Core Viewpoint - The issuance of new shares by Xiangshan Co., amounting to 810 million yuan, raises concerns about potential "backdoor listing" and "spinoff listing" issues, as the controlling shareholder, Yunsen Electronics, increases its stake from 29.9992% to 44% [1][2][5]. Group 1: Capital Operations and Shareholding Changes - Xiangshan Co