Recently, HBIS Company Limited (HBIS) published an announcement. According to the announcement, HBIS Laoting Steel Co., Ltd (HBIS Laoting Steel) was the company’s holding subsidiary, with registered capital of 13.62572 billion yuan, of which 69.10% was held by HBIS and 30.9% by Hebei Steel Industry Transformation and Upgrade Fund Co., Ltd. (Transformation Fund).  In order to supplement the capital of Laoting Steel and optimize the financial structure of Laoting Steel, HBIS, Transformation Fund and Laoting Steel signed a capital increment agreement on July 5, 2024.

It was determined by the parties through negotiation that HBIS increased the capital to Laoting Steel by 4.8 billion yuan in cash. After the capital increase, the registered capital of Laoting Steel would increase to 17.47711 billion yuan, of which 75.91% was held by HBIS and 24.09% by the Transformation Fund.