When facing thousands of listed company announcements every day, which ones should you read? What are the key points to take away from the dozens or hundreds of pages of material announcements? Are the many professional terms in the announcements bullish or bearish? Check out Caixin's "Quick Read Announcement" column, where our reporters across the country will provide you with accurate, fast and professional interpretations on the night of the announcement.

On July 17th, Caixin reported that Chongqing Iron & Steel's stock price fell again near the delisting "red line" of 1 yuan face value, due to the large expected losses of the mid-term report and the "survival" alarm bell sounded again, Baowu Group, the actual controller of the company, stepped in to help.

Tonight, Chongqing Iron & Steel announced that it has received a notification letter from HuaBao Investment Co., Ltd., a wholly-owned subsidiary of Baowu Group, the actual controller of the company, about the plan to increase its holdings of Chongqing Iron & Steel A-shares. HuaBao Investment plans to increase its holdings of Chongqing Iron & Steel shares in the secondary market with a capital of RMB 0.15 billion to 0.3 billion yuan, and the upper limit of the increase price is no higher than 2.00 yuan/share.

This increase in Huabao Investment's holdings of the company's shares also represents Chongqing Iron & Steel's second face-value defense battle this year. Previously, Chongqing Iron & Steel announced that the company would conduct share repurchases within 6 months from June 5, and the amount of repurchase would not be less than RMB 50 million and no more than RMB 0.1 billion.

As of June 27th, the company had repurchased a total of 66.8385 million shares, accounting for 0.749% of the total share capital of the company, with a total payment of RMB 69.7525 million. On July 2nd, the company issued another announcement stating that the board of directors proposed to change the use of repurchased shares to "canceling to reduce registered capital" to boost investor confidence.

However, these measures did not bring the company's stock price to a safe area. Since June 24th, the company's stock price has touched 1 yuan, and has closed below 1.1 yuan for 18 consecutive trading days.

The news of the company's deficit in the mid-term report has further increased pressure on the company's stock price. On the evening of July 10th, Chongqing Iron & Steel issued a performance forecast for the first half of 2024, expecting a loss of about 0.69 billion yuan for the first half of the year, an increase of about 0.255 billion yuan compared with the same period last year.

Due to the continuous weak demand in the steel industry market in the past two to three years, the fierce competitive environment in the industry, the general high share capital and low net asset per share of listed steel companies, and the boost of investor concerns about the delisting of loss-making stocks in the industry, many listed steel companies have launched a battle for face value defense at 1 yuan.

On June 13th, Shandong Iron & Steel (600022.SH) received a notice from Shangang Group stating that the group will increase its holdings of the company's shares through centralized bidding transactions, with an upper limit of 1 billion yuan and a lower limit of 0.5 billion yuan. On the same day, Anyang Iron and Steel Group Co., Ltd. announced a plan to increase its holdings of Anyang Iron and Steel (600569.SH) in the next 12 months, with an increase amount of no less than 50 million yuan and no more than 0.1 billion yuan. On the same day, Lingyuan Iron & Steel Group Co., Ltd. also announced that it will increase its holdings of Linggang shares (600231.SH) at an amount between 40 million yuan and 80 million yuan within the next 12 months at an appropriate time.