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Chongqing 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.