Group 1 - The core point of the news is that WanGuo Gold Group announced a placement of 22.5 million shares at a price of HKD 32.55 per share, which represents a 7% discount to the closing price on August 20, raising HKD 732 million [1] - Shareholder Prominence Investment Holding Company Limited sold 7.5 million shares at the same price, cashing out HKD 244 million [1] - Following the placement and sale, the chairman and major shareholder Gao Mingqing's stake decreased from 25.96% to 25.44%, while Prominence's stake fell from 3.71% to 2.95% [1] Group 2 - The net proceeds from the placement amount to HKD 722 million, with 50% allocated for exploration and development projects related to the Jinling Mine, and the other 50% for general working capital [1] - The placement and the sale by Prominence are simultaneous but not conditional upon each other [1]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5][34]. Core Views - The company achieved a revenue of approximately 1.24 billion RMB in the first half of 2025, representing a year-on-year increase of 33.7%. The net profit attributable to shareholders was about 601 million RMB, up 136.3% year-on-year [1][9]. - The company is set to launch a new project with a capacity of 10 million tons per year at the Gold Ridge Mine, which is expected to significantly boost gold production [2][25]. - The report forecasts revenues for 2025-2027 to be 3.404 billion, 4.832 billion, and 5.546 billion RMB, with year-on-year growth rates of 81.5%, 41.9%, and 14.8% respectively [3][34]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a gross profit of approximately 868 million RMB, with a gross margin of about 70% and a net profit margin of 53.6% [9]. - The unit sales cost for copper equivalent from the Yifeng Xinzhang Mine was approximately 31,700 RMB per ton, nearly unchanged year-on-year, while the unit sales cost for gold from the Gold Ridge Mine was about 178.77 RMB per gram, down 16.11% year-on-year, indicating significant cost optimization [12][1]. Production Capacity and Projects - The Yifeng Xinzhang Mine currently has an annual processing capacity exceeding 1 million tons, with a copper equivalent annual production capacity of about 10,000 tons and a remaining mine life of over 20 years [2][20]. - The Gold Ridge Mine, which began production in November 2022, achieved gold metal sales of approximately 1,337 tons in the first half of 2025, a 29.7% increase year-on-year, driven by improved processing volume and recovery rates [2][10]. Valuation and Market Potential - The report sets a valuation target for the company at 28-30 times earnings for 2025, translating to a stock value between 41.03 and 43.96 HKD, indicating a potential upside of approximately 17%-25% from the current stock price of 35.00 HKD [3][34]. - The projected diluted EPS for 2025-2027 is 1.34, 1.91, and 2.19 RMB, with corresponding PE ratios of 24, 17, and 15 [3][34].

公司先旧后新配股所得款项净额7.22亿港元，50%用作有关金岭矿(集团在其中采矿)勘探及开发项目之 拨款，及50%用作集团一般营运资金。先旧后新出售及减持出售为同时进行并将同步完成，但并非互为 条件。 智通财经APP获悉，万国黄金集团(03939)跌超6%，截至发稿，跌6.17%，报32.84港元，成交额10.27亿 港元。 消息面上，万国黄金集团宣布，先旧后新配售2250万股，每股配售价32.55港元，较8月20日收市价折让 7%，集资7.32亿港元。另外，股东Prominence Investment Holding Company Limited按每股32.55港元出售 750万股，套现2.44亿港元。紧随先旧后新出售、认购及减持出售完成后，主席兼执行董事兼大股东高 明清持股由25.96%降至25.44%，而Prominence持股由3.71%降至2.95%。Prominence最终实益拥有人为魏 嘉明及吴振兴。 ...

Group 1 - The company, WanGuo Gold Group (03939), has announced an agreement for a share placement involving the sale of 22.5 million shares at a price of HKD 32.55 per share [1][2] - The total number of shares being sold represents approximately 2.03% of the company's enlarged issued share capital post-subscription [2] - The subscription price reflects a discount of about 7.00% compared to the closing price of HKD 35.00 per share on August 20, 2025 [2] Group 2 - The estimated net proceeds from the subscription are approximately HKD 722 million after deducting professional fees and expenses [2] - The company intends to use the net proceeds for exploration and development projects related to the Jinling Mine, as well as for general working capital [2]

