Core Viewpoint - China Ruyi (00136.HK) has completed the second batch of subscription matters and the placement of shares on December 18, 2025, raising a total of approximately HKD 2.21 billion from both subscription rounds [1] Group 1 - The second batch of subscription shares, totaling 400 million shares, was issued at a subscription price of HKD 2.60 per share on December 18, 2025 [1] - A total of 790 million subscription shares have been issued from both the first and second subscription matters, with an average subscription price of approximately HKD 2.80 per share [1] - The total proceeds from the subscription matters (including both the first and second batches) amount to approximately HKD 2.21 billion [1]

Core Viewpoint - China Ruyi (00136) has issued a total of 400 million subscription shares at a subscription price of HKD 2.60 per share on December 18, 2025, with a total of 790 million subscription shares issued based on the first and second subscription matters at an average subscription price of approximately HKD 2.80 per share, raising total proceeds of approximately HKD 2.21 billion [1] Group 1 - The company issued 400 million subscription shares at HKD 2.60 each [1] - A total of 790 million subscription shares were issued based on the first and second subscription matters [1] - The average subscription price for the shares was approximately HKD 2.80 [1] Group 2 - The total proceeds from the subscription amounted to approximately HKD 2.21 billion [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損失 承擔任何責任。 本公告僅作說明用途，並不構成收購、購買或認購本公司證券的邀請或要約。 China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 合共400,000,000股認購股份已於二零二五年十二月十八日按認購價每股認購股份2.60港元配 發及發行。合共790,000,000股認購股份已根據第一批認購事項及第二批認購事項配發及發 行，平均認購價約為每股2.80港元。 – 1 – 認購事項（ 包括第一批認購事項及第二批認購事項）之所得款項總額約為2,210百萬港元。 承董事會命 中國儒意控股有限公司 董事長 （ 於百慕達註冊成立之有限公司） （股份代號：136） 完成根據一般授權 發行第二批認購股份 茲提述中國儒意控股有限公司（「本公司」）日期為二零二五年八月一日、二零二五年八月十 八日、二零二五年九月十二日、二零二五年九月二十四日、二零二五年十月十日、二零二 五年十一月六日及二零二 ...

Company Overview - The company operates in the polyvinyl alcohol (PVA) industry chain, with main products including calcium carbide, polyvinyl alcohol, vinyl acetate, and specialty fibers. In 2024, revenue contributions are expected to be 37.93%, 35.41%, 6.65%, and 3.73% respectively [4][30]. - Polyvinyl alcohol is a water-soluble biodegradable polymer material with various properties such as adhesion, fiber formation, emulsification stability, gas barrier properties, film-forming ability, and biodegradability. It is primarily used in the production of industrial additives, specialty fibers, adhesives, safety glass interlayer films (PVB films), water-soluble films, and optical films [5][30]. Revenue Composition - For the first half of 2025, the total revenue from main business activities is projected to be 1.759 billion yuan, with the following breakdown: - Calcium carbide: 570.22 million yuan (32.41%) - Polyvinyl alcohol: 580.18 million yuan (32.98%) - Vinyl acetate: 92.73 million yuan (5.27%) - Specialty fibers: 62.39 million yuan (3.55%) - Others: 453.75 million yuan (25.79%) [3][29]. Market Position - The company ranks among the top three in the PVA production industry in China, with an annual production capacity of 130,000 tons. In 2024, its calcium carbide production capacity accounts for 2.06% of the national total, ranking eighth in the country [19][46]. - The company has established a comprehensive production capability from limestone to polyvinyl alcohol, which provides significant scale and cost advantages, creating a substantial barrier to entry for new competitors [22][46]. Financial Performance - The company's revenue for 2022 was 5.061 billion yuan, which decreased by 25.25% year-on-year. In 2023, revenue further declined to 3.783 billion yuan, a decrease of 7.85% year-on-year. For the first half of 2025, revenue is projected at 1.797 billion yuan [13][39]. - The net profit for 2022 was 803 million yuan, which dropped to 526 million yuan in 2023, reflecting a year-on-year decline of 34.44%. The net profit margin for 2025 is expected to improve slightly to 15.64% [13][39]. Industry Insights - China's apparent consumption of calcium carbide has grown from 17.89 million tons in 2011 to an estimated 30.96 million tons in 2024, with a compound annual growth rate of 4.31% [41]. - The global consumption of polyvinyl alcohol was approximately 1.35 million tons in 2020, with China accounting for about 50% of the total global consumption. China's production capacity for polyvinyl alcohol represents about 60% of the global total, making it the largest producer in the world [41][15]. Competitive Landscape - The domestic calcium carbide industry has undergone capacity clearing, with the top ten enterprises accounting for 34% of total capacity. The largest producer, Zhongtai Chemical, has a capacity of 3.6 million tons, representing about 9% of the national total [19][45]. - The PVA industry has a diverse demand structure, with applications in industrial additives, adhesives, PVB, pulp, and coatings, serving sectors such as construction, chemicals, automotive, and optoelectronics [21][47].

