根据方案，五新隧装拟通过发行股份及支付现金的方式，收购湖南中铁五新重工有限公司100%股权和 怀化市兴中科技股份有限公司99.9057%股权，交易价格合计约26.5亿元，并募集配套资金不超过1亿 元。 9月29日，五新隧装本次重大资产重组通过北交所并购重组委会议审核；10月10月提交注册。 五新隧装认为，本次申请中止不会对公司生产经营及本次交易的继续推进产生重大不利影响，公司与相 关中介机构正在积极推进加期审计等相关工作。 新京报贝壳财经讯（记者黄鑫宇）北交所上市公司首例重大资产重组案，出现新变化。 10月31日，湖南五新隧道智能装备股份有限公司（即"五新隧装"，920174.BJ）发布《关于申请中止注 册发行股份及支付现金购买资产并募集配套资金暨关联交易事项的公告》。 《公开发行证券的公司信息披露内容与格式准则第 56 号——北京证券交易所上市公司重大资产重组》 第三十二条规定：上市公司应当提供本次交易所涉及的相关资产的财务报告和审计报告。经审计的最近 一期财务资料在财务会计报表截止日后六个月内有效，特别情况下可申请适当延长，但延长时间至多不 超过一个月。 公告显示，五新隧装本次交易申请文件中财务数据基准日 ...

（文章来源：中国证券报） 人民财讯10月13日电，10月10日，北交所官网显示，湖南五新隧道智能装备股份有限公司并购重组审核 状态变更为"提交注册"，标志着北交所首单以"股份+现金"混合支付方式进行的并购案例取得关键进 展。业内人士表示，北交所并购重组市场正迎来高度活跃期，政策红利释放与监管包容度提升，为创新 型中小企业通过并购做大做强提供肥沃土壤。 ...

Core Viewpoint - The news highlights the significant progress of Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd.'s merger and acquisition (M&A) process, marking the first case on the Beijing Stock Exchange (BSE) to utilize a "shares + cash" mixed payment method, indicating a vibrant M&A market for innovative small and medium-sized enterprises (SMEs) [1][2]. Group 1: M&A Activity - Hunan Wuxin Tunnel plans to acquire 100% equity of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and 99.9057% equity of Huaihua Xingzhong Technology Co., Ltd. for a total transaction price of approximately 2.65 billion yuan, with additional fundraising not exceeding 100 million yuan [2]. - The two target companies are recognized as national-level specialized "little giant" enterprises, which will create significant synergies with Wuxin Tunnel, enhancing its capabilities in intelligent logistics and infrastructure equipment [2][4]. Group 2: Market Trends - Since 2025, the BSE's M&A market has been increasingly active, with 37 significant investment and M&A events recorded by October 8, 2025, including 12 major events since September 24, 2024, and 10 since June 2025 [4]. - Most companies on the BSE have strong cash flows, primarily acquiring assets through cash transactions, with a focus on industry synergy and expansion into overseas markets [4][6]. Group 3: Policy Impact - The active M&A market is closely linked to ongoing policy optimizations, including the China Securities Regulatory Commission's measures to support company transformations and enhance regulatory flexibility [5]. - The introduction of a "small and fast" review mechanism and simplified procedures for restructuring has made transaction designs more innovative, leading to a variety of M&A pathways [5][6].

Core Viewpoint - The North Exchange's merger and acquisition (M&A) market is experiencing significant activity, with policy incentives and increased regulatory tolerance providing a fertile ground for innovative small and medium-sized enterprises to grow through acquisitions [1][5]. Group 1: M&A Activity - Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd. has made progress in its acquisition restructuring, marking the first case on the North Exchange using a "shares + cash" mixed payment method, with a total transaction price of approximately 2.65 billion yuan [2][4]. - The acquisition involves purchasing 100% of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and 99.9057% of Huaihua Xingzhong Technology Co., Ltd., both of which are recognized as national-level specialized and innovative "little giant" enterprises [2][4]. - The North Exchange has seen 37 significant investment and M&A events since 2025, with 12 occurring after September 24, 2024, indicating an acceleration in M&A activities [4]. Group 2: Policy and Regulatory Environment - The active M&A market is closely linked to ongoing policy optimizations, including the China Securities Regulatory Commission's measures to support companies in transforming and upgrading towards new productive forces [5][6]. - The North Exchange has introduced a "small-scale rapid" review mechanism and simplified review procedures for restructurings, enhancing flexibility in payment methods, financing channels, and pricing mechanisms [5][6]. - The "six measures" policy released in September 2024 aims to encourage industry integration and improve regulatory tolerance, further stimulating M&A activities [5][6]. Group 3: Trends in M&A - Companies on the North Exchange are focusing on vertical expansion, business upgrades, and market expansion, with many acquisitions aimed at enhancing supply chain security and entering high-growth sectors [6]. - The trend of horizontal integration through share issuance and capital increase is evident among equipment manufacturing companies, aiming to build a second growth curve [6]. - The successful registration of Wuxin Tunnel's M&A plan is seen as a positive start, with expectations for continued vitality in the M&A market as policy incentives unfold [6].

