Summary of Key Points Core Insights - The report highlights the upcoming listings and trading activities of several companies on May 19, 2025, indicating a busy market day with multiple new entries [1][2][3]. Upcoming Listings - Company 001390 Guqi Fur Material will be available for online subscription on May 19, 2025 [1]. - Companies 301595 N Taili and 603014 N Weigao will officially list on the same day, with allocations for general institutional investors [1]. - Company 920060 Wanyuantong will also list on May 19, 2025, specifically for the public portion [1]. Suspension Announcements - Company 002092 ST Zhongtai and 002259 ST Shengda will be suspended for one day due to the announcement of the withdrawal of other risk warnings [2]. - The Invesco Great Wall S&P Consumer Select ETF (QDII) and Guotai S&P 500 ETF will also be suspended until 10:30 AM on May 19, 2025, to protect investor interests [2]. - Company 300506 *ST Mingjia will be suspended for one day following the announcement of the withdrawal of delisting risk warnings [2]. Special Suspensions - Company 000151 Zhongcheng Co. will be suspended due to plans for issuing shares to acquire assets and raise matching funds, effective from May 16, 2025 [3]. - Company 000584 *ST Gongzhi and 000622 *ST Hengli will also face suspensions due to potential delisting risks and failure to disclose periodic reports within the legal timeframe [3]. - Company 002336 *ST Renle will be suspended for one day due to the announcement of potential delisting risks [3].

Core Viewpoint - The competitive tender offer for ST New潮 (600777) is approaching a critical moment, with the potential for a successful acquisition by Yitai B (900948.SH) and the implications of a failed bid by Jindi Petroleum [1][2][8] Group 1: Tender Offer Details - As of May 15, Yitai B has received pre-acceptance for 2.247 billion shares of ST New潮, accounting for 33.04% of the total share capital of 6.8 billion shares [1] - Yitai B's pre-acceptance exceeded the minimum threshold of 28% required for the tender offer to proceed, indicating a likely successful acquisition [1] - Jindi Petroleum's tender offer, which aimed to acquire 20% of ST New潮, failed to gain traction, receiving only 963,000 shares (0.0014% of total shares) by the deadline [2][7] Group 2: Financial Performance - ST New潮's 2023 annual revenue was 8.849 billion yuan, a slight decrease of 5.43% year-on-year, with a net profit of 2.596 billion yuan, down 17.01% [4] - In the first half of 2024, the company reported revenue of 4.359 billion yuan, a year-on-year increase of 9.27%, and a net profit of 1.171 billion yuan, up 1.77% [4] Group 3: Market Position and Valuation - ST New潮 operates significant oil and gas assets in the Permian Basin, with a daily production equivalent of 62,000 barrels, ranking 11th among non-listed U.S. oil and gas companies [4] - The company's stock price was 3.21 yuan per share as of April 30, 2024, reflecting a year-to-date increase of 44.59%, with a static P/E ratio of 9.91 and a dynamic P/E ratio of 8.41 [5] Group 4: Governance and Risks - The management of ST New潮 has expressed mixed feelings regarding the tender offers, with potential governance issues arising from the competitive nature of the bids [9][10] - The company faces a risk of delisting if it fails to disclose its 2024 annual report by the deadline, with a potential warning on July 7 and mandatory delisting by September 8 if non-compliance continues [9][10]

1、本次公告为内蒙古伊泰煤炭股份有限公司（以下简称"伊泰 B 股"或"收 购人"）要约收购山东新潮能源股份有限公司（以下简称"上市公司"、"ST 新潮" 或"公司"）股份的第三次提示性公告。 2、预受要约申报代码：706099 3、要约收购价格：3.40 元/股 4、要约收购有效期：2025 年 4 月 23 日至 2025 年 5 月 22 日 本次要约期限内最后三个交易日，即 2025 年 5 月 20 日、2025 年 5 月 21 日 和 2025 年 5 月 22 日，预受的要约不可撤回。 证券代码：600777 证券简称：ST 新潮 公告编号：2025-044 山东新潮能源股份有限公司 关于内蒙古伊泰煤炭股份有限公司要约收购 公司股份的第三次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 公司于 2025 年 4 月 18 日收到伊泰 B 股发来的《山东新潮能源股份有限公 司要约收购报告书》以及《山东新潮能源股份有限公司要约收购报告书摘要》等 文件，伊泰 B 股向全体 ST 新潮股东发出 ...

