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].

Core Viewpoint - The approval of Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd.'s merger and acquisition (M&A) plan marks a significant milestone for the Beijing Stock Exchange (BSE), indicating a surge in M&A activities driven by policy incentives and increased regulatory flexibility for innovative small and medium-sized enterprises (SMEs) [1][2]. Group 1: M&A Activity and Trends - Hunan Wuxin plans to acquire 100% of Hunan Zhongtie Wuxin Heavy Industry Co., Ltd. and 99.9057% 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 [1]. - The BSE has seen a total of 37 significant investment and M&A events as of October 8, 2025, with 12 occurring after September 24, 2024, and 10 since June 2025, indicating an acceleration in M&A activities [2][3]. - The majority of BSE-listed companies are utilizing cash for acquisitions, with firms like Qingju Technology and Yishijingmi expanding their business through this method [3]. Group 2: Policy and Regulatory Environment - The active M&A market at the BSE is closely linked to ongoing policy optimizations, including the China Securities Regulatory Commission's measures to support company transformations and enhance regulatory flexibility [3][4]. - The introduction of a "small-scale rapid" review mechanism and simplified review procedures for restructuring by the BSE in May 2025 has made M&A transactions more flexible and innovative [3]. Group 3: Strategic Focus of Acquisitions - BSE companies are focusing on "vertical expansion, business upgrades, and market expansion" in their acquisition strategies, with firms like Donghe New Materials and Tieda Technology enhancing supply chain integration and entering high-growth sectors [4]. - The merger of Wuxin Tunnel and other equipment manufacturing companies through share issuance and capital increase is aimed at horizontally integrating high-quality assets to create new growth avenues [4].

Market Overview - On September 30, the total trading volume of individual stocks on the Beijing Stock Exchange reached 679 million shares, with a total transaction value of 16.142 billion yuan, a decrease of 0.793 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 108 stocks closed higher, accounting for 39.13% of the total, with notable gainers including *ST Yun Chuang, Tongli Co., and Qifeng Precision, which rose by 13.11%, 5.79%, and 4.85% respectively [1] - Conversely, 162 stocks closed lower, with significant declines seen in Jinhua New Materials, Luqiao Information, and Wuxin Tunnel Equipment, which fell by 12.23%, 6.55%, and 5.91% respectively [1] Trading Activity - A total of 40 stocks had transaction values exceeding 100 million yuan, with Jinhua New Materials, Better Ray, and Wuxin Tunnel Equipment leading at 765.38 million yuan, 469.12 million yuan, and 405.34 million yuan respectively [1] - In terms of trading activity, 10 stocks had a turnover rate exceeding 10%, with one stock exceeding 20%. Additionally, 28 stocks had turnover rates between 5% and 10%, while 220 stocks had turnover rates between 1% and 5% [1] - The stocks with the highest turnover rates included Jinhua New Materials at 49.77%, Lingge Technology at 17.52%, and Tianhong Lithium at 16.39% [1] Notable Stocks - Jinhua New Materials closed at 46.52 yuan with a decline of 12.23% and a turnover rate of 49.77%, leading in transaction value at 765.38 million yuan [1] - Better Ray closed at 33.00 yuan, up by 0.95%, with a turnover rate of 1.28% and a transaction value of 469.12 million yuan [1] - Wuxin Tunnel Equipment closed at 62.05 yuan, down by 5.91%, with a turnover rate of 7.26% and a transaction value of 405.34 million yuan [1]

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].

证券代码：835174 证券简称：五新隧装 公告编号：2025-191 湖南五新隧道智能装备股份有限公司 北京证券交易所并购重组委员会于 2025 年 9 月 29 日召开 2025 年第 1 次审 议会议，对公司本次交易进行了审议，审议结果为：本次交易符合重组条件和信 息披露要求。 本次交易尚需经中国证券监督管理委员会同意注册后方可实施，本次交易能 否完成注册以及最终取得注册的时间均存在不确定性。公司将根据本次交易的进 展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 湖南五新隧道智能装备股份有限公司 董事会 关于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 获得北京证券交易所并购重组委员会审核通过的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 湖南五新隧道智能装备股份有限公司（以下简称"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%股权并募集配套资金暨关联交易（以下简称"本次交易" ...

Summary of Key Points Core Viewpoint The trading activity on the Beijing Stock Exchange (BSE) showed a significant decrease in transaction volume and value on September 26, with a total trading volume of 799 million shares and a transaction value of 19.456 billion yuan, down by 1.469 billion yuan compared to the previous trading day. Despite this decline, 80 stocks closed higher, indicating some resilience in the market. Trading Activity - The total trading volume on the BSE was 799 million shares, with a transaction value of 19.456 billion yuan, reflecting a decrease of 1.469 billion yuan from the previous day [1]. - Among the traded stocks, 80 closed higher, accounting for 28.99% of the total tradable stocks [1]. - The stocks with the highest closing gains included Jinhua New Materials (up 29.98%), Wuxin Tunnel Equipment (up 7.98%), and Silane Technology (up 7.54%) [1][2]. - Conversely, 193 stocks closed lower, with Jinhao Medical leading the declines at 11.00% [1]. Stock Performance - Jinhua New Materials had the highest trading volume at 1.158 billion yuan and a turnover rate of 74.80% [1]. - Other notable stocks in terms of trading volume included Wuxin Tunnel Equipment (572.73 million yuan) and Naconoer (504.29 million yuan) [1]. - The trading activity showed that 15 stocks had a turnover rate exceeding 10%, with three stocks exceeding 20% [1]. Market Dynamics - The overall market sentiment was mixed, with a notable number of stocks experiencing significant price fluctuations [1][2]. - The trading data indicates a potential shift in investor sentiment, as evidenced by the number of stocks that experienced both gains and losses [1][2]. Conclusion The BSE experienced a decline in trading activity on September 26, yet a portion of stocks demonstrated resilience with notable gains. The market dynamics suggest a complex environment where investor sentiment may be shifting, warranting close observation of future trading patterns and stock performances [1][2].