宁波开海自有资金投资发展有限公司发布对龙元建设集团6%股份的部分要约收购方案
要约收购方案核心内容解读
宁波开海自有资金投资发展有限公司（以下简称“开海投资”）已正式发布部分要约收购龙元建设集团股份有限公司（简称“ST龙元”）的详细方案。本次要约收购由甬兴证券有限公司担任财务顾问，并已于2026年7月2日完成设立，实际控制人为宁波市人民政府国有资产监督管理委员会。
要约收购基本情况
- 收购股份数量：91,786,000股，占ST龙元总股本的6.00%。
- 要约价格：每股1.25元，全部以现金支付。
- 收购股份类型：无限售条件流通股。
- 要约收购期限：2026年7月28日至2026年8月26日，共30个自然日。
- 最高需支付收购资金总额：114,732,500元，已全额存入指定履约账户，资金来源为开海投资自有资金。
- 若要约期间发生派息、送股、转增等事项，将对要约价格及股份数量做相应调整。
- 收购人本次收购前未持有上市公司股份。
本次收购对公司及股东影响分析
- 本次要约收购完成后，开海投资将持有6.00%股权，明确不会成为控股股东或实际控制人，不会主导公司重大事项决策。
- 收购人及其控股股东、实际控制人近期无变化，控股股东宁波开投由宁波市国资委实际控制。
- 收购人承诺不影响上市公司资产、人员、财务、业务、机构独立性，并已出具规范与减少关联交易、保证公司独立性的承诺函。
- 收购人主营为投资，和上市公司主营业务无同业竞争。
- 收购人表示未来12个月无改变公司主营或进行重大资产重组、董事/高管调整、员工聘用计划大变动及分红政策调整的明确计划。
- 收购人无在股价操纵、未披露一致行动人、收购价外的补偿安排等违规情形。
- 收购人及高管、控股股东、实际控制人最近五年无与证券市场相关的行政或刑事处罚，无重大经济纠纷。
- 若预受要约股份超过计划收购量，将按同等比例收购，余股按中登公司零碎股规则处理。
- 本次要约收购不以终止上市地位或取得控制权为目的，收购完成后公司股权分布仍符合法规规定。
对投资者和公司治理的重大影响及提示
1. 要约价格定价公允：本次要约收购价1.25元/股，等于要约公告日前30个交易日的算术平均价，符合监管要求，未低于法定标准。
2. 资金实力与合规性：全部资金为开海投资自有，资金已全额到位，未涉及上市公司及关联方资金，亦无质押融资、资产置换等敏感情形。
3. 未来可能影响股价事项：
- 国资背景资金大举入场并进行公开要约，可能提振市场信心，提升公司治理水平，短期内对股价产生积极影响。
- 要约价格与市价关系及要约应答情况将影响二级市场表现，投资者应密切关注后续预受要约数据及要约结果公告。
- 收购人未来12个月暂无重大经营变动计划，短期经营稳定性较强，但后续如有重组、管理层变化、业务调整等事项可能对公司产生深远影响，投资者需持续跟踪。
4. 风险与不确定性提示：本次要约仅为部分收购，收购后收购人并不获得控制权，上市公司治理结构短期不变；要约未被完全接受或市场环境变动仍可能影响股价。
办理方式及投资者注意事项
- 符合条件的股东可在要约期内通过托管证券公司营业部办理预受要约、撤回等手续。
- 要约期最后三日预受要约不可撤回，需提前规划操作。
- 开海投资已委托甬兴证券办理结算、过户等事宜。
结论
本次由国资背景企业发起的部分要约收购，资金实力雄厚，定价公允，方案透明规范，短期内有望提升市场信心和公司治理稳定性。投资者应关注要约结果、后续公司公告及国资入主后潜在的资源整合、经营协同等中长期影响。同时，需警惕要约收购未达预期、市场环境变化等带来的不确定性。
免责声明：本文内容仅供信息参考，不构成任何投资建议。股市有风险，投资须谨慎。投资者应结合自身情况和专业意见作出决策。
English Translation (for international investors):
Ningbo Kaihai Investment Proposes Partial Tender Offer for 6% Stake in Longyuan Construction Group
Key Details of the Tender Offer
Ningbo Kaihai Investment Co., Ltd. (“Kaihai Investment”) has officially launched a partial tender offer to acquire 6% of Longyuan Construction Group Co., Ltd. (“ST Longyuan”). The offer is coordinated by Yongxing Securities, and Kaihai Investment was established on July 2, 2026, under the ultimate control of the State-owned Assets Supervision and Administration Commission of Ningbo Municipal Government.
Main Terms of the Tender Offer
- Number of shares: 91,786,000 shares, representing 6.00% of total share capital.
- Offer price: RMB 1.25 per share, payable in cash.
- Share type: Unrestricted outstanding shares.
- Offer period: July 28, 2026, to August 26, 2026 (30 calendar days).
- Maximum total consideration: RMB 114,732,500, already deposited in a designated escrow account, sourced entirely from Kaihai’s own funds.
- Adjustments will be made to price and quantity in case of ex-dividend, bonus issue, or capital increase during the offer period.
- Kaihai holds no shares in ST Longyuan prior to this offer.
Potential Impact on the Company and Shareholders
- Post-offer, Kaihai will hold 6.00% and will not become a controlling shareholder or exercise de facto control.
- No recent changes in ultimate controllers; main shareholder Ningbo Kaitou remains under local state asset management.
- Kaihai has made formal undertakings to maintain company independence and minimize related-party transactions.
- Kaihai’s business is investment and does not compete with Longyuan’s core business.
- No plans in the next 12 months for major business changes, asset restructuring, management or staff changes, or dividend policy adjustment.
- No evidence of price manipulation, undisclosed concert parties, or side payments.
- No relevant regulatory or criminal penalties in the past five years for key persons or controlling shareholders.
- If tendered shares exceed the planned amount, allocation will be pro-rata; odd-lots handled per clearing house rules.
- This offer is not intended to delist or acquire control, and equity distribution will remain compliant post-offer.
Price-Sensitive and Shareholder-Relevant Information
1. Offer Price Fairness: The price matches the average price over the 30 trading days before announcement and meets regulatory requirements.
2. Funding Strength and Compliance: The funds are fully in place, sourced from Kaihai itself, with no involvement or financing from the listed company or affiliates.
3. Potential Price-Moving Factors:
- Significant state-owned capital entry and public tender may boost market confidence and enhance governance, potentially supporting the share price.
- How the market responds (tender acceptance rate, price movements vs. offer price) will influence short-term price action.
- While near-term operations are stable, any future restructuring, management changes, or business adjustments could have significant long-term effects.
4. Risks & Uncertainties: As this is a partial offer, Kaihai will not gain control. If the offer is undersubscribed or market factors change, prices may be volatile.
How to Participate & Key Reminders
- Eligible shareholders can participate via their securities firms during the offer period.
- Offers cannot be withdrawn in the final three days, so timing is crucial.
- Yongxing Securities is authorized to handle settlements and transfers.
Conclusion
This state-backed, well-funded partial tender offer is transparent, compliant, and could enhance market confidence and company stability in the near term. Investors should monitor tender results and subsequent announcements for further implications, especially regarding potential long-term strategic changes. Ongoing market and regulatory risks remain.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investing in the stock market involves risks; please make decisions prudently and consult professionals as needed.
