“亲爹”还是亲！重庆钢铁拟定增提10亿元“红包”还贷、补流 还获中国宝武多方面支持

Core Viewpoint - Chongqing Steel plans to issue shares to Huabao Investment to raise up to 1 billion yuan, primarily to supplement working capital and repay bank loans, amid ongoing losses since 2022 [2][3]. Group 1: Fundraising Details - The share issuance price is set at 1.32 yuan per share, which is a 10.81% discount to the closing price on December 19 [3]. - Huabao Investment, controlled by China Baowu Steel Group, will fully subscribe to the new shares, constituting a related party transaction [3]. - The funds raised will enhance the company's liquidity, improve asset and liability structure, and reduce financial costs [3]. Group 2: Financial Performance - As of the end of Q3 2025, Chongqing Steel's current ratio is only 0.32, indicating liquidity issues [5][6]. - The company has reported continuous losses from 2022 to 2024, with net profits of -1.019 billion yuan, -1.494 billion yuan, -3.196 billion yuan, and -218 million yuan for the first three quarters of 2025 [5]. - Despite the losses, the company has made efforts to improve profitability through cost reduction and efficiency enhancement, leading to a significant narrowing of losses and a positive gross margin [5]. Group 3: Shareholding Changes - Following the completion of the share issuance, Huabao Investment and its concerted parties are expected to hold over 30% of Chongqing Steel's shares [4]. - The board will seek shareholder approval for Huabao Investment to avoid mandatory tender offer requirements for increasing its stake [4].