Core Viewpoint - The sale of a 20% stake in Dongguan Securities by Jinlong Co., Ltd. is aimed at reducing debt pressure and optimizing financial structure, as the company has faced continuous losses over the past four years [1][6][8]. Group 1: Transaction Details - Jinlong Co., Ltd. has completed the sale of 20% of its stake in Dongguan Securities for a total price of 2.272 billion yuan, transferring shares to a consortium led by Dongguan Financial Holdings Group and Dongguan Development Holdings [1][3]. - After the transaction, Jinlong Co. retains a 20% stake in Dongguan Securities, while the consortium now controls 75.4% of the company [1][4]. - The transaction involved the transfer of 1.935 billion shares (12.9%) to Dongguan Financial Holdings and 1.065 billion shares (7.1%) to Dongguan Development Holdings [3]. Group 2: Financial Performance - Jinlong Co. has reported continuous losses from 2021 to 2024, with net profits of -1.31 billion yuan, -3.92 billion yuan, -3.84 billion yuan, and -892.3 million yuan respectively [6]. - In contrast, Dongguan Securities has shown relatively stable performance, with revenues of 3.7 billion yuan, 2.3 billion yuan, 2.2 billion yuan, and 2.8 billion yuan over the same period, and net profits of 999.7 million yuan, 789 million yuan, 635 million yuan, and 923 million yuan [7]. Group 3: Strategic Implications - The sale is part of Jinlong Co.'s strategy to lower its asset-liability ratio, which stood at 81.25% as of March 2025, and to improve cash flow and operational conditions [8]. - Jinlong Co. had previously planned to sell its entire stake in Zhongshan Securities but decided to halt this transaction to avoid becoming a shell company without core business operations [1][6][8]. - The acquisition of a controlling stake by state-owned enterprises is expected to provide a potential boost to Dongguan Securities' long-awaited IPO process, which has been pending for ten years [5].

Core Viewpoint - The company, Guangdong Jinlong Development Co., Ltd., is undergoing a significant asset restructuring by publicly transferring 30 million shares of Dongguan Securities, representing 20% of the total equity, through the Shanghai United Assets and Equity Exchange [4][5][9]. Group 1: Transaction Overview - The transaction involves the sale of 30 million shares of Dongguan Securities, with the company retaining an equal amount post-transaction [5][6]. - The total transaction price is set at 227,175.42 million RMB, based on an evaluation report that indicates a 24.98% appreciation in the asset value [6][7]. - The transaction counterparties are Dongguan Financial Holdings Group Co., Ltd. and Dongguan Development Holdings Co., Ltd., with the former acquiring 19,350 million shares (12.9%) and the latter acquiring 10,650 million shares (7.1%) [5][6]. Group 2: Financial Assessment - The total assessed value of Dongguan Securities' equity is 1,138,988.63 million RMB as of December 31, 2023, with a calculated appreciation rate of 24.98% [6][8]. - The reference price for the public listing was determined after considering the market evaluation, cash dividends, and the company's long-term investment accounting [6][7]. Group 3: Regulatory Compliance - The transaction has been approved through necessary decision-making processes, including meetings of the board and supervisory committee, ensuring compliance with relevant laws and regulations [9][10]. - The transaction does not constitute a related party transaction, as the counterparties are not affiliated with the company [9]. - The transaction does not lead to a change in the company's actual control, maintaining the current shareholder structure [9]. Group 4: Implementation Status - As of the report date, the counterparties have fulfilled their payment obligations, and the transfer of shares has been completed [10][11]. - The company has not experienced any significant changes in its management structure during the transaction process [11][12]. - There have been no instances of asset or fund occupation by actual controllers or related parties during the transaction [12][13]. Group 5: Legal and Advisory Opinions - The independent financial advisor has confirmed that the transaction has adhered to all required legal and regulatory frameworks [13][14]. - The legal advisor has also verified that the transaction meets all statutory conditions and that there are no compliance risks associated with the subsequent matters [14][15].

Core Viewpoint - The company has successfully completed the transfer of 30 million shares of Dongguan Securities, representing 20% of its total share capital, to a consortium formed by Dongguan Financial Holdings Group and Dongguan Development Holdings, constituting a major asset restructuring as per regulatory requirements [1][2]. Transaction Implementation - The transfer of shares has been completed, and the shareholder register has been updated accordingly [1]. - The payment for the share transfer has been made in full, with the first payment completed within three working days of the agreement's effectiveness and the second payment of 909.70168 million yuan made following the updated shareholder register [2]. Subsequent Matters - The parties involved will continue to fulfill the related agreements and commitments associated with the transaction [2]. - The company is required to comply with ongoing legal and regulatory disclosure obligations [2]. Opinions from Intermediaries - The independent financial advisor, GF Securities, confirmed that the transaction has adhered to all necessary decision-making and approval processes, complying with relevant laws and regulations, and that all payment obligations have been fulfilled [3][4]. - The legal advisor, Guangdong Jinqiao Baixin Law Firm, stated that the share transfer agreement is effective, and the transaction meets all legal conditions for implementation, with no significant discrepancies found in the information disclosed previously [4].

