海南矿业股份有限公司：发行股份及支付现金购买洛阳丰瑞氟业69.9%股权，不构成重大资产重组及重组上市
海南矿业股份有限公司（简称“海南矿业”或“公司”）日前发布公告，拟通过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”）69.90%的股权，并拟向不超过35名特定投资者发行股份以募集配套资金。
主要交易内容
- 收购对象：丰瑞氟业69.90%股权
- 交易对方：王中喜、王琛、上海柏帝投资管理有限公司
- 支付方式：发行股份及现金支付
- 配套融资：向不超过35名特定投资者发行股份募集配套资金
财务指标与重大资产重组认定
根据公告披露，公司与标的公司丰瑞氟业经审计的财务数据如下：
| 财务指标 | 标的公司（丰瑞氟业） | 收购股权比例 | 收购股权成交金额 | 上市公司数据 | 占上市公司比重 |
|---|---|---|---|---|---|
| 总资产 | 163,908.11万元 | 85.69% | 175,380.00万元 | 1,278,828.65万元 | 13.71% |
| 净资产 | 28,231.49万元 | 85.69% | 175,380.00万元 | 760,738.58万元 | 23.05% |
| 营业收入 | 66,813.79万元 | 85.69% | – | 406,553.09万元 | 16.43% |
注：2025年8月公司向丰瑞氟业增资3亿元，因此该次增资已纳入累计计算范围。上述数据均为2024年度经审计财务数据。
由于上述任一指标均未达到50%的重大资产重组认定标准，本次交易不构成重大资产重组。
重组上市认定
本次交易前36个月内，公司控股股东及实际控制人均未发生变化，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先生。本次交易亦不会导致控制权变更，因此不构成重组上市。
后续流程与监管要求
本次交易属于发行股份购买资产，需经上海证券交易所审核通过并获得中国证监会同意注册后方可实施。
对股东和投资者的重要提示
- 本次交易将进一步丰富公司在氟化工领域的产业布局，有望提升公司整体竞争力和盈利能力。
- 交易未构成重大资产重组亦不导致公司控制权变更，有助于公司稳定发展。
- 配套融资有助于优化公司资本结构，对未来经营能力或有积极影响。
- 本次交易方案能否顺利通过监管审批仍存在不确定性，敬请投资者关注相关后续公告。
结论：本次收购及配套融资，虽然未构成重大资产重组或重组上市，但涉及对氟化工资产的重大收购，可能对公司未来经营业绩、产业布局和市场竞争力产生积极影响，对公司股价具有一定的影响力，投资者应密切关注后续进展。
Hainan Mining Co., Ltd.: Acquisition of 69.9% Equity in Luoyang Fengrui Fluorine Industry Does Not Constitute a Major Asset Restructuring or Backdoor Listing
Hainan Mining Co., Ltd. (“Hainan Mining” or the “Company”) has announced plans to acquire a combined 69.90% stake in Luoyang Fengrui Fluorine Industry Co., Ltd. (“Fengrui Fluorine Industry”) from Wang Zhongxi, Wang Chen, and Shanghai Baidi Investment Management Co., Ltd. This will be achieved through both share issuance and cash payment. The company also plans to issue shares to no more than 35 specific investors to raise supporting funds.
Main Transaction Details
- Target: 69.90% equity in Fengrui Fluorine Industry
- Counterparties: Wang Zhongxi, Wang Chen, Shanghai Baidi Investment Management Co., Ltd.
- Payment Method: Share issuance and cash
- Supporting Fundraising: Share issuance to no more than 35 specific investors
Financial Metrics and Major Asset Restructuring Criteria
The financial metrics of the company and the target are as follows (audited 2024 figures):
| Financial Metric | Target (Fengrui) | Equity Acquired | Transaction Value | Listed Company Data | Proportion of Listed Co. |
|---|---|---|---|---|---|
| Total Assets | RMB 1,639,081,100 | 85.69% | RMB 1,753,800,000 | RMB 12,788,286,500 | 13.71% |
| Net Assets | RMB 282,314,900 | 85.69% | RMB 1,753,800,000 | RMB 7,607,385,800 | 23.05% |
| Operating Revenue | RMB 668,137,900 | 85.69% | – | RMB 4,065,530,900 | 16.43% |
Note: The company’s RMB 300 million capital increase in Fengrui Fluorine Industry in August 2025 is included in the cumulative calculation. All data are from the 2024 audited financials.
Since none of the above metrics meet or exceed the 50% threshold for a major asset restructuring, the transaction does not constitute a major asset restructuring.
Backdoor Listing Criteria
There has been no change in the company’s controlling shareholder or actual controller in the past 36 months. The controlling shareholder remains Shanghai Fosun High Technology (Group) Co., Ltd., with Mr. Guo Guangchang as the actual controller. As the transaction will not lead to a change in control, it does not constitute a backdoor listing.
Next Steps & Regulatory Requirements
As this is an asset acquisition via share issuance, it requires approval from the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission prior to implementation.
Key Points for Shareholders and Investors
- This acquisition will expand the company’s presence in the fluorine chemical industry, potentially enhancing its competitive strength and profitability.
- No change in major asset restructuring status or control, supporting stable company development.
- The supporting fund raising will help optimize the company’s capital structure and may positively impact future operations.
- Whether the plan passes regulatory approval remains uncertain. Investors should monitor future announcements closely.
Conclusion: While the deal does not constitute a major asset restructuring or backdoor listing, it is a significant acquisition in the fluorine chemical sector and could positively influence Hainan Mining’s future business performance, industry positioning, and competitiveness, possibly impacting the company’s share price. Investors are advised to pay close attention to further developments.
