HBIS Laoting Steel Co. Ltd announced that it has entered into a capital increase agreement for a private placement of gross proceeds of CNY 4,800,000,000 on June 9, 2023. The transaction included the participation from new investor, HBIS Company Limited.

Post the completion of the transaction, the registered capital of the company will increase from CNY 10,163,420,000 to CNY 13,625,720,000. The company will holding the stake increase from 58.57% to 69.10%.