海南矿业股份有限公司：发行股份及支付现金购买资产事项不构成重大资产重组和重组上市
交易概述
海南矿业股份有限公司（简称“公司”）近期公告，拟通过“发行股份及支付现金”的方式，向王中喜、王琛及上海柏帝投资管理有限公司三方购买其合计持有的洛阳丰瑞氟业有限公司（简称“丰瑞氟业”或“标的公司”）69.90%的股权。此外，公司还计划向不超过35名特定投资者发行股份募集配套资金。
核心要点
- 交易方式：发行股份及支付现金购买资产，并同步募集配套资金。
- 标的资产：洛阳丰瑞氟业有限公司69.90%股权。
- 交易对方：王中喜、王琛和上海柏帝投资管理有限公司。
- 配套融资对象：不超过35名特定投资者。
- 财务数据：
- 标的公司2024年度经审计总资产为163,908.11万元，净资产为28,231.49万元，营业收入为66,813.79万元。
- 本次交易收购股权比例为85.69%，收购成交金额为175,380.00万元。
- 上市公司2024年度经审计总资产1,278,828.65万元，净资产760,738.58万元，营业收入406,553.09万元。
- 本次交易对公司资产总额、净资产和营业收入的占比分别为13.71%、23.05%和16.43%，均未达到50%的重大资产重组认定标准。
- 历史增资：2025年8月上市公司曾对丰瑞氟业增资3亿元，该增资行为计入累计计算范围。
- 后续流程：本次交易需经上交所审核通过，并经中国证监会同意注册后方可实施。
不构成重大资产重组和重组上市
- 重大资产重组：依据《上市公司重大资产重组管理办法》相关规定，本次交易各项财务指标占比均未达到50%，不构成重大资产重组。
- 重组上市：公司在本次交易前36个月内控制权未发生变更，控股股东仍为上海复星高科技（集团）有限公司，实际控制人为郭广昌。本次交易不会导致控制权变更，亦不构成重组上市。
投资者关注事项及可能影响股价的因素
- 对公司财务的影响：本次交易虽然不构成重大资产重组，但标的资产为氟化工领域的优质企业，收购完成后将增强公司在氟化工领域的布局，有望提升公司未来盈利能力和市场竞争力，值得投资者关注。
- 股权结构稳定：本次交易不会导致公司控制权发生变更，控股股东和实际控制人保持不变，为公司治理结构的连续性和稳定性提供保障。
- 后续审批流程：本次交易尚需上交所审核及证监会同意注册，存在一定不确定性，投资者需关注相关进展及监管政策变化。
- 配套融资影响：涉及向不超过35名特定投资者发行股份，可能对公司股本结构和市场流通股份产生影响。
- 历史增资纳入累计：2025年8月3亿元增资丰瑞氟业已计入累计，对监管计算口径有一定影响。
结论
本次收购标的公司洛阳丰瑞氟业69.90%股权及配套融资虽未构成重大资产重组和重组上市，但有利于公司产业布局优化和未来业绩提升。投资者应密切关注后续监管审核进展以及未来公司在氟化工领域的战略布局和业绩兑现情况。
免责声明
本文仅供参考，不构成任何投资建议。投资者据此操作，风险自担。请投资者关注公司后续公告及相关监管部门的最新动态。
Hainan Mining Co., Ltd.: Acquisition of Assets via Share Issuance and Cash Payment Does Not Constitute Major Asset Restructuring or Backdoor Listing
Transaction Overview
Hainan Mining Co., Ltd. (“the Company”) has announced plans to acquire a 69.90% equity stake in Luoyang Fengrui Fluorine Industry Co., Ltd. (“Fengrui Fluorine” or “the Target Company”) from Wang Zhongxi, Wang Chen, and Shanghai Baidi Investment Management Co., Ltd., through a combination of share issuance and cash payment. Simultaneously, the Company intends to issue shares to no more than 35 specific investors to raise supporting funds.
Key Points
- Transaction Mode: Share issuance and cash payment for asset acquisition, plus supporting fundraising.
- Target Asset: 69.90% equity in Luoyang Fengrui Fluorine Industry Co., Ltd.
- Counterparties: Wang Zhongxi, Wang Chen, and Shanghai Baidi Investment Management Co., Ltd.
- Supporting Fundraising: Issuance of shares to no more than 35 specified investors.
- Financial Data:
- The Target Company had audited total assets of 1,639.08 million RMB, net assets of 282.31 million RMB, and operating income of 668.14 million RMB in 2024.
- The acquisition covers 85.69% of the equity, with a transaction value of 1,753.8 million RMB.
- The listed company’s 2024 audited total assets are 12,788.29 million RMB, net assets 7,607.39 million RMB, and operating income 4,065.53 million RMB.
- This transaction’s ratios to the listed company’s total assets, net assets, and revenue are 13.71%, 23.05%, and 16.43%, respectively, all below the 50% threshold for major asset restructuring.
- Historical Capital Increase: In August 2025, the Company injected 300 million RMB into Fengrui Fluorine, which is included in the cumulative calculation for regulatory purposes.
- Subsequent Procedures: The transaction requires approval from the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission (CSRC) before implementation.
Does Not Constitute Major Asset Restructuring or Backdoor Listing
- Major Asset Restructuring: In accordance with the relevant regulations, the transaction does not meet the 50% threshold in any key financial metric and thus does not constitute a major asset restructuring.
- Backdoor Listing: There has been no change in control of the Company in the past 36 months, with Shanghai Fosun High Technology (Group) Co., Ltd. remaining the controlling shareholder and Guo Guangchang as the actual controller. Therefore, the transaction does not constitute a backdoor listing.
What Investors Should Watch (& Potential Share Price Implications)
- Financial Impact: While not a major asset restructuring, the acquisition targets a quality fluorine chemicals company, which could strengthen the Company’s position in this sector and improve future profitability and competitiveness—potentially positive for share value.
- Stable Ownership: No change in control or controlling shareholder, ensuring governance continuity and stability.
- Approval Risk: The transaction is subject to regulatory approval, which introduces some uncertainty. Investors should monitor regulatory progress and policy developments.
- Fundraising Impact: The issuance of shares to up to 35 investors may affect the Company’s equity structure and free float.
- Historical Capital Increase: The August 2025 capital increase is included in regulatory calculations and may affect how the transaction is viewed by regulators.
Conclusion
The planned acquisition of a 69.90% stake in Fengrui Fluorine and associated fundraising, while not qualifying as major asset restructuring or a backdoor listing, will help optimize the Company’s industrial layout and likely boost future performance. Investors are advised to follow further regulatory developments and the Company’s execution in the fluorine chemicals sector.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Investors should act at their own risk and refer to subsequent company disclosures and regulatory updates.
