Hualing Steel: Electromagnetic Materials Company Receives 1.5 Billion Yuan Increased Investment from External Investors

On June 3, Valin Iron and Steel announced that the electromagnetic materials company introduced five investors, namely Jianxin Investment, ABC Investment, Bank of Communications Investment, ICBC Investment and Xinglou Fund, to increase its capital with cash of 300 million yuan, 500 million yuan, 300 million yuan, 300 million yuan and 100 million yuan respectively, with a total capital increase of 1.5 billion yuan. At the same time, Valin Lianyuan Steel increased the cash capital of the electromagnetic materials company by 950 million yuan, and acquired the unpaid equity of the electromagnetic materials company held by Lianyuan Steel Group by 475 million yuan at 0 consideration. After the completion of the transaction, the registered capital of the electromagnetic materials company increased to 4.5 billion yuan, and the equity ratio of Valin Lianyuan Steel held by the electromagnetic materials company increased to 55%.