Baowu Magnesium Industry announces share transfer agreement

Baowu Magnesium Industry (SZSE: 002182) announced an agreement where Baowu Steel Metal will acquire a portion of shares from shareholders Mei Xiaoming and Zhu Yuehai. Upon completion, Baowu Steel Metal will hold 263,088,395 shares, representing 26.53% of Baowu Magnesium's total share capital. Mei Xiaoming's stake will decrease to 12.34%, and Zhu Yuehai will hold 0.03%. The transfer price is set at CNY 11.94 per share, totaling CNY 592,099,561.32. This transaction will not change the ultimate controlling shareholder, which remains the State-owned Assets Supervision and Administration Commission of the State Council. The company expects the transaction to enhance operational synergies and boost its position in the lightweight materials sector. The deal remains subject to regulatory approvals.