Chongqing Iron & Steel (601005.SH) intends to raise funds through private placement to Huabao Investment not exceeding 1 billion yuan.

Chongqing Iron & Steel Co., Ltd. (601005.SH) disclosed its plan to issue A-shares to specific investors, with Huabao Investment being the intended subscriber to subscribe for all the shares in cash. The total amount of funds raised in this issuance is expected not to exceed 1 billion yuan (including this amount). The funds will be used for replenishing working capital and repaying bank loans, after deducting issuance expenses, in accordance with the registration approval document issued by the China Securities Regulatory Commission for this issuance.