Baoji Titanium revises bond plan, forms joint venture, appoints sponsor

Baoji Titanium Industry Co. Ltd. announced revisions to its preliminary plan for issuing convertible corporate bonds to specific unidentifiable investors. The revisions update financial data, adjust profit distribution policies, and reflect changes related to the cancellation of the Supervisory Board. The total proposed issuance remains capped at 350,000,000 yuan, with proceeds allocated to projects like titanium resource recycling and intelligent forging production lines, and to supplement working capital.

Concurrently, the board approved the establishment of Jiangsu Ruilong Precision Technology Co. Ltd., a joint venture with Suzhou CAS Ruilong Technology Co. Ltd. Baoji Titanium Industry will invest 9,800,000 yuan for a 49% stake, with Suzhou CAS Ruilong contributing 10,200,000 yuan for 51%. The new entity aims to develop and produce precision titanium materials, enhancing the company’s supply chain and product offerings.

In a separate announcement, Western Securities Co. Ltd. appointed Mr. Xue Bing as a new sponsor representative, replacing Ms. Wang Yi, for Baoji Titanium Industry’s ongoing continuous supervision responsibilities related to a non-public share issuance from 2019. The changes underscore the company’s strategic focus on capital market compliance and business expansion.