Chongqing Iron and Steel announced that Huabao Investment Co., Ltd. plans to use cash to subscribe for A-shares issued by the company to specific targets. The issuance still needs to be reviewed and approved by the Chongqing Steel Shareholders' Meeting and Class Shareholders' Meeting on a case-by-case basis, and approved by the relevant approval authorities. It can only be implemented after approval by the Shanghai Stock Exchange and the approval of the China Securities Regulatory Commission. The acquisition will result in Huabao Investment holding more than 30% of the shares in Chongqing Iron and Steel. However, according to the agreement, Huabao Investment promised not to transfer the acquired shares within 36 months from the end of the offering.

Chongqing Iron and Steel announced that Huabao Investment Co., Ltd. plans to use cash to subscribe for A-shares issued by the company to specific targets. The issuance still needs to be reviewed and approved by the Chongqing Steel Shareholders' Meeting and Class Shareholders' Meeting on a case-by-case basis, and approved by the relevant approval authorities. It can only be implemented after approval by the Shanghai Stock Exchange and the approval of the China Securities Regulatory Commission. The acquisition will result in Huabao Investment holding more than 30% of the shares in Chongqing Iron and Steel. However, according to the agreement, Huabao Investment promised not to transfer the acquired shares within 36 months from the end of the offering.