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].

Core Viewpoint - Shuangxin Environmental Protection (001369.SZ) has initiated its subscription on December 19, with an issue price of 6.85 yuan per share and a maximum subscription limit of 60,000 shares, reflecting a price-to-earnings ratio of 16.19 times, and is sponsored by China International Capital Corporation [1] Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [1] - The company is recognized as the third-largest PVA producer in China, with a comprehensive PVA industry chain layout and is one of the three major production bases for PVA in the country [1] Production Capabilities - In the PVA business segment, the company operates production lines for vinyl acetate, polyvinyl alcohol, and special fibers [1] - In the calcium carbide segment, the company has established production lines for limestone mining and crushing, quicklime, calcium carbide, and calcium carbide slag for cement clinker production [1] - Calcium carbide is a fundamental raw material in the organic chemical industry, primarily used for producing acetylene, which is further synthesized into important chemical materials such as PVC, PVA, and BDO [1] Market Position - According to the China Chemical Fiber Industry Association, the company is projected to rank among the top three in PVA production in 2024, accounting for approximately 13% of the domestic total [2] - The company's calcium carbide production capacity is 870,000 tons, representing 2.06% of the national capacity, ranking 8th in the country [2] - The company’s sales of commercial calcium carbide exceed 500,000 tons, accounting for 2.86% of the national sales, ranking 5th [2] Product Applications - Polyvinyl alcohol is a water-soluble, biodegradable polymer material with various properties, widely used in industries such as fine chemicals, green construction, paper, fibers, automotive, biodegradable packaging, optoelectronics, and pharmaceuticals [2] - The company’s products are distributed across 29 provinces in China and exported to over 40 countries and regions, including Europe, South America, and Southeast Asia [2] Financial Performance - The company reported revenues of 5.061 billion yuan, 3.783 billion yuan, 3.486 billion yuan, and 1.797 billion yuan for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Corresponding net profits for the same periods were 808 million yuan, 558 million yuan, 521 million yuan, and 281 million yuan [2]

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]

Group 1 - The company, China Ruyi (00136), announced the issuance of 400 million shares on December 18, 2025, based on a subscription agreement dated July 31, 2025, and a placement agreement dated August 1, 2025 [1]

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].

Core Viewpoint - The company, Shuangxin Environmental Protection (001369.SZ), has announced the issuance price of 6.85 yuan per share for its upcoming offering, with specific details regarding the subscription process [1] Group 1 - The determined issuance price is set at 6.85 yuan per share [1] - Offline subscription will no longer involve cumulative bidding inquiries [1] - Investors are required to subscribe at this price on December 19, 2025, without the need to pay subscription funds at the time of application [1] Group 2 - The offline subscription period is from 9:30 to 15:00, while the online subscription period is from 9:15 to 11:30 and 13:00 to 15:00 [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份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 就根據一般授權發行 新股份訂立第四份補充協議 茲提述(i)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的公告，內容有關 根據一般授權發行新股份；(ii)日期為二零二五年八月十八日的公告，內容有關根據一般授 權發行第一批認購股份；(iii)日期為二零二五年九月十二日的公告，內容有關訂立認購協議 及配售協議之第一份補充協議；(iv)日期為二零二五年九月二十四日及二零二五年十月十日 的公告，內容有關訂立認購協議及配售協議之第二份補充協議；及(v)日期為二零二五年十 一 月 六 日 的 公 告 ， 內 容 有 關 訂 立 認 購 協 議 及 配 售 協 議 之 第 三 份 補 充 協 議（ 統 稱「 該 等 公 告」）。除另有界定者外，本公告所用詞彙 ...