Baowu Investment to raise stake in Chongqing Iron & Steel

JunHe Law Offices (Shanghai branch) has issued a legal opinion regarding Baowu Investment Co., Ltd.'s acquisition report for Chongqing Iron & Steel Company Limited. Baowu Investment plans to subscribe for 1 bn yuan in A-share shares in Chongqing Iron & Steel's non-public offering, with the pricing set at 1.32 yuan per share.

This strategic investment will raise Baowu Investment's direct holding in Chongqing Iron & Steel to 9.31% of the total share capital. Including its concert parties, their combined ownership will increase to 35.07% from 29.51%. The acquisition aims to support the company's continuous development and enhance its risk resistance.

The shares acquired by Baowu Investment will be subject to a 36-month lock-up period from the completion date of the issuance. This transaction has received approval from Baowu Investment's chairman and is pending further regulatory approvals.