ST Baogang (600581.SH) plans to raise 1.297 billion yuan in a private placement investment from Huabao.

Zhtng Cijng APP News, *ST Bagang (600581.SH) disclosed the plan to issue A shares to specific investors, with Huabao Investment Limited (referred to as "Huabao Investment") as the issuer. They plan to subscribe to all the shares with cash. Huabao Investment plans to subscribe for an amount of 1.297 billion yuan, and the net proceeds from this offering will be used for supplementing working capital and repaying debts. This issuance will not result in a change in the controlling shareholder or the actual controller of the company.