10月10日，北交所官网显示，湖南五新隧道智能装备股份有限公司并购重组审核状态变更为"提交注 册"，标志着北交所首单以"股份+现金"混合支付方式进行的并购案例取得关键进展。业内人士表示，北 交所并购重组市场正迎来高度活跃期，政策红利释放与监管包容度提升，为创新型中小企业通过并购做 大做强提供肥沃土壤。 为市场提供可行范本 根据五新隧装公告，公司拟通过发行股份及支付现金方式，购买湖南中铁五新重工有限公司100%股权 和怀化市兴中科技股份有限公司99.9057%股权，交易价格合计约26.5亿元，并募集配套资金不超过1亿 元。 ● 本报记者 罗京 值得一提的是，从北交所上市公司并购案例看，多数公司现金流较为充沛，基本上以现金方式收购资产 为主，青矩技术、易实精密、铁大科技等多家北交所公司均采用这一方式拓展业务领域。 同时，并购方向紧紧围绕产业协同，大部分公司收购都与核心业务展开协同、拓展海外市场以及产业链 整合相关。开源证券表示，对于处于成长期的北交所公司来说，并购可以帮助快速实现业务的多元化和 优化，通过收购具有互补性的业务，企业能够增强自身的核心竞争力。 政策红利催化并购活力 北交所并购重组市场的活跃，与政策面 ...

9月30日，北交所个股合计成交量6.79亿股，成交额161.42亿元，成交额相对上一交易日减少7.93亿元， 个股来看，收盘上涨的共108只。 证券时报·数据宝统计显示，今日可交易北交所个股中，收盘股价上涨的有108只，占可交易个股的 39.13%，收盘涨幅居前的有*ST云创、同力股份、七丰精工，分别上涨13.11%、5.79%、4.85%。收盘股 价下跌的有162只，跌幅居前的有锦华新材、路桥信息、五新隧装等，分别下跌12.23%、6.55%、 5.91%。 成交方面，全天成交额超亿元的股票共有40只，成交额居前的北交所股票有锦华新材、贝特瑞、五新隧 装等，成交额分别为7.65亿元、4.69亿元、4.05亿元。 股票活跃度来看，今日可交易的北交所个股中，换手率超10%的有10只，其中，1股换手率超20%，换 手率在5%~10%之间的有28只，换手率在1%~5%之间的有220只。全天换手率居前的股票有锦华新材、 灵鸽科技、天宏锂电等，换手率分别为49.77%、17.52%、16.39%。（数据宝） 北交所个股今日成交明细 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 换手率（%） | 成交额（万 ...

Group 1 - The core viewpoint of the news is that Wuxin Tunnel Equipment plans to acquire 100% equity of Hunan China Railway Wuxin Heavy Industry Co., Ltd. and 99.9057% equity of Huaihua Xingzhong Technology Co., Ltd. for a total transaction price of approximately 2.65 billion yuan, with additional fundraising not exceeding 100 million yuan [2] - Both acquired companies, Xingzhong Technology and Wuxin Heavy Industry, are recognized as national-level specialized and innovative "little giant" enterprises, which will create effective synergy with Wuxin Tunnel Equipment's existing tunnel intelligent equipment business [2] - The completion of this transaction is expected to significantly enhance Wuxin Tunnel Equipment's revenue scale and profitability, as both Xingzhong Technology and Wuxin Heavy Industry possess competitive advantages in their respective fields, complementing the existing tunnel engineering equipment business [2] Group 2 - The acquisition case of Wuxin Tunnel Equipment is noted as the first stock issuance asset purchase project following the release of the "Six Merger Rules" by the Beijing Stock Exchange, demonstrating strong exemplary significance [3] - The successful advancement of this case reflects the policy orientation of the Beijing Stock Exchange in supporting listed companies to achieve high-quality development and optimize industrial structure through mergers and acquisitions [3] - This case provides practical reference for more companies listed on the Beijing Stock Exchange to engage in mergers and acquisitions in the future [3]

