Chongqing Iron & Steel Company Limited announced that all parties executed the Capital Injection Agreement on 31 July 2026, marking the formal completion of contractual procedures for the previously disclosed related-party transaction.

The transaction price is anchored to the final, state-approved asset valuations of two target companies:

• Baowu Environment: appraised at RMB 7.46 billion, reflecting a 50.94% appreciation. • Baowu Water: appraised at RMB 3.61 billion, reflecting a 5.93% appreciation.

These figures replace the preliminary valuations of RMB 7.47 billion (51.18% appreciation) for Baowu Environment and RMB 3.62 billion (6.10% appreciation) for Baowu Water disclosed on 27 May 2026.

Following the updated appraisal, the value of Chongqing Iron & Steel’s equity contribution to Baowu Water has been revised to RMB 57.97 million, down slightly from RMB 58.08 million. Contributions from other participating shareholders have been adjusted proportionally. Despite these revisions, the post-transaction capital contributions and shareholding percentages in Baowu Environment will remain unchanged.

The board reiterated that the transaction advances as scheduled, with all contractual obligations now in effect. Current board members include Executive Directors Wang Huxiang, Kuang Yunlong and Chen Yingming; Non-executive Director Lin Changchun; and Independent Non-executive Directors Sheng Xuejun, Tang Ping and Guo Jiebin.