Chongqing Iron & Steel (601005.SH, 01053.HK) Announces A-Share Issuance and Whitewash Waiver

Bulletin Express02-24

Chongqing Iron & Steel published a circular detailing a plan to issue up to 757.58 million new A shares to Hwabao Investment at RMB1.32 per share, aiming to raise approximately RMB1.00 billion. The funds are designated for repaying loans and replenishing working capital.

Following the transaction, China Baowu, Hwabao Investment, and parties acting in concert may collectively hold over 30% of the Company’s enlarged share capital. Accordingly, a Whitewash Waiver application has been submitted to exempt them from the general offer obligation under Hong Kong’s Takeovers Code.

Shareholders are invited to an extraordinary general meeting on 13 March 2026 to vote on the issuance plan, the exemption from the mandatory general offer for A shares, and the whitewash waiver for H shares. The Board notes that the pricing mechanism, lock-up arrangements, and other key terms have been disclosed and are subject to approvals by shareholders and regulatory bodies.

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