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Xining Special Steel seeks funds from private share placement

October 10, 2025 at 05:07 AM UTCBy FilingReader AI

Xining Special Steel Co. Ltd. announced a proposal for a private placement of A-shares to its controlling shareholder, Tianjin Jianlong Iron & Steel Industrial Co. Ltd., who will subscribe in cash. The company plans to issue no more than 578,034,682 A-shares, representing up to 30.00% of its total share capital before the issuance. The offering price is set at CNY 1.73 per share, which is not less than 80% of the average trading price of the company's stock for the 20 trading days prior to the pricing benchmark date.

The total proceeds from this issuance are expected to be capped at CNY 1,000,000.00 thousand, with the net amount, after deducting issuance expenses, allocated entirely to supplement working capital. The shares acquired by Tianjin Jianlong Iron & Steel Industrial Co. Ltd. will be subject to a lock-up period of 36 months from the date of issuance completion.

These proposals, along with other related matters including a three-year shareholder return plan (2025-2027) and authorization for the board of directors to handle specific details of the issuance, will be presented for approval at the fourth extraordinary general meeting of shareholders on October 16, 2025. Tianjin Jianlong Iron & Steel Industrial Co. Ltd. will abstain from voting on related proposals due to its status as an affiliated shareholder.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

SSE:600117Shanghai Stock Exchange
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