Shanghai Baosteel Packaging Co., Ltd. announced that a private placement to issue not more than 154,505,341 shares which is not more than 30% of the company's total share capital before this transaction, of par value of CNY 1 per share for an aggregate gross proceeds of not more than CNY 1,200,000,000 on November 8, 2022. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors special investors including, new investor Xiamen Shuanghongyuan Investment Co., Ltd. for not less than 5.02% stake in the company. The company has entered into a Share Subscription Agreement with Xiamen Shuanghongyuan Investment Co., Ltd. The shares to be issued shall have a hold period of 6 months from closing of the transaction for the rest of the investors and 18 months from closing of the transaction for Xiamen Shuanghongyuan Investment Co., Ltd. The non-public offering of A shares has been approved by the 22nd meeting of the 6th Board of Directors directors and the 17th meeting of the 5th board of supervisors of the company. The transaction is still subject to approval from China Securities Regulatory Commission, approval of the company's shareholders' meeting, the approval of China Baowu Steel Group Corporation Limited and the approval of other competent governments, institutional filings, approvals, licenses, authorizations or consents (if applicable). This non-public offering will not lead to changes in the company's control.

On March 3, 2023, the company announced that it has received Notice on Acceptance of its private placement application documents under the (Acceptance [2023] No. 59) issued by the Shanghai Stock Exchange to accept its private placement application.