Core Viewpoint - Guangdong Jinlong Development Co., Ltd. is undergoing a significant asset sale involving the transfer of 30 million shares of Dongguan Securities, representing 20% of the total share capital of Dongguan Securities, through a public listing on the Shanghai United Assets and Equity Exchange [4][5][10]. Group 1: Transaction Overview - The transaction involves the sale of 30 million shares of Dongguan Securities, with the company retaining an equal amount post-transaction [4][5]. - The total transaction price is set at 227,175.42 million RMB, with the payment structured in two installments [8][11]. - The transaction is classified as a major asset restructuring under relevant regulations, meeting the criteria for significant asset sales [10][11]. Group 2: Financial Assessment - The valuation of Dongguan Securities was assessed at 1,138,988.63 million RMB, reflecting a 24.98% increase in value [5][10]. - The transaction price was determined based on the assessed value, adjusted for cash dividends and the company's long-term investment accounting [7][8]. Group 3: Approval and Compliance - The transaction has undergone necessary decision-making and approval processes, including multiple board meetings and shareholder approvals [11][12]. - All payments have been made as per the share transfer agreement, and the transfer of shares has been duly registered [11][12]. Group 4: Management Changes - There have been changes in the management of the target company, Dongguan Securities, with new appointments made during the transaction process [13][14]. - The company has confirmed that there have been no significant changes in the management of Guangdong Jinlong Development Co., Ltd. during the transaction [13][14]. Group 5: Related Party Transactions - The transaction does not constitute a related party transaction, as the buyers, Dongguan Financial Holding Group and Dongguan Development Holding, are not affiliated with the company [10][11]. - There have been no instances of asset or fund occupation by actual controllers or related parties during the transaction process [14][15].

Group 1 - Jinlong Co., Ltd. announced the public transfer of 300 million shares of Dongguan Securities, representing 20% of its total share capital, through the Shanghai United Assets and Equity Exchange [1] - The transaction was completed with Dongguan Jinkong acquiring 194 million shares (12.9%) and Dongguan Holdings acquiring 106 million shares (7.1%), with a total transaction value of 2.272 billion yuan [1] - The assessed value of Dongguan Securities' total equity as of the end of 2023 is 11.39 billion yuan, with a value increase rate of 24.98%, and the transaction was completed at the reference bottom price [1] Group 2 - Dongguan Holdings stated that the acquisition of Dongguan Securities is related to its stable operating conditions and ongoing IPO process, with the company rated as A-class in the last three years [2] - Dongguan Securities reported revenues of 2.299 billion yuan and 2.155 billion yuan for 2022 and 2023, respectively, with net profits of 791 million yuan and 635 million yuan [2] - The projected revenue for Dongguan Securities in 2024 is 2.753 billion yuan, representing a year-on-year growth of 27.73%, with a net profit of 923 million yuan, a 45.4% increase [2]

广发证券股份有限公司 关于 广东锦龙发展股份有限公司 之 独立财务顾问核查意见 独立财务顾问 二〇二五年六月 重大资产出售实施情况 声明与承诺 广发证券股份有限公司接受广东锦龙发展股份有限公司委托，担任广东锦龙 发展股份有限公司重大资产出售之独立财务顾问。 依照《公司法》《证券法》《重组管理办法》《格式准则 26 号》等法律法规的 有关规定，按照证券行业公认的业务标准、道德规范和诚实信用、勤勉尽责精神， 遵循客观、公正的原则，在认真审阅相关资料和充分了解本次交易行为的基础上， 本独立财务顾问出具了本核查意见。 1 | 目 录 | | 2 | | --- | --- | --- | | 释 义 | | 3 | | 第一节 | 本次交易概况 | 4 | | | | 一、本次交易方案 4 | | | | 二、本次交易的性质 6 | | 第二节 | 本次交易实施情况 | 8 | | | | 一、本次交易决策过程和批准情况 8 | | | | 二、本次交易的资产过户或交付、相关债权债务处理等事宜的办理情况 8 | | | | 三、相关实现情况与之前披露的信息是否存在差异 9 | | | | 四、董事、监事、高级管理人员 ...