购买价32.55港元较股份于最后交易日在联交所所报收市价每股35.00港元折让约7.00%。扣除专业费用 及实付开支后，认购事项所得款项净额估计约为7.22亿港元。公司拟将认购所得款项净额用作(1)有关金 岭矿(集团在其中采矿)勘探及开发项目的拨款；及(3)集团一般营运资金。先旧后新出售及减持出售为同 时进行并将同步完成，但并非互为条件。 格隆汇8月21日丨万国黄金集团(03939.HK)发布公告，2025年8月21日(交易时段前)，公司、先旧后新卖 方及减持卖方与配售代理订立协议，据此，(1)先旧后新卖方同意出售，而配售代理个别(而非共同或共 同及个别)同意作为先旧后新卖方的代理按尽力基准促使不少于6名承配人按每股股份32.55港元的价格 购买先旧后新卖方持有的2250万股股份；(2)先旧后新卖方有条件同意以主事人身份按认购价(相等于购 买价每股股份32.55港元)认购，而公司有条件同意发行最多2250万股新股份(相等于先旧后新卖方根据协 议实际出售的先旧后新出售股份数目)；及(3)减持卖方同意出售，而配售代理个别(并非共同或共同及个 别)同意作为减持卖方的代理按尽力基准促使购买人按每股减持出售股份32.5 ...

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的內容概不負責，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 內容而引致的任何損失承擔任何責任。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法權 區內刊發或派發。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。 本公告並不構成在美國境內購買或認購證券的任何要約或要約邀請，亦不構成其一部份。本公告 中所述的證券並無亦不會根據一九三三年美國證券法（經修訂）（「美國證券法」）或美國任何其他 州證券法登記，且不可於美國境內提呈發售或出售，惟根據美國證券法作出登記或獲豁免或為毋 須根據美國證券法作出登記之交易則除外。本公司無意根據美國證券法登記本公告內所指的任何 證券，或於美國進行證券的公開發售。 Wanguo Gold Group Limited 萬國黃金集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3939） (1)先舊後新出售現有股份 及 根據一般授權認購新股份 及 (2)減持賣方減持出售現有股份 獨家整體協調人及聯席配售代理 聯席配售代 ...

智通财经APP讯，万国黄金集团(03939)发布公告，本公司公佈，其计划以先旧后新的方式向若干投资者 配售股份。根据建议先旧后新出售及建议认购，预期先旧后新卖方将透过配售代理向投资者配售若干先 旧后新出售股份，其后，先旧后新卖方将认购而本公司将根据一般授权向先旧后新卖方发行数目相等于 根据建议先旧后新出售实际出售的先旧后新出售股份数目的新股份。 本公司已获一名股东知会，其拟于建议先旧后新出售的同时以配售方式出售若干股份。 建议先旧后新出售的条款(包括建议先旧后新出售的规模、配售价及其他条款)将透过由配售代理进行的 累计投标活动釐定。建议认购的条款(包括新股份数目及认购价)将由本公司、先旧后新卖方及配售代理 参考建议先旧后新出售的条款厘定，其中，新股份数目将与根据建议先旧后新出售实际出售的先旧后新 出售股份数目相同，而认购价将与先旧后新出售股份的购买价相同。 ...

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的內容概不負責，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 內容而引致的任何損失承擔任何責任。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法權 區內刊發或派發。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。 本公告並不構成在美國境內購買或認購證券的任何要約或要約邀請，亦不構成其一部份。本公告 中所述的證券並無亦不會根據一九三三年美國證券法（經修訂）（「美國證券法」）或美國任何其他 州證券法登記，且不可於美國境內提呈發售或出售，惟根據美國證券法作出登記或獲豁免或為毋 須根據美國證券法作出登記之交易則除外。本公司無意根據美國證券法登記本公告內所指的任何 證券，或於美國進行證券的公開發售。 Wanguo Gold Group Limited 萬國黃金集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3939） 本公司已獲一名股東知會，其擬於建議先舊後新出售的同時以配售方式出售若干股份。 一般資料 建議先舊後新出售項下將配售的先舊後新出售股份 ...

Core Viewpoint - The company, WanGuo Gold Group (03939), plans to place 22.5 million shares, representing 2.1% of the current share capital, at a price range of HKD 32.55 to HKD 33.25, which is a discount of 5% to 7% compared to the closing price of HKD 35 on August 20, aiming to raise up to HKD 748 million for the expansion of its gold mine in the Solomon Islands [1] Group 1 - The share placement is set to have a 90-day lock-up period for the company and a 30-day lock-up period for selling shareholders [1] - CITIC Lyon Securities is appointed as the sole global coordinator and joint placement agent for the share placement [1] - The major shareholder, Prominence Investment Holding, plans to reduce its stake by selling 7.5 million shares at the same price range, potentially raising up to HKD 249 million [1]

智通财经APP获悉，据报道，万国黄金集团(03939)计划配售2250万股，相当于目前股本2.1%，配股价 范围32.55港元至33.25港元，较8月20日收市价35港元折让5%至7%，集资最多7.48亿港元，用于扩展所 罗门群岛的金矿等。公司设90天禁售期，减持股东设30天禁售期，中信里昂证券担任独家整体协调人及 联合配售代理。 大股东Prominence Investment Holding计划以相同作价(32.55港元至33.25港元)减持750万股，相当于现有 股本0.7%，套现最多2.49亿港元。 ...