According to TISCO Stainless's announcement, the company previously disclosed that it plans to increase its shareholding in Baowu Environmental Technology by 11.8370% of its shares in Baowu Water. On July 31, 2026, the company and all parties to the agreement signed the “Baowu Group Environmental Resources Technology Co., Ltd. Capital Increase Agreement”. After filing with the competent agency, on December 31, 2025, Baowu Environmental's assessment value was RMB 7.455 billion, Baowu Water's assessment value was RMB 36.12 billion, and TISCO Stainless used its 11.8370% stake in Baowu Water to increase Baowu Environmental's capital at a final price of RMB 428 million, of which RMB 408.288 million was included in the registered capital and RMB 387 million was included in the capital reserve. After the capital increase was completed, TISCO Stainless held 3.91% of Baowu Environmental Technology's shares.

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