Core Viewpoint - The acquisition of Sichuan Hongda Co., Ltd. by Shudao Investment Group aims to alleviate financial difficulties, optimize capital structure, and enhance control stability over the company [5][6]. Group 1: Acquisition Purpose and Financial Situation - The acquisition aims to address the financial distress of the listed company, improve liquidity, and enhance profitability [5]. - As of the end of 2024, the listed company has outstanding debts including a principal repayment of 423.43 million yuan and delayed performance payments of 222.99 million yuan, alongside bank loans totaling 680.62 million yuan, resulting in a high debt-to-asset ratio of 82.87% [6]. - The acquisition will involve raising funds to repay debts, which is crucial for the company's financial health and risk management [6]. Group 2: Acquirer and Action Parties' Qualifications - Shudao Investment Group, established in May 2021, has a registered capital of 54.23 billion yuan and is wholly owned by Sichuan Development (Holding) Co., Ltd. [10]. - The action parties, including Sichuan Hongda Industrial Co., Ltd. and Sichuan Tianfu Chunxiao Enterprise Management Co., Ltd., are legally established entities with no significant legal or financial issues [12][17]. - The financial advisor confirms that the acquirer and action parties have the necessary qualifications and capabilities to conduct the acquisition [5][17]. Group 3: Financial Strength and Funding Sources - Shudao Group plans to subscribe to the stock issuance at a price of 4.68 yuan per share, acquiring 609.6 million shares for a total of 2.85 billion yuan [11]. - The funding will come from a combination of bank loans amounting to 2.282 billion yuan and self-owned funds of 571 million yuan, ensuring the legality and compliance of the funding sources [18]. - The financial advisor has verified the acquirer's financial stability and operational soundness, confirming their ability to proceed with the acquisition [11][18]. Group 4: Impact on Company Independence and Competition - The acquisition will not change the actual controller of the listed company, maintaining its operational independence [22]. - There exists a potential for competition between the listed company and Shudao Group's controlled entity, Qingping Phosphate Mine, which produces similar phosphate products [23][26]. - Shudao Group has committed to resolving any competitive issues through business integration and will not engage in new competitive activities against the listed company [26].

Summary of Key Points Core Viewpoint - The company, Sichuan Hongda Co., Ltd., is utilizing the raised funds through agreed deposits and notice deposits to enhance fund efficiency and shareholder returns while ensuring the safety and liquidity of the funds [1][2][5]. Fundraising Basic Information - The company has issued 609,600,000 shares at a price of RMB 4.68 per share, raising a total of RMB 2,834,758,430.19, verified by Sichuan Huaxin Accounting Firm [1][2]. Fund Usage - The total amount raised is RMB 285,292.80 million, with RMB 134,751.11 million allocated for debt repayment and RMB 150,541.69 million for working capital [2]. Fund Storage Method - The company will store the remaining funds (RMB 283,536.92 million) in agreed deposits and notice deposits to improve fund utilization efficiency while maintaining liquidity [2][3]. Risk Control Measures - The company has established a fund management system to ensure the effective and compliant operation of fund storage, with independent directors and supervisory boards having the authority to oversee fund usage [4]. Impact on the Company - The decision to store funds in agreed and notice deposits will not affect the normal use of the raised funds and is expected to enhance fund returns and overall company performance [4]. Review Procedures - Both the board of directors and the supervisory board have approved the storage method, confirming compliance with relevant regulations and ensuring no adverse impact on shareholder interests [4][5].

Core Viewpoint - The legal opinion letter confirms that Sichuan Hongda Co., Ltd. has complied with all necessary legal and regulatory requirements for its issuance of shares to a specific object, specifically its controlling shareholder, Shudao Group [3][12][17]. Group 1: Issuance Approval and Authorization - The internal decision-making process for the issuance included multiple resolutions and proposals, which were approved at the 2024 second extraordinary general meeting [11][12]. - The issuance has received necessary approvals from the Shanghai Stock Exchange and the China Securities Regulatory Commission (CSRC), confirming compliance with relevant regulations [12][14]. Group 2: Issuance Process and Results - The total number of shares issued is 609,600,000, which does not exceed 30% of the company's total share capital prior to the issuance [13][15]. - The issuance price is set at RMB 4.68 per share, which is not lower than 80% of the average trading price over the previous 20 trading days [13][14]. - The total amount raised from the issuance is RMB 2,852,928,000, with a net amount of RMB 2,834,758,430.19 after deducting issuance costs [14][15]. Group 3: Subscription Object - The subscription object for this issuance is Shudao Investment Group Co., Ltd., which is the controlling shareholder of Sichuan Hongda [16][17]. - Shudao Group's funds for the subscription are sourced entirely from its own or legally raised funds, ensuring compliance with relevant regulations [16][17]. Group 4: Conclusion - The legal opinion concludes that the issuance process, related agreements, and the qualifications of the subscription object are all in accordance with applicable laws and regulations, confirming the legality and validity of the issuance [17][18].

