Chongqing Steel raises RMB 1.999 billion via share issue

On December 23, Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel), a subsidiary of Chongqing Iron and Steel (Group) Co., announced that it has issued 706.7 million non-public shares to raise a total of RMB 1.999 billion ($327 million). In particular, Beijing-based CCB Principal Asset Management Co. and Shenzhen-based Ping An New Capital Co. purchased 129.88 million shares and 212.02 million shares respectively. The remaining shares were purchased by three Chongqing-based state-owned enterprises. The issue of non-public shares forms part of Chongqing Steel's asset restructuring plan which will result in an increase in the company's steel output capacity from 3 million mt to 6 million mt.