Chongqing Iron & Steel Company Limited announced progress on its proposed Connected Transaction involving a substantial shareholder’s subscription for new A shares, as well as an application for a Whitewash Waiver. An earlier circular had its dispatch deadline extended from January 9, 2026, to a date no later than February 27, 2026, upon receiving regulatory consent. The company is now finalizing details for the circular, including financial information and an independent financial adviser’s letter, and expects to release it on or before February 27.

The issuance of A shares to a specific target subscriber remains contingent on several conditions. These include approval by independent shareholders at an extraordinary general meeting (EGM). Similarly, the Whitewash Waiver requires approval by at least 75% of the votes cast by independent shareholders; the issuance of shares itself requires approval by more than 50%. Both transactions may or may not proceed, depending on final clearances and conditions.

The possibility of making a general offer (the “Offer”) also depends on whether the Whitewash Waiver is granted or approved, and on the ultimate completion of the share issuance. Shareholders and potential investors are advised to monitor future announcements for any updates or further developments.