龙元建设集团股份有限公司：宁波开海自有资金投资发展有限公司发起部分要约收购公司股份公告详细解读
要约收购基本信息
- 收购方：宁波开海自有资金投资发展有限公司（以下简称“开海投资”）
- 收购目标：龙元建设集团股份有限公司（简称“ST龙元”，股票代码：600491）
- 要约收购股份数量：91,786,000股，占公司总股本的6%
- 要约价格：1.25元/股，支付方式为现金
- 要约有效期：2026年7月28日至2026年8月26日
- 申报代码/简称：770006/龙元收购
- 申报方向：预受要约应申报卖出，撤销已预受的要约应申报买入
要约价格的计算依据与合规性
要约价格1.25元/股，依据法律法规进行计算。具体为：在要约收购报告书摘要公告日前6个月内，收购人无买入公司股票的行为；在公告日前30个交易日内，股票每日加权平均价格的算术平均值为1.25元/股（向上取整）。因此，要约价格符合《收购管理办法》第三十五条规定。
要约收购流程及关键时间节点
- 要约收购申报：在要约期间，股东可在每个交易日通过证券公司营业部办理预受要约手续，已申报预受要约的股份临时保管，不能转让、转托管或质押。
- 申报数量限制：仅限于股东账户中无质押、司法冻结或其他权利限制的股份。
- 撤回预受要约：要约收购期限届满前三个交易日前，股东可撤回预受要约。当出现竞争要约时，股东可撤回初始要约。
- 余股处理：如预受要约股份总数超过91,786,000股，将按比例收购，计算公式为：每个股东获收购股份数=该股东预受要约股份数 ×（91,786,000 ÷ 预受总股数）。如有零碎股，按结算公司规则处理。
- 资金保障：开海投资已将要约收购资金1.147亿元存入指定结算账户，确保履约。
- 过户与清算：要约期满后办理股份过户，具体时间另行公告。要约收购结果及清算公告也会及时发布，投资者需关注资金发放日。
对投资者和股东的重要提示及潜在影响
- 价格敏感信息：本次要约价格1.25元/股，较当前市场价具有参考意义。若公司股票在要约期间产生除权除息事项（如派息、送股、转增股本等），要约价格和收购股份数将作相应调整。
- 股份流动性影响：已申报预受要约的股份被冻结，不能再进行转让、转托管或质押，直至要约期结束或撤回。
- 公司控制权变动风险：如要约成功，收购人持股比例提升，可能对公司治理及未来战略产生影响。
- 交易正常：要约期间公司股票正常交易，投资者可自主决定是否参与要约。
- 要约收购公告及过程透明：每个交易日开市前，收购方将公布前一日预受及撤回要约情况，便于投资者及时掌握进展。
- 手续费及税费：股份过户时，相关税费按照A股交易标准执行。
投资者操作建议
- 投资者若有意参与要约，应在有效期内通过证券公司办理预受要约手续。
- 如需撤回预受要约，需在要约期届满前三个交易日前完成申请。
- 及时关注公司公告及指定信息披露媒体，掌握最新进展。
- 理性判断要约价格是否符合自身预期及投资策略，警惕可能的市场波动风险。
联系方式
- 证券部联系电话：021-65615689
- 邮箱：[email protected]
- 指定信息披露媒体：《中国证券报》、《上海证券报》及上海证券交易所网站（http://www.sse.com.cn）
结语
本次要约收购为公司股权结构带来潜在变数，价格及收购比例或对公司估值及股价表现产生影响。建议投资者密切关注相关公告与市场动态，做出理性投资决策。
免责声明：本文内容仅供参考，不构成投资建议。投资有风险，入市需谨慎。投资者应根据自身情况做出理性判断，必要时请咨询专业顾问。
English Version
Longyuan Construction Group Co., Ltd.: In-Depth Reading of the Partial Tender Offer Initiated by Ningbo Kaihai Proprietary Capital Investment Development Co., Ltd.
Key Facts of the Tender Offer
- Acquirer: Ningbo Kaihai Proprietary Capital Investment Development Co., Ltd. (“Kaihai Investment”)
- Target: Longyuan Construction Group Co., Ltd. (“ST Longyuan”, Stock Code: 600491)
- Tendered Shares: 91,786,000 shares, accounting for 6% of the company’s total share capital
- Tender Offer Price: RMB 1.25 per share (cash)
- Offer Period: July 28, 2026 to August 26, 2026
- Application Code/Short Name: 770006 / Longyuan Acquisition
- Application Direction: To participate in the tender, shareholders should submit a sell order. To withdraw, submit a buy order.
Calculation Basis and Compliance of Offer Price
The offer price of RMB 1.25/share is based on relevant laws and regulations. In detail: the acquirer did not purchase company shares in the 6 months prior to the announcement; the arithmetic average of the weighted average prices of the shares in the 30 trading days prior to the announcement is RMB 1.25/share (rounded up). Thus, the offer price complies with Article 35 of the Measures for the Administration of the Takeover of Listed Companies.
Tender Offer Process and Key Timelines
- Application: During the offer period, shareholders can apply via their securities companies during trading hours. Shares tendered will be temporarily frozen and cannot be transferred, re-entrusted, or pledged.
- Quantity Limit: Only shares without pledge, judicial freeze, or other restrictions can be tendered.
- Withdrawal: Shareholders may withdraw their tender applications up to three trading days before the deadline. In case of a competing offer, shareholders may withdraw from the initial offer.
- Oversubscription Handling: If tendered shares exceed 91,786,000, allocation will be proportionate: Shares bought from each shareholder = tendered shares by shareholder × (91,786,000 ÷ total tendered shares). Odd-lot shares will be handled per settlement company rules.
- Funds Security: The acquirer has deposited RMB 114,732,500 as performance bond in the designated account to ensure payment.
- Transfer & Settlement: Post-offer, shares will be transferred accordingly and results will be announced. Investors should pay attention to the fund distribution date.
Key Points and Potential Impact for Investors
- Price Sensitive Information: The offer price of RMB 1.25/share may be meaningful versus the current market price. If there are ex-rights/ex-dividend events during the offer period (e.g., dividends, bonus shares, capital increases), the offer price and number of shares to be acquired will be adjusted.
- Liquidity Impact: Tendered shares are frozen and cannot be traded until the offer period ends or the application is withdrawn.
- Control Risk: If the offer succeeds, the acquirer’s shareholding will increase, potentially impacting corporate governance and future strategy.
- Normal Trading: The company’s shares will trade as usual during the offer period; investors can choose whether to participate.
- Transparency: Daily updates on tender and withdrawal will be published before market open, keeping investors informed.
- Fees & Taxes: Standard A-share transaction taxes and fees apply to the share transfer.
Investor Recommendations
- To participate, apply through your securities company within the offer period.
- To withdraw, do so at least three trading days before the offer closes.
- Monitor company announcements and designated disclosure media for updates.
- Assess if the offer price matches your investment goals and beware of market volatility risks.
Contact Information
- Securities Department Phone: 021-65615689
- Email: [email protected]
- Designated disclosure media: China Securities Journal, Shanghai Securities News, and the SSE website (http://www.sse.com.cn)
Conclusion
This tender offer could significantly influence the company’s shareholding structure, valuation, and stock price. Investors are advised to closely monitor developments and make rational investment decisions.
Disclaimer: The content above is for reference only and does not constitute investment advice. Investment involves risks. Please evaluate your situation carefully or consult a professional advisor.