New Stock Offerings - ST Xinchao (600777) is in the offer period from April 23, 2025, to May 22, 2025[1] - Polytron Technologies (300630) has 5 trading days remaining until the last trading day[1] - ST Cube (300344) has an announcement dated May 14, 2025, but no specific details provided[1] Trading Alerts - ST Zhongcheng (300208) reported severe abnormal fluctuations on April 29, 2025[1] - ST Hu Ke (600608) and ST Hua Rong (600421) both have announcements dated May 14, 2025, with no further details[1] - ST Zhengping (603843) has an announcement dated May 13, 2025, with no specific details provided[1] Market Trends - Multiple stocks, including ST Yanzhen (603389) and ST Chuangxing (600193), have announcements dated May 14, 2025, indicating potential market volatility[1] - The report highlights a significant number of stocks under observation for abnormal trading activities, suggesting increased market scrutiny[2]

证券代码：600777 证券简称：ST 新潮 公告编号：2025-043 山东新潮能源股份有限公司 关于内蒙古伊泰煤炭股份有限公司要约收购 公司股份的第二次提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 1、本次公告为内蒙古伊泰煤炭股份有限公司（以下简称"伊泰 B 股"或"收 购人"）要约收购山东新潮能源股份有限公司（以下简称"上市公司"、"ST 新潮" 或"公司"）股份的第二次提示性公告。 2、预受要约申报代码：706099 3、要约收购价格：3.40 元/股 4、要约收购有效期：2025 年 4 月 23 日至 2025 年 5 月 22 日 本次要约期限内最后三个交易日，即 2025 年 5 月 20 日、2025 年 5 月 21 日 和 2025 年 5 月 22 日，预受的要约不可撤回。 若本次要约收购导致 ST 新潮的股权分布不具备上市条件，收购人作为 ST 新潮的控股股东可运用其股东表决权或者通过其他符合法律、法规以及 ST 新潮 公司章程规定的方式提出相关建议或者动议，促使 ST ...

New Stock Offerings - ST Xinchao (600777) is in the offer period from April 23, 2025, to May 22, 2025[1] - Puli Tui (300630) has 8 trading days remaining until the last trading day[1] - ST Zhongcheng (300208) is also in the offer period with announcements made on April 29, 2025[1] Trading Alerts - ST Yushun (002289) has reported severe abnormal fluctuations as of April 29, 2025[1] - ST Keli Da (603828) has an announcement dated May 9, 2025, regarding trading alerts[1] - ST Yuan Cheng (603388) has similar trading alerts as of May 9, 2025[1] Market Trends - The report indicates a significant number of stocks under abnormal trading conditions, suggesting increased market volatility[2] - Multiple stocks are approaching their last trading days, indicating potential liquidity issues for investors[1] - The overall trend shows a heightened level of scrutiny on stocks with abnormal fluctuations, which may impact investor confidence[2]

Summary of Key Points Core Viewpoint - The offer to acquire shares of Shandong Xinchao Energy Co., Ltd. by Zhejiang Jindi Petroleum Exploration and Development Co., Ltd. has not met the necessary conditions for effectiveness, resulting in the acquisition being void from the start [2][7]. Group 1: Acquisition Details - Zhejiang Jindi Petroleum made a partial offer to acquire 1,360,099,165 shares, representing 20.00% of the total share capital of ST Xinchao, at a price of 3.10 yuan per share [2]. - The offer period was set for 30 calendar days, from April 8, 2025, to May 7, 2025 [2]. - The acquisition required a minimum acceptance of 544,039,666 shares, which is 8.00% of the total shares, for the offer to be effective [2]. Group 2: Offer Results - As of May 7, 2025, the total number of shares accepted in the offer was only 9,631,998 shares, accounting for 0.14% of the total shares, which did not meet the required threshold [7]. - Consequently, the offer was deemed ineffective, and the shares that were tendered will not be accepted by the acquirer [7]. Group 3: Purpose of the Acquisition - The purpose of the acquisition was to increase the holding ratio in ST Xinchao to enhance the stability of the company's equity structure and to gain control over the company, based on Jindi's recognition of the company's value and future prospects [2]. Group 4: Compliance and Reporting - The acquisition was classified as a voluntary offer and was not intended to terminate the listing status of the company [3]. - The company has disclosed all relevant information through designated media, including Shanghai Securities News and the Shanghai Stock Exchange website [7].

