Da Ming Dilutes Stake in Chongqing Unit via RMB35 Million Capital Injection

Da Ming International Holdings’ subsidiary Jiangsu Daming has agreed an investment deal under which Chongqing Iron and an independent investor will inject RMB35 million of new registered capital into Chongqing Daming, subscribing RMB25 million and RMB10 million respectively. Following completion, Da Ming’s indirect stake in Chongqing Daming will fall from full ownership to 65%, with Chongqing Iron holding 25% and the independent investor 10%.

The consideration for the capital increase, set slightly below the new registered capital amounts, was negotiated at arm’s length with reference to Chongqing Daming’s appraised net asset value of about RMB64.3 million as of June 2025, and will be paid in cash once registration requirements are met. The transaction, classified as a connected transaction due to Chongqing Iron’s ties to major shareholder China Baowu, requires reporting and announcement but not independent shareholder approval, and its completion remains conditional, prompting a cautionary note to investors.