海南矿业拟发行股份及支付现金收购丰瑞氟业控股权，配套募资8.26亿元
【核心要点摘要】
- 海南矿业（以下简称“公司”）拟通过发行股份及支付现金的方式，收购洛阳丰瑞氟业有限公司（“丰瑞氟业”）69.8959%股权，交易总价达14.54亿元。
- 同时，海南矿业拟向不超过35名特定投资者发行股份，募集配套资金不超过8.26亿元，主要用于支付本次交易现金对价、补充流动资金、偿还贷款及支付中介费用。
- 本次收购完成后，丰瑞氟业将成为海南矿业控股子公司，进一步拓展公司在氟化工领域的产业链布局。
- 交易对方包括王中喜、王琛和柏帝投资，三方合计持有丰瑞氟业69.8959%股权。
- 本次交易不构成重大资产重组，也不会导致公司控制权变更，但因交易对方将持股5%以上，构成关联交易。
- 本次收购采用资产基础法定价，发行股份价格为8.60元/股，拟发行1.18亿股。
- 所有新增股份自上市之日起锁定12个月，之后根据业绩承诺分批解锁。
- 标的资产权属清晰，已履行现阶段所有必需的批准和授权，但仍需公司股东大会、上交所、证监会审核通过。
- 丰瑞氟业拥有8项采矿权、52项专利，主业为萤石采选及氟化工产品制造，具备完整资质。
- 丰瑞氟业曾因“未批先建”被行政处罚，但不构成重大违法，不影响本次交易法律效力。
- 丰瑞氟业部分资产存在抵质押及融资租赁，使用的部分集体土地、房产未办权证，但主管部门出具证明不会影响合法合规使用。
【详细披露与分析】
一、交易方案与价格
公司拟以发行股份及支付现金的方式，向王中喜、王琛、柏帝投资收购丰瑞氟业15,000万元出资额（69.8959%股权），交易总价为145,380万元（14.54亿元）。其中，向王中喜支付11.63亿元（其中4.36亿元现金、7.27亿元股份），王琛与柏帝投资各获1.45亿元对价（全部为股份）。股份发行价格定为8.60元/股，拟发行1.18亿股。
配套募资最高8.26亿元，发行对象不超过35名，募集资金主要用于支付交易对价、补充流动资金、偿还贷款及支付相关费用。配套股份发行价格不低于定价基准日前20个交易日均价的80%，发行数量不超前股本的30%。
二、业绩承诺与锁定安排
交易对方需签署业绩承诺补偿协议，股份锁定期为12个月，且需根据业绩完成情况分批解锁。若业绩未达标需进行补偿。因送股、资本公积转增等增发股份也需承诺锁定。
三、标的资产与资质
丰瑞氟业注册资本2.146亿元，主业为萤石矿开采、氟化工产品生产及销售，拥有8项采矿权、52项专利、1项商标和1项域名。其现有8项采矿许可证，采矿产能合计约74万吨/年，主要生产氟化物助熔剂和下游深加工产品。
公司现有安全生产、环保、取水等主要合法资质，部分土地、房产未办权属证书，但经地方政府主管部门确认，后续办理不存在实质性障碍，现状不会影响生产经营。
四、债务与融资情况
丰瑞氟业部分资产（如厂房、设备等）设有抵质押，涉及农业银行、交通银行、中信银行、浦发银行、光大信托、远东融资、海通恒信等多家金融机构，主要为日常经营及流动性融资，未影响企业正常经营权属。
五、历史沿革与股权变动
丰瑞氟业自2007年设立以来，经历多轮股权变动和增资扩股，2025年8月由海南矿业增资成为第二大股东。本次收购后，公司控股权将转至海南矿业。
六、行政处罚与合规风险
丰瑞氟业2024年曾因“未批先建”被洛阳市应急管理局行政处罚，但地方政府出具证明认定不属重大违法，不影响本次交易的法律效力。
七、关联交易与同业竞争
交易完成后，三名交易对方合计持有海南矿业股份将超5%，构成潜在关联方。交易对方出具承诺，未来将减少并规范关联交易，避免同业竞争。公司控股股东复星高科及实际控制人郭广昌亦出具规避同业竞争承诺。
八、审批与实施进度
本次交易已获公司董事会、控股股东及标的公司少数股东原则性同意，仍需公司股东大会、上交所并购重组委审核通过及证监会注册同意。相关资产及业务不存在实质性法律障碍，审批通过后可顺利实施。
【对股东和投资者的影响及风险提示】
- 本次收购及配套募资将显著提升海南矿业在氟化工领域的产业链竞争力，扩大矿产资源储备，增强持续经营能力。
- 配套募资改善公司资本结构，有助于降低财务风险、提升盈利能力。
- 标的公司资产权属清晰、资质齐全，但部分土地、房产尚未办证，相关主管部门已出具无需搬迁或限期拆除证明。
- 资产存在较大额度抵质押、融资租赁，股东应关注公司后续偿债和再融资能力。
- 业绩承诺及补偿安排有利于保障上市公司及全体股东利益。
- 交易对方成为新进大股东，未来关联交易和公司治理需持续关注。
- 本次重组不构成重大资产重组或重组上市，整体合规风险可控。
- 若审批未顺利通过或标的公司业绩未达标，可能影响公司经营和股价表现。
【特别提醒】
本次收购涉及的交易金额较大、资产及业务整合复杂，且需多项监管审批。投资者需留意公司后续公告及进展，注意相关不确定性风险。本次交易若获批并顺利实施，将对海南矿业主营业务带来积极影响，有望提升公司核心竞争力和盈利能力，具备显著的价格敏感性。
免责声明：本文基于海南矿业披露的法律意见书内容整理，旨在为投资者提供信息参考，不构成任何投资建议。投资者应结合自身风险偏好，理性决策。公司后续实际经营及审批进展，仍存在不确定性。请以公司在交易所公告为准。
