Nanhua Finance (00619) announced that through its wholly-owned subsidiary, the company sold a total of 7.298 million shares of Chongqing Steel H shares on the market from January 30, 2023 to July 27, 2023 (accounting for about 1.36% of the total number of Chongqing Steel H shares issued and about 0.08% of the total number of issued Chongqing Steel shares) at a total cost of about HK$5.98 million. The average selling price of each sold Chongqing Steel share is about HK$0.82.
The announcement said that the sale of Chongqing Iron and Steel will increase the Group's liquidity. The group plans to use the proceeds from the sale of Chongqing Iron and Steel as general working capital.