赤峰黄金签署战略投资协议暨关联交易 全面详解

一、重大事项概述

2026年3月22日，赤峰吉隆黄金矿业股份有限公司（下称“赤峰黄金”或“公司”）发布公告称，公司控股股东李金阳女士及其一致行动人浙江瀚丰创业投资合伙企业（有限合伙）（下称“浙江瀚丰”），与紫金矿业集团股份有限公司（下称“紫金矿业”）全资子公司紫金黄金（集团）有限公司（下称“紫金黄金”）签署《股份转让协议》，以每股41.36元价格向紫金黄金转让其合计持有的241,925,746股公司A股股票。与此同时，公司董事会审议通过，与紫金黄金签署《战略投资协议》，拟以每股30.19港元的价格，在香港联合交易所有限公司（联交所）向紫金黄金定向增发310,902,731股H股股票。该定向发行总金额高达93.86亿港元，发行完成后，紫金黄金将成为公司控股股东，持股比例达25.85%。

二、交易结构与影响

• 本次交易分两部分：一是李金阳女士及一致行动人浙江瀚丰转让其全部持股给紫金黄金，合计241,925,746股，占公司当前总股本的12.73%。
• 二是公司向紫金黄金定向增发310,902,731股H股，约占发行后公司总股本的16.36%。发行价为每股30.19港元，较协议签署前H股60个交易日均价有一定折让（约83%）。
• 本次H股发行募集资金扣除发行费用后，将用于公司海外业务扩展（如新建发电厂、矿山勘探、设备购置、加工厂升级扩建、地下开采等）、收购优质矿业资产及一般公司用途。
• 本次H股发行完成后，紫金黄金及其一致行动人将合计持有公司571,661,877股，占总股本的25.85%，成为控股股东。

三、对投资者及股东的重要影响

• 控股权变更：本次交易完成后，公司实际控制人将变更为紫金黄金，紫金矿业实际控制人变为上杭县财政局。
• 资本实力提升：定向增发将大幅提升公司资本实力和规模，有助于增强公司核心竞争力、盈利能力及业务持续增长。
• 战略协同：与紫金矿业、紫金黄金进一步深化战略协同，有望实现资源、资金、管理等多方面协同效应，推动公司长期可持续发展。
• 资金用途清晰：募集资金明确用于海外扩张和优质资产收购，将有助于公司业务多元化和增长空间拓展。
• 限售安排：紫金黄金认购的本次H股发行股份在联交所上市后限售期为18个月。
• 利润分配安排：增发前滚存的未分配利润，由新老股东共享。
• 历史关联交易：此前紫金矿业其他子公司已持有公司0.99%股权，公司也曾通过子公司投资紫金黄金国际有限公司（相关股票已于2025年处置）。

四、定价依据与合理性

本次H股发行价格为30.19港元，约为签署协议前H股60日均价的83%。定价参考了市场交易价格、成交量、金价波动、公司业务前景及紫金黄金的战略协同价值，具备合理性。

五、审议与程序合规

• 本次关联交易已于2026年3月22日分别通过公司审计委员会、独立董事专门会议及董事会审议，并将提交股东大会表决。
• 与交易有关的关联方将在股东会上放弃表决权，确保决策公平。
• 本次H股发行还需获得国家市场监管总局反垄断审查、联交所及其他监管机构审批。

六、风险提示

本次H股发行尚需股东大会、监管机构及联交所批准，存在一定不确定性。公司将及时履行信息披露义务，敬请投资者理性投资，注意投资风险。

七、结论与展望

本次交易属于公司重大资本运作，控股权变更、资金实力提升及与紫金黄金的深度合作，均为重大利好，有望对公司估值和市场表现产生积极影响，值得投资者高度关注。

免责声明：本文仅供投资者参考，不构成任何投资建议。投资者据此进行投资，需自行承担风险。

English Version (for reference):

Chifeng Gold Signs Major Strategic Investment and Related Party Transaction

1. Overview of Major Events

On March 22, 2026, Chifeng Jilong Gold Mining Co., Ltd. (“Chifeng Gold” or “the Company”) announced that the company’s controlling shareholder, Ms. Li Jinyang, and her concerted actor Zhejiang Hanfeng Venture Investment Partnership (Limited Partnership) (“Zhejiang Hanfeng”), have signed a Share Transfer Agreement with Zijin Mining Group’s wholly-owned subsidiary Zijin Gold (Group) Co., Ltd. (“Zijin Gold”) to transfer their entire holding of 241,925,746 A-share company shares at RMB 41.36/share. Simultaneously, the board approved a Strategic Investment Agreement with Zijin Gold for a private placement of 310,902,731 H-shares at HKD 30.19/share on the Hong Kong Stock Exchange, totaling HKD 9.386 billion. Upon completion, Zijin Gold will become the controlling shareholder with a 25.85% stake.

2. Transaction Structure and Impact

• The deal has two parts: (1) Ms. Li Jinyang and Zhejiang Hanfeng sell all their shares (12.73% of total) to Zijin Gold; (2) The company issues 310,902,731 H-shares (16.36% of enlarged share capital) to Zijin Gold at HKD 30.19/share.
• The funds raised (after expenses) will be used for overseas business expansion (new power plants, exploration, mining infrastructure, equipment, processing plant upgrades, underground mining, etc.), acquisition of quality mining assets, and general corporate purposes.
• Post-transaction, Zijin Gold and concerted parties will hold 571,661,877 shares (25.85%) and become the controlling shareholder.

3. Key Shareholder and Price-Sensitive Points

• Change in Control: Zijin Gold will become the controlling shareholder; actual controller changes to the Finance Bureau of Shanghang County.
• Capital Strength: The placement will significantly boost the company’s capital and core competitiveness, supporting further business growth.
• Strategic Synergy: Deeper cooperation with Zijin Mining and Zijin Gold may yield significant resource and management synergy benefits.
• Use of Funds: Funds will be directed towards overseas expansion and quality asset acquisition, broadening business horizons.
• Lock-up Period: The new H-shares will be subject to an 18-month lock-up.
• Profit Distribution: Pre-placement retained profits will be shared by new and existing shareholders.
• Related Party Transactions: Prior minor shareholding and past investments involving Zijin-related entities are disclosed as background.

4. Pricing Basis and Fairness

The H-share placement price (HKD 30.19) is ~83% of the average closing price in the 60 trading days before signing, based on market conditions, gold prices, and strategic value.

5. Review and Compliance

• The transaction has been approved by the Audit Committee, Independent Directors, and Board, and will be submitted for shareholder approval.
• Related parties will abstain from voting on relevant resolutions.
• Anti-trust and other regulatory approvals are required.

6. Risk Warning

The placement is subject to shareholder and regulatory approval and is not yet finalized. Investors should be aware of uncertainties and pay attention to further disclosures.

7. Conclusion

This is a major capital and structural event for Chifeng Gold, bringing a new controlling shareholder, strategic partnership, and capital injection. It is highly relevant and likely to influence the company’s share price and investor sentiment.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors should assess risks independently.

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