Chongqing Iron & Steel to Raise Up to RMB1 Billion via Connected A-Share Issuance to Hwabao Investment

Claim 50% Off TipRanks Premium and Invest with Confidence Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potentialChongqing Iron & Steel Co., Ltd. Class H ( (HK:1053) ) has issued an announcement. Chongqing Iron & Steel Co., Ltd. plans to issue up to 757,575,757 new A shares to Hwabao Investment, a subsidiary of its substantial shareholder China Baowu, at an issue price of RMB1.32 per share, raising up to RMB1 billion before expenses. The new shares will account for about 8.35% of the company’s A shares post-issuance and will be issued under a specific mandate subject to approvals from independent shareholders and separate class meetings of A and H shareholders, as required by Hong Kong listing rules. Following completion, China Baowu, Hwabao Investment and their concert parties are expected to control approximately 35.07% of the company’s total shares, increasing the influence of the state-owned group and constituting a connected transaction that triggers enhanced disclosure and independent shareholder approval requirements under the Hong Kong Listing Rules. More about Chongqing Iron & Steel Co., Ltd. Class H Chongqing Iron & Steel Co., Ltd. is a Chinese steel producer, operating in the iron and steel manufacturing industry. The company primarily issues A shares and H shares on the capital markets and has China Baowu, a major state-owned steel conglomerate, as a substantial shareholder, reflecting its integration within China’s broader steel sector and state-linked industrial ecosystem. Average Trading Volume: 13,832,521 Technical Sentiment Signal: Hold Current Market Cap: HK$14.03B Find detailed analytics on 1053 stock on TipRanks’ Stock Analysis page.