海南矿业发行股份及支付现金购买资产并募集配套资金，不构成重大资产重组及重组上市
要点摘要
- 海南矿业股份有限公司（简称“海南矿业”）拟以发行股份及支付现金的方式，向王中喜、王琛和上海柏帝投资管理有限公司购买其合计持有的洛阳丰瑞氟业有限公司69.90%股权。
- 公司同期拟向不超过35名特定投资者发行股份募集配套资金。
- 此次交易不构成重大资产重组，亦不构成重组上市。
- 本次交易金额为175,380万元，涉及资产总额、净资产及营业收入占上市公司相应指标比例分别为13.71%、23.05%、16.43%，均未达到50%的重大资产重组标准。
- 本次交易不会导致公司控制权变更，控股股东和实际控制人保持不变。
详细解读
海南矿业股份有限公司董事会于2026年5月9日发布公告，披露公司拟以发行股份及支付现金的方式，向王中喜、王琛以及上海柏帝投资管理有限公司收购洛阳丰瑞氟业有限公司（简称“丰瑞氟业”）69.90%的股权。与此同时，海南矿业还计划向不超过35名特定投资者发行股份，募集配套资金，为此次收购交易提供资金支持。
财务影响和重大资产重组认定
根据公告披露，经审计的财务数据显示，本次交易涉及的丰瑞氟业相关指标占海南矿业2024年度合并报表的比例分别如下：
- 标的资产总额为163,908.11万元，收购股权比例后为175,380万元，占上市公司总资产1,278,828.65万元的13.71%。
- 标的净资产28,231.49万元，收购股权后为175,380万元，占上市公司净资产760,738.58万元的23.05%。
- 标的公司营业收入66,813.79万元，占上市公司营业收入406,553.09万元的16.43%。
上述比例均未达到50%，因此本次交易不构成重大资产重组。
配套资金及累计计算说明
本次交易的资金来源部分依赖于向不超过35名特定投资者发行股份募集配套资金。同时，公告中强调了2025年8月海南矿业对丰瑞氟业增资3亿元的事项需纳入累计计算范围，因此所有数据均以2024年度经审计的财务数据为准。
交易审批程序
本次交易虽不构成重大资产重组，但因涉及发行股份购买资产，仍需经上海证券交易所审核通过并获中国证监会同意注册后方可实施。
控制权变更与重组上市认定
海南矿业在公告中明确，本次交易前36个月内，公司控制权未发生变更，控股股东为上海复星高科技（集团）有限公司，实际控制人为郭广昌。此次交易完成后，亦不会导致控制权变更，因此不构成《上市公司重大资产重组管理办法》第十三条规定的重组上市。
对投资者的重要提示及潜在影响
- 此次交易若顺利实施，将有助于海南矿业拓展氟化工材料产业链，有望提升公司未来营收和盈利能力。
- 由于本次交易未达到重大资产重组标准，审核流程相对更为简便，但仍需履行相关监管程序，存在一定不确定性。
- 控股权稳定，有利于公司治理结构和业务连续性。
- 配套融资能否顺利完成及收购后标的公司的业绩表现，值得投资者持续关注。
结论
本次收购及配套融资事项虽不构成重大资产重组及重组上市，但对海南矿业未来产业布局、收入构成和利润增长具备一定积极意义，可能会引起市场关注并影响公司股价。建议投资者密切关注后续监管审批及交易进展。
免责声明：本文基于海南矿业公告内容整理，仅作为投资参考，不构成任何投资建议。投资有风险，决策需谨慎。
English Version
Hainan Mining’s Proposed Equity and Cash Acquisition and Supporting Fundraising: Not a Major Asset Restructuring or Backdoor Listing
Key Highlights
- Hainan Mining Co., Ltd. plans to acquire 69.90% of Luoyang Fengrui Fluorine Industry Co., Ltd. by issuing shares and paying cash to Wang Zhongxi, Wang Chen, and Shanghai Bodhi Investment Management Co., Ltd.
- The company also intends to raise supporting funds by issuing shares to no more than 35 designated investors.
- This transaction does not constitute a major asset restructuring nor a backdoor listing under current regulatory standards.
- The transaction amount is RMB 1.7538 billion, with the relevant asset, net asset, and revenue ratios to Hainan Mining’s consolidated 2024 data being 13.71%, 23.05%, and 16.43% respectively—all well below the 50% threshold for major asset restructuring.
- Control of Hainan Mining remains unchanged after the transaction, with Shanghai Fosun High Technology (Group) Co., Ltd. as the controlling shareholder and Mr. Guo Guangchang as the actual controller.
Detailed Analysis
On May 9, 2026, the board of Hainan Mining announced plans to acquire 69.90% of Luoyang Fengrui Fluorine Industry Co., Ltd. (Fengrui Fluorine Industry) from three parties via share issuance and cash payment. The company also proposes a private placement to up to 35 specific investors to raise supporting funds for the acquisition.
Financial Impact and Major Asset Restructuring Determination
Audited 2024 financials show the following ratios for the proposed transaction:
- Target asset value: RMB 1,639.08 million; after applying the acquisition ratio, RMB 1,753.8 million, representing 13.71% of Hainan Mining’s total assets (RMB 12,788.29 million).
- Target net asset: RMB 282.31 million; after acquisition, RMB 1,753.8 million, accounting for 23.05% of Hainan Mining’s net assets (RMB 7,607.39 million).
- Target revenue: RMB 668.14 million, representing 16.43% of Hainan Mining’s revenue (RMB 4,065.53 million).
None of these figures hit the 50% regulatory threshold, so the deal is not classified as a major asset restructuring.
Supporting Fundraising and Cumulative Calculations
The transaction includes a supporting fundraising plan by issuing shares to select investors. Notably, a RMB 300 million capital increase made by Hainan Mining to Fengrui Fluorine in August 2025 is also included in the cumulative calculations, with all figures based on 2024 audited results.
Approval Process
Although not a major asset restructuring, the transaction still requires Shanghai Stock Exchange review and China Securities Regulatory Commission registration before implementation due to the issuance of shares for asset purchase.
Control Rights and Backdoor Listing Determination
There has been no change in control at Hainan Mining in the past 36 months. The controlling shareholder remains Shanghai Fosun High Technology (Group) Co., Ltd. and the actual controller is Mr. Guo Guangchang. The transaction will not result in any change of control, so it does not constitute a backdoor listing.
Key Points for Investors and Potential Market Impact
- If completed, the acquisition will expand Hainan Mining’s presence in the fluorine chemical materials sector and could enhance future revenue and profitability.
- As the deal is not classified as a major restructuring, the approval process should be relatively streamlined, but there are still regulatory and funding uncertainties.
- Stable control structure supports company governance and business continuity.
- Investors should monitor the success of the fundraising and the post-acquisition performance of the target company.
Conclusion
While not classified as a major asset restructuring or backdoor listing, this acquisition and related fundraising are strategically significant for Hainan Mining’s future growth and sector expansion, and could attract investor and market attention, potentially impacting the share price. Investors are advised to closely follow regulatory approvals and transaction progress.
Disclaimer: This article is based on public disclosures by Hainan Mining and is for informational purposes only. It does not constitute investment advice. Investments involve risk; please make decisions cautiously.
