Guangxi Iron & Steel Group Company Limited announced a private placement of common shares on August 24, 2020. The transaction will include participation from returning investor Liuzhou Iron & Steel Co., Ltd. for CNY 6,000,000,000 in registered capital of the company. Post the transaction, the investor will hold 45.83% stake in the company and the registered capital of company will increase from CNY 18,000,000,000 to CNY 24,000,000,000.

The transaction has been approved internal decision of the counterparty; and 17th meeting of the 7th board of directors and 14th meeting of 7th board of supervisors of the investor. The transaction is subject to approval from investor's board of directors and shareholders, and competent state-owned assets supervision and management agency, from consent in principle from the State-owned Assets Supervision and Administration Commission of Guangxi Autonomous Region.