在聚乙烯醇业务板块，公司分别建有醋酸乙烯生产线、聚乙烯醇生产线和特种纤维生产线；在电石业务 板块，公司建有石灰石开采及破碎生产线、白灰生产线、电石生产线和电石渣制水泥熟料生产线。 智通财经获悉，12月19日，双欣环保(001369.SZ)开启申购，发行价格为6.85元/股，申购上限为6万股， 市盈率16.19倍，属于深交所，中金公司为其保荐人。 招股书显示，双欣环保是一家专业从事聚乙烯醇(PVA)、聚乙烯醇特种纤维、醋酸乙烯(VAC)、碳化钙 (电石)等 PVA 产业链上下游产品的研发、生产、销售的高新技术企业，拥有聚乙烯醇全产业链布局。 在经营规模方面，根据中国化纤工业协会统计，以集团口径计算，公司是国内第三大的聚乙烯醇生产企 业，已成为全国聚乙烯醇三大生产基地之一。 聚乙烯醇是一种水溶性可降解高分子材料，具有粘结性、成纤性、乳化稳定性、气体阻隔性、成膜性、 生物降解性等诸多性能，主要用于生产工业助剂、特种纤维、胶粘剂、安全玻璃夹层膜(PVB膜)、水溶 膜、光学膜等，广泛应用于精细化工、绿色建筑、造纸、纤维、汽车、可降解包装、光电、医药等行 业，是国家重点支持的新材料发展方向。 根据中国化学纤维工业协会统计 ...

Group 1 - The company, China Ruyi (00136), announced the issuance of 400 million shares based on a subscription agreement dated July 31, 2025, and a placement agreement dated August 1, 2025 [1]

智通财经APP讯，中国儒意(00136)发布公告，于2025年12月18日根据日期为2025年7月31日的认购协议 及2025年8月1日的配售协议发行4亿股。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 中國儒意控股有限公司 呈交日期： 2025年12月18日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00136 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | ...

Core Viewpoint - Recently, Kuaiqian Financial Services (Shanghai) Co., Ltd. underwent a change in its shareholder structure, with Wanda's Shanghai Wanda Network Financial Services Co., Ltd. exiting its 30% stake, while Shanghai Ruyi Xingchen Enterprise Management Co., Ltd. increased its stake from 10% to 40% [1] Group 1: Company Overview - Kuaiqian Financial Services (Shanghai) Co., Ltd. was established in September 2011 and has a registered capital of approximately 480 million RMB [1] - The company is engaged in financial information services, including financial technology outsourcing, investment management, and market information consulting [1] Group 2: Shareholder Changes - Shanghai Ruyi Xingchen Enterprise Management Co., Ltd. plans to acquire a 30% stake in Kuaiqian Financial for 240 million RMB, making it the largest single shareholder post-transaction [1] - The current shareholders include Shanghai Ruyi Xingchen, Jin Yinfeng, and Du Minfeng [1]

Core Viewpoint - The recent changes in the shareholder structure of Kuaiqian Financial Services (Shanghai) Co., Ltd. indicate a strategic shift, with Shanghai Ruyi Xingchen Enterprise Management Co., Ltd. increasing its stake to 40% and Wanda's exit from the shareholder list, previously holding 30% [5][12]. Group 1: Shareholder Changes - Kuaiqian Financial's major shareholder change involves Shanghai Ruyi Xingchen increasing its ownership from 10% to 40%, while Wanda's Shanghai Wanda Network Financial Services Co., Ltd. has exited [5][12]. - The current shareholders of Kuaiqian Financial include seven entities, with Shanghai Ruyi Xingchen holding the largest share at 40% [8][15]. Group 2: Strategic Intent - The acquisition by Ruyi is aimed at obtaining a third-party payment license, which Kuaiqian Financial has held since 2011, allowing it to provide comprehensive payment solutions primarily for large and medium-sized enterprises [7][14]. - Kuaiqian Financial is actively expanding its overseas operations and developing digital RMB, offering various cross-border payment products [7][14]. Group 3: Historical Context - Wanda acquired control of Kuaiqian Payment for $315 million in 2014 to enhance its e-commerce and financial services, positioning it as a significant player in the internet finance sector [8][15]. - At its peak in 2014, Kuaiqian's transaction volume exceeded 2 trillion yuan, ranking fourth in the industry behind major players like UnionPay and Alipay [8][15]. - Despite initial expectations, Wanda's plans to leverage Kuaiqian's assets have not materialized as anticipated, leading to ongoing discussions about selling the payment license since 2018 [8][15].