广东金桥百信律师事务所 关于广东锦龙发展股份有限公司 重大资产出售实施情况 之 法律意见书 二〇二五年七月 广东金桥百信律师事务所 关于广东锦龙发展股份有限公司 重大资产出售实施情况 之法律意见书 2025粤金桥非字1713号 致：广东锦龙发展股份有限公司 广东金桥百信律师事务所（以下简称"本所"或"金桥百信"）接受广东锦 龙发展股份有限公司（以下简称"锦龙股份"或"上市公司"或"公司"）的委 托，就锦龙股份重大资产出售事宜（以下简称"本次重大资产出售"或"本次交 易"）担任专项法律顾问。 就本次重大资产出售相关法律事项，本所已于 2024 年 9 月 23 日出具了《广 东金桥百信律师事务所关于广东锦龙发展股份有限公司重大资产出售之法律意 见书》（以下简称"《法律意见书》"），并于 2024 年 10 月 25 日出具了《广 东金桥百信律师事务所关于深圳证券交易所<关于对广东锦龙发展股份有限公司 的重组问询函>之专项法律意见书》（以下简称"《专项法律意见书》"）。 本所现就本次交易的相关实施情况出具本法律意见书，如无特别说明，本所 在《法律意见书》《专项法律意见书》中发表法律意见的前提、假设和有关词语 释义 ...

证券代码：000712 证券简称：锦龙股份 公告编号：2025-43 广东锦龙发展股份有限公司 关于重大资产出售相关承诺事项的公告 本公司董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广东锦龙发展股份有限公司（下称"锦龙股份""公司"或"上 市公司"）通过公开挂牌方式转让公司所持有的东莞证券股份有限公 司（下称"东莞证券"）30,000万股股份（占东莞证券总股本的20%）， 本次交易构成重大资产重组。 截至本公告日，本次重大资产出售交易已实施完毕，现将本次交 易过程中相关各方作出的重要承诺及履行情况公告如下： 1 承诺方 承诺内容 上市公司 1、本公司为本次交易出具的说明、承诺及提供的信息均为真实、准确和 完整的，不存在虚假记载、误导性陈述或者重大遗漏。 2、本公司保证已履行了法定的披露和报告义务，不存在应当披露而未披 露的合同、协议、安排或其他事项；本公司负责人、主管会计工作的负责 人和会计机构负责人保证本次交易重组草案及其摘要以及后续披露的其 他文件所引用的本公司所提供的相关数据的真实、准确、完整。 3、本公司向本次交易各中介机构所提供的资料均为真实、准确、完整 ...

一、本次交易的实施情况 证券代码：000712 证券简称：锦龙股份 公告编号：2025-42 广东锦龙发展股份有限公司 关于重大资产出售之标的资产过户完成的公告 本公司董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 （一）标的股份的过户情况 截至本公告日，东莞证券已就标的股份的过户完成了股东名册的 变更手续并出具了新股东名册，本次交易所涉及的标的股份已完成交 割。 广东锦龙发展股份有限公司（下称"公司"）通过上海联合产权 交易所公开挂牌的方式向东莞金融控股集团有限公司（下称"东莞金 控"）和东莞发展控股股份有限公司（下称"东莞控股"）组成的联 合体转让所持有的东莞证券股份有限公司（下称"东莞证券"）30,000 万股股份（占东莞证券总股本的 20%，下称"标的股份"），本次交 易构成《上市公司重大资产重组管理办法》规定的重大资产重组。 （二）交易对价的支付情况 根据《股份转让协议》的约定，受让方（东莞金控和东莞控股） 在《股份转让协议》生效之日起三个工作日内，将第一笔股份转让款 136,305.252万元支付至各方认可的公司收款账户。受让方在收到东 莞证券出具的变更后 ...

上市地点：深圳证券交易所 证券代码：000712 证券简称：锦龙股份 广东锦龙发展股份有限公司 重大资产出售实施情况报告书 独立财务顾问 二〇二五年七月 本公司提醒投资者注意：本报告书的目的仅为向公众提供有关本次交易的实 施情况，投资者如欲了解更多信息，请仔细阅读《广东锦龙发展股份有限公司重 大资产出售报告书（草案）（修订稿）》全文，该重组报告书全文刊载于深圳证 券交易所网站（http://www.szse.cn）。 上市公司声明 本公司及全体董事、监事、高级管理人员保证本报告书的内容真实、准确和 完整，并对本报告书的虚假记载、误导性陈述或者重大遗漏承担相应的法律责任。 本次重大资产重组的交易对方已出具承诺函，保证其为本次重大资产重组所提供 的信息不存在虚假记载、误导性陈述或者重大遗漏，并对所提供信息的真实性、 准确性和完整性承担相应的法律责任。 本次交易有关监管部门对本次重大资产重组所做的任何决定或意见，均不表 明其对本公司股票的价值或投资者的收益作出实质性判断或者保证。任何与之相 反的声明均属虚假不实陈述。 本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此变化 引致的投资风险，由投资者自行承 ...