Group 1 - The tender offer by Jindi Petroleum for ST Xinchao (600777) has failed, while the number of shares accepting the offer from Yitai B shares has been rapidly increasing, clarifying the direction of the first competitive tender offer case in the A-share market [1] - Jindi Petroleum initiated a partial tender offer on April 3, aiming to acquire 1.36 billion shares, which is 20% of the total share capital of ST Xinchao, at a price of 3.10 yuan per share [1] - The condition for the effectiveness of Jindi Petroleum's tender offer was that the number of shares tendered must reach 544 million shares, or 8% of the total shares, by May 7; however, only 9.632 million shares were tendered, representing 0.14% of the total shares [1] Group 2 - The turning point for the failure of Jindi Petroleum's tender offer occurred on April 18, when Yitai B shares entered the scene with a higher offer price [2] - Yitai B shares offered a price of 3.40 yuan per share for 3.468 billion shares, which is 51% of the total share capital, requiring a maximum total funding of 11.792 billion yuan [2] - As of May 7, 1.357 billion shares had accepted the Yitai B share offer, and the tender offer will conclude on May 22 [2] Group 3 - Yitai B shares have deposited the maximum required funding of 11.792 billion yuan into a designated account as a performance guarantee for the tender offer [3]

Core Viewpoint - The competitive tender offer for ST Xinchao (SH600777) has seen the exit of Zhejiang Jindi Petroleum Exploration and Development Co., Ltd. after failing to meet the necessary conditions for its offer, while Inner Mongolia Yitai Coal Co., Ltd. has entered the fray with a higher bid [1][2][4]. Group 1: Tender Offer Details - Zhejiang Jindi Petroleum initiated a partial tender offer for 1.36 billion shares, representing 20% of ST Xinchao's total shares, at a price of 3.10 yuan per share [2][3]. - The tender offer was contingent upon receiving at least 5.44 billion shares (8% of total shares) by May 7, 2025, but only 963.2 million shares (0.14%) were tendered, leading to the offer's failure [2][3]. - Inner Mongolia Yitai Coal's offer was for 3.468 billion shares (51% of total shares) at a price of 3.40 yuan per share, requiring a total funding of 11.792 billion yuan [3][5]. Group 2: Market Reactions and Implications - Following the announcement of Yitai Coal's higher bid, ST Xinchao's stock price rose significantly, surpassing Jindi Petroleum's offer price [5]. - As of May 7, Yitai Coal had received 1.358 billion shares tendered, accounting for approximately 19.99% of ST Xinchao's total shares, nearing the threshold for its offer to be valid [5]. - The competitive nature of the offers has led to increased trading activity and interest in ST Xinchao's shares, with investors now having more time to consider Yitai Coal's offer [5][6]. Group 3: Future Considerations - The failure of Jindi Petroleum's offer alleviates the risk of ST Xinchao's share distribution violating listing requirements, which would have occurred if both offers had succeeded [6]. - Yitai Coal remains committed to acquiring ST Xinchao and has indicated plans to address any potential issues regarding share distribution to maintain ST Xinchao's listing status [6][7]. - ST Xinchao's board has advised shareholders to consider various factors, including company prospects and market conditions, before deciding on Yitai Coal's offer [7].

Core Viewpoint - The competitive tender offer initiated by Jindi Petroleum for ST Xinchao has failed, while the acceptance of the offer from Yitai B shares has seen a rapid increase, clarifying the direction of the first competitive tender offer case in the A-share market [1][2]. Group 1: Jindi Petroleum's Tender Offer - Jindi Petroleum's tender offer for ST Xinchao was announced on April 3, with a target of acquiring 1.36 billion shares, representing 20% of the total share capital, at a price of 3.10 yuan per share [2]. - The tender offer required a minimum acceptance of 544 million shares (8% of total shares) by May 7 to be valid, but only 9.632 million shares (0.14%) were accepted, leading to the offer's failure [2]. - A significant drop in acceptance occurred on April 19, when the number of accepted shares plummeted from 183 million to 38.15 million [2][3]. Group 2: Yitai B Shares' Tender Offer - Yitai B shares entered the scene on April 18, offering a higher price of 3.40 yuan per share for 3.468 billion shares, which is 51% of ST Xinchao's total share capital, with a maximum funding requirement of 11.792 billion yuan [4]. - The acceptance condition for Yitai B's offer is a minimum of 1.9 billion shares (28% of total shares) by May 22, and as of the latest data, 1.357 billion shares have been accepted [4]. - Following the failure of Jindi Petroleum's offer, the acceptance of Yitai B's offer is expected to accelerate, although ST Xinchao's stock price performance and the inability to disclose periodic reports may pose risks to the success of this offer [4][5].