Chongqing Iron & Steel (601005.SH) plans to raise up to 1 billion yuan through private placement to Huabao Investment.

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