Group 1 - The acquisition is led by Shudao Group, which aims to optimize the capital structure of Hongda Co., improve liquidity, and enhance control over the company [13][14] - Shudao Group will acquire 609,600,000 shares of Hongda Co. at a price of 4.68 yuan per share, totaling approximately 2.85 billion yuan [16][17] - After the acquisition, Shudao Group will hold 1,245,914,805 shares, representing 47.17% of Hongda Co.'s total share capital [14][15] Group 2 - Shudao Group is a state-owned enterprise controlled by the Sichuan Provincial State-owned Assets Supervision and Administration Commission, with a registered capital of 54.226 billion yuan [6][7] - Hongda Co. has faced financial difficulties, including bankruptcy restructuring, but the restructuring plan has been approved and completed [9][13] - The financial data of Shudao Group shows total assets of approximately 150 billion yuan and net profit of about 590 million yuan for the latest fiscal year [8][9] Group 3 - The acquisition has been approved by the necessary corporate governance bodies, including the board of directors and the shareholders' meeting of Hongda Co. [14][15] - The acquisition is structured to ensure that the controlling shareholder and actual controller of Hongda Co. remain unchanged post-acquisition [14][15] - Shudao Group and its concerted actors have not faced any significant legal or administrative penalties in the last five years [9][11]

Group 1 - The company, Sichuan Hongda Co., Ltd., has raised a total of RMB 2,834,758,430.19 through the issuance of 609,600,000 shares at a price of RMB 4.68 per share, as approved by the China Securities Regulatory Commission [1] - The raised funds will be used to repay debts amounting to RMB 134,751.11 million and to supplement working capital with RMB 150,541.69 million [2] - The company has pre-invested RMB 96,541.50 million of its own funds to address debt issues before the raised funds were available, which it plans to replace with the raised funds [2][3] Group 2 - The total issuance costs amount to RMB 1,816.96 million, of which RMB 52.36 million has been paid using self-raised funds, and this amount will also be replaced with the raised funds [2] - The board of directors and the supervisory board have approved the use of raised funds to replace pre-invested self-raised funds, confirming compliance with relevant regulations [4] - The sponsor, CITIC Securities, has verified that the company’s actions comply with legal requirements and do not harm shareholder interests [4]

Core Viewpoint - Sichuan Hongda Co., Ltd. is undergoing a significant acquisition process led by Shudao Investment Group, which aims to increase its stake in the company and has received necessary approvals from relevant authorities [1][2][3]. Group 1: Acquisition Details - Shudao Group currently holds 31.31% of the voting rights in Hongda Co., consisting of 486,314,805 shares directly and additional shares through its subsidiaries [3]. - The acquisition involves issuing 609,600,000 new shares, and Shudao Group has committed not to transfer these shares for 36 months post-listing [3][4]. - The acquisition has been approved by the non-related shareholders at the company's second extraordinary general meeting in 2024, allowing Shudao Group to bypass the mandatory offer requirement [2][3]. Group 2: Financial Overview - Shudao Group's total assets reached approximately 150.03 billion yuan in 2024, with a net profit of about 590.63 million yuan [26]. - The financial performance of Shudao Group over the last three years shows a steady increase in total assets and net assets, indicating a robust financial position [26]. - Hongda Industrial, a subsidiary of Shudao Group, has faced financial difficulties, entering bankruptcy restructuring in 2023, but has since completed its restructuring plan [29][30]. Group 3: Corporate Structure - Shudao Group is a state-owned enterprise under the supervision of the Sichuan Provincial State-owned Assets Supervision and Administration Commission, holding 100% of its shares [27]. - Hongda Industrial and Tianfu Chunxiao, both acting in concert with Shudao Group, are also under the control of the Sichuan Provincial State-owned Assets Supervision and Administration Commission [27][30]. - Tianfu Chunxiao was established as a special purpose vehicle to mitigate risks associated with Sichuan Trust Co., Ltd. [30].

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