四川宏达股份收购持续督导意见报告：蜀道集团收购、资产交付与后续计划落实情况

四川宏达股份有限公司收购报告书持续督导意见详解

近日，华泰联合证券有限责任公司作为蜀道投资集团有限责任公司（蜀道集团）收购四川宏达股份有限公司（宏达股份）的财务顾问，发布了持续督导意见报告。该报告覆盖了2026年第一季度（2026年1月1日至2026年3月31日），详细披露了收购事项、承诺履行、后续计划、公司治理及规范运作情况，对投资者具有重要参考价值。

一、收购资产交付及过户情况

收购前，蜀道集团直接和间接持有宏达股份31.31%的股权，为控股股东，四川省国资委为实际控制人。
收购方案实施后，蜀道集团以现金认购宏达股份向特定对象发行的全部609,600,000股A股，持股比例提升至47.17%，进一步巩固控股地位。
宏达股份完成全部验资和新增股份登记手续，包括资金到账、股权变更、以及中国证券登记结算有限责任公司上海分公司完成证券变更登记。
募集资金总额为人民币2,852,928,000元，扣除发行费用后净额为2,834,758,430.19元。

二、收购人承诺履行情况

蜀道集团及一致行动人在收购报告书中承诺保证上市公司独立性、避免同业竞争、规范关联交易等，并在持续督导期内全部履行，无违背承诺情形。

三、收购人后续计划落实情况

主营业务调整：12个月内无改变宏达股份主营业务或作重大调整计划。如需调整，将严格履行法定程序及信息披露。
资产与业务重组：无出售、合并、合资合作、购买或置换资产的重组计划。如未来发生，将依法披露。
高管及董事变动：2026年2月至3月，宏达股份董事会成员、高管因工作安排及健康原因有正常变动，均依法披露并履行程序。收购人无主动提议变更董事会成员或高管计划。
公司章程：仅对注册资本、股本条款作必要修改，无阻碍收购控制权的条款变动计划。
员工聘用：无重大变动计划。
分红政策：无重大调整计划。
其他影响：无对业务和组织结构有重大影响的计划。
承诺落实：所有后续计划安排均达到预期目标，未出现与此前披露内容有较大差异或无法落实的情况。

四、公司治理及规范运作

宏达股份在持续督导期内严格遵守公司治理制度及内控制度，股东会、董事会独立运作。
未发现控股股东蜀道集团及一致行动人违反公司治理、内控制度规定，未发现宏达股份为收购人及关联方提供担保或借款等损害上市公司利益的情形。

五、其他义务履行情况

收购过程中无其他约定义务，收购人及一致行动人不存在未履行其他约定义务的情况。

对投资者的影响及关注点

控股股东持股比例显著提升至47.17%，公司控制权更为稳固，国资背景加强。
收购及增发完成后，募集资金充足，有利于公司未来发展。
近期高管变动均为正常工作或健康原因，无重大管理风险。
公司治理及运营规范，未现重大违规或利益损害行为。
未来12个月内无重大业务、资产、人员、章程、分红等变动计划，宏达股份经营稳定。

潜在价格影响

控股股东持股比例提升、资金充足、治理规范及稳定预期，有望增强市场信心，提升公司估值水平。高管正常变动不构成重大风险。股东需持续关注公司后续业务发展、资金使用及信息披露。

免责声明：本文内容仅为信息披露和投资参考，不构成投资建议。投资者应结合自身情况和市场变化进行决策，亦可关注公司后续公告。

Detailed Analysis of Sichuan Hongda Co., Ltd. Acquisition Report – Continuous Supervisory Opinion

Recently, Huatai United Securities Co., Ltd., as the financial advisor for Shudao Investment Group’s acquisition of Sichuan Hongda Co., Ltd. (Hongda), issued its continuous supervisory opinion. The report covers the first quarter of 2026 (January 1 to March 31, 2026), and provides comprehensive disclosures on the acquisition, commitments, subsequent plans, corporate governance, and operational compliance. It contains important information for investors.

1. Asset Delivery and Transfer

Before the acquisition, Shudao Group directly and indirectly held 31.31% of Hongda’s shares, acting as the controlling shareholder, with Sichuan SASAC as the actual controller.
After the acquisition, Shudao Group subscribed to all 609.6 million A-shares issued to specific investors, increasing its holding to 47.17%, strengthening its control.
All capital verification and new share registration procedures were completed, including funds received, share registration, and securities registration with China Securities Depository and Clearing Corporation.
Total funds raised: RMB 2,852,928,000; net proceeds after expenses: RMB 2,834,758,430.19.

2. Fulfillment of Commitments

Shudao Group and acting parties pledged to maintain Hongda’s independence, avoid competition, and regulate related transactions. All commitments were fulfilled during the supervisory period, with no violations.

3. Implementation of Subsequent Plans

Main Business Adjustment: No plans to change or significantly adjust Hongda’s main business within 12 months. Any future changes will follow legal procedures and disclosure requirements.
Asset and Business Reorganization: No plans for sale, merger, joint venture, asset purchase or swap. Any future events will be disclosed as required by law.
Board & Management Changes: In Q1 2026, some management resigned due to work or health reasons; replacements were appointed following legal procedures and disclosures. No plans for further changes.
Company Charter: Only necessary amendments related to capital/stock; no plans to modify clauses hindering control.
Employee Hiring: No major changes planned.
Dividend Policy: No major adjustments planned.
Other Impacts: No plans with significant impact on business or structure.
Commitment Implementation: All subsequent plans have met expected goals; no major deviations or risk of non-implementation.

4. Corporate Governance and Compliance

Hongda operated strictly according to governance and internal control rules during the supervisory period; shareholders’ and board meetings were independent.
No violations of governance or internal controls by controlling shareholder or acting parties; no evidence of Hongda providing guarantees or loans to controlling parties harming company interests.

5. Other Contractual Obligations

No other contractual obligations in the acquisition; no unfulfilled obligations.

Investor Impact and Key Points

Controlling shareholder holding increases to 47.17%, solidifying company control and state-owned background.
Sufficient funds raised post-acquisition support future development.
Recent management changes are normal and not indicative of major risk.
Corporate governance and operations are compliant and stable.
No major changes planned for business, assets, personnel, charter, dividend policy in next 12 months; stable outlook for Hongda.

Potential Price Impact

The strengthened controlling stake, ample capital, sound governance, and stable future plans are likely to boost investor confidence and support valuation. Management changes do not pose significant risk. Shareholders should monitor future business developments and capital utilization.

Disclaimer: This article is for information and investment reference only and does not constitute investment advice. Investors should make decisions based on their own circumstances and market changes, and monitor further company announcements.