English Version
Hainan Mining to Acquire Controlling Stake in Fengrui Fluorine Industry for RMB 1.45 Billion, Plans RMB 826 Million Supporting Placement
Key Highlights:
- Hainan Mining (the “Company”) plans to acquire a 69.8959% stake in Luoyang Fengrui Fluorine Industry Co., Ltd. (“Fengrui Fluorine”) by issuing shares and paying cash, with a total transaction price of RMB 1.4538 billion.
- Simultaneously, the Company will issue shares to no more than 35 qualified investors in a private placement, raising up to RMB 826 million as supporting funds, mainly for paying the cash portion of the acquisition, replenishing working capital, repaying loans, and covering intermediary fees.
- Upon completion, Fengrui Fluorine will become a controlling subsidiary of Hainan Mining, further expanding the Company’s layout in the fluorochemical industry chain.
- The sellers are Wang Zhongxi, Wang Chen, and Badi Investment, holding a total of 69.8959% of Fengrui Fluorine.
- This transaction does not constitute a major asset restructuring nor a backdoor listing, and will not change the Company’s controlling shareholder. However, as the sellers will collectively hold over 5% of Company shares, it is classified as a related-party transaction.
- The purchase price was determined using the asset-based valuation method. Shares will be issued at RMB 8.60 per share, with a total of approx. 118 million new shares to be issued.
- New shares will be locked up for 12 months, with phased unlocking linked to performance commitments.
- The target assets have clear property rights and have completed all necessary preliminary approvals, but the deal still requires shareholder approval, SSE and CSRC review and registration.
- Fengrui Fluorine holds 8 mining licenses, 52 patents, and is fully licensed for its fluorite mining and fluorochemical production business.
- Fengrui received an administrative penalty for unauthorized construction, but this is not considered a major violation and does not affect the transaction’s legality.
- Some Fengrui assets are pledged or under lease financing; some land and buildings lack property certificates, but local authorities have confirmed continued lawful use.
Details & Analysis
1. Transaction Structure & Pricing
The Company will acquire RMB 150 million registered capital (69.8959% equity) of Fengrui Fluorine from the three sellers for RMB 1.4538 billion. Of this, RMB 436 million will be paid in cash (mainly to Wang Zhongxi), and the remainder in shares (issued at RMB 8.60 per share, totaling approximately 118 million shares).
Supporting funds of up to RMB 826 million will be raised from no more than 35 investors, to pay the cash consideration, supplement working capital, repay loans, and cover transaction costs. The issue price for this placement will not be lower than 80% of the average closing price of the Company’s shares over the 20 trading days prior to pricing, and the number of shares issued will not exceed 30% of the pre-issue share capital.
2. Performance Commitments & Lock-up
Sellers will sign a performance guarantee and make up for underperformance as agreed. Lock-up is 12 months for new shares, with phased unlocking based on performance achievements. Additional shares received by way of bonus issues or capital reserves will also be subject to lock-up.
3. Target Asset Profile
Fengrui Fluorine, with RMB 214.6 million registered capital, is engaged in fluorite mining and fluorochemical production, holding 8 mining licenses, 52 patents, 1 trademark, and 1 domain name. Mining capacity is about 740,000 tons/year, with a focus on fluorochemical products.
The company holds all main business qualifications, with some land and buildings yet to obtain property rights certificates. Local authorities have given written assurance that this does not affect legal usage or ongoing operations.
4. Debt & Financing
Some Fengrui assets are under pledge or lease financing with institutions including AgBank, BoCom, CCB, SPDB, Everbright Trust, Far East Leasing, and Haitong Leasing. These arrangements are for day-to-day liquidity and do not restrict normal operations.
5. Corporate History & Share Changes
Fengrui has undergone multiple capital increases and share transfers since 2007. Hainan Mining became a significant shareholder after an August 2025 capital injection. Post-acquisition, Hainan Mining will become the controlling shareholder.
6. Compliance & Administrative Penalties
Fengrui Fluorine was fined for unauthorized construction in 2024, but local authorities confirmed it was not a major violation and does not hinder this transaction.
7. Related-Party Transactions & Competition
After the deal, the three sellers will own over 5% of Hainan Mining, making them related parties. They have made formal commitments to reduce and regulate related transactions and avoid competition with the listed company. Major shareholder Fosun Hi-Tech and actual controller Guo Guangchang have also issued non-competition promises.
8. Approvals & Implementation
The deal has board, major shareholder, and minority investor approval, but still requires shareholder meeting, SSE, and CSRC approval. There are no substantive legal obstacles to implementation post-approval.
Shareholder/Investor Impact & Risk Warning
- This acquisition and fundraising will significantly enhance Hainan Mining’s competitiveness in the fluorochemical industry, expand its resource base, and strengthen its business sustainability.
- Supporting funds will improve the capital structure and reduce financial risk, enhancing profitability.
- While asset rights are generally clear, some land and buildings lack certificates, but authorities have confirmed uninterrupted lawful use.
- Significant asset pledges and lease financing exist, so investors should monitor the company’s debt service and refinancing ability.
- Performance commitments and compensation protect shareholder interests.
- Sellers will become new major shareholders, so future related transactions and corporate governance merit ongoing attention.
- This does not constitute a major asset restructuring or backdoor listing, keeping regulatory risk under control.
- If approvals are delayed or performance targets missed, company operations and share price could be negatively impacted.
Special Notice
This is a material acquisition with a large transaction amount and complex integration, subject to multi-level regulatory review. Investors should closely follow subsequent Company announcements and be aware of the associated risks and uncertainties. If approved and implemented, the deal is expected to have a significant positive impact on Hainan Mining’s core business and profitability, with strong potential as a price-sensitive event.
Disclaimer: This article is a summary and analysis of publicly disclosed legal opinions by Hainan Mining. It does not constitute investment advice. Investors should make decisions based on their own risk appetite and official Company disclosures. Actual results and regulatory progress may differ. Please refer to Company announcements for the latest information.