Core Viewpoint - The company, Wuxin Tunnel Equipment (835174.BJ), announced plans to acquire 100% equity of Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. and 99.9057% equity of Huaihua Xingzhong Technology Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds, which constitutes a related party transaction [1][2]. Group 1: Transaction Details - The transaction requires approval from the China Securities Regulatory Commission (CSRC) for registration, and the timeline for obtaining this registration remains uncertain [1]. - The overall transaction structure includes issuing shares and cash payments, with 86% (approximately 227.78 million yuan) of the transaction price paid in shares and 14% (approximately 37.08 million yuan) in cash [2][3]. - The share issuance price is set at 17.95 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [2]. Group 2: Valuation and Financial Impact - The assessed value of 100% equity of Xingzhong Technology is approximately 187.43 million yuan, while the assessed value of 100% equity of Wuxin Heavy Industry is approximately 91.79 million yuan, leading to a total transaction price of approximately 264.86 million yuan [3][4]. - The company plans to issue a total of 126,896,173 shares, increasing the total share capital to 216,904,891 shares post-transaction [3][4]. Group 3: Shareholding Structure - Prior to the transaction, Wuxin Investment held 35.12% of the company's shares, making it the controlling shareholder. Post-transaction, it will hold 29.81%, while the actual controller, Wang Xincheng, will control 35.95% of the shares [5]. - The public shareholding will remain above 25%, ensuring compliance with listing conditions [5]. Group 4: Fundraising and Regulatory Compliance - The company plans to raise up to 100 million yuan through a competitive bidding process for specific investors, with the funds intended to cover the cash portion of the transaction [6][7]. - The transaction qualifies as a major asset restructuring and related party transaction, meeting the criteria set forth in relevant regulations [7].

Core Viewpoint - The Beijing Stock Exchange (BSE) has approved the first asset acquisition project under the "Six Merger Guidelines," marking a significant step in promoting mergers and acquisitions (M&A) for resource optimization and high-quality development in listed companies [1][3]. Group 1: Transaction Details - Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd. (Wuxin Tunnel) will acquire Huaihua Xingsheng Technology Co., Ltd. and Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. through a combination of issuing shares and cash payments [1]. - The transaction is expected to significantly enhance Wuxin Tunnel's revenue scale and profitability, as the acquired companies complement its existing tunnel engineering equipment business [2]. Group 2: Market Activity and Trends - The M&A market has become increasingly active following the release of the "Six Merger Guidelines," with Wuxin Tunnel's project serving as a model for future high-quality M&A projects [3][7]. - The BSE has seen a rise in M&A projects, indicating a growing demand for listed companies to expand through mergers and acquisitions [3][6]. Group 3: Future Outlook - Analysts suggest that the focus of M&A trends in the BSE should be on integrating quality resources within the same group, extending mergers in new productivity sectors, and expanding through "strong chain and supplement chain" strategies [5]. - The "Six Merger Guidelines" have initiated a new wave of M&A policy relaxation, with regulatory bodies continuously improving measures to support M&A activities [6][7].

Core Viewpoint - The approval of Wuxin Tunnel Equipment's acquisition of assets marks the first successful issuance of shares for asset purchase under the Beijing Stock Exchange's new merger and acquisition guidelines, indicating the effectiveness of the exchange's restructuring mechanism and ongoing market optimization [1][2]. Group 1: Transaction Details - The transaction involves Wuxin Tunnel Equipment acquiring Xiongzhong Technology and Wuxin Heavy Industry, which specialize in traffic infrastructure equipment and port logistics intelligent equipment, respectively [1]. - The merger is expected to create synergies with Wuxin Tunnel Equipment's existing tunnel intelligent equipment business, aiming to establish a comprehensive service system for infrastructure projects covering tunnels, ports, and transportation [1][2]. Group 2: Financial Impact - Post-transaction, Wuxin Tunnel Equipment's revenue scale and profitability are anticipated to significantly improve due to the competitive strengths of Xiongzhong Technology and Wuxin Heavy Industry [2]. - The transaction will enhance the company's overall service capabilities in the infrastructure sector through cost reduction via technology sharing and supply chain integration [2]. Group 3: Market Significance - As the first successful asset purchase project following the "Six Merger Guidelines," this case serves as a strong demonstration of the Beijing Stock Exchange's support for high-quality development and industrial restructuring through mergers and acquisitions [2]. - The successful execution of this transaction provides a practical reference for other companies on the exchange looking to pursue mergers and acquisitions [2].