental. Adding the acceptance shares to her own 28.11 per cent stake, she had the support of shares representing 44.74 per cent of the company, against the 50 per cent required for her offer to proceed. A spokesman for Ms Chen said she would not make a new offer as China Oriental's share price had soared 103.95 per cent since she first indicated her intention to launch a bid in February. She cited her dissatisfaction with the Han-led management as the reason for the bid. Other mainland steel shares have gained even more in value, with Angang Steel's share price soaring 177.5 per cent in the same period. 'I am pleased my campaign has been successful in placing key issues back on the agenda and drawing attention to a stock which I believe has been largely ignored in the past,' Ms Chen said in a statement filed with the stock exchange. 'It appears that the board of China Oriental has started to adopt some of my ideas.' Mr Han could not be reached for comment yesterday. In the interim report, he said the company would strive to achieve a production scale of 10 million tonnes per year by 2010 from 4.3 million tonnes today through organic growth and acquisitions. The board raised its dividend payout ratio to 21 per cent from 5 per cent. China Oriental's share price rose 4.49 per cent yesterday to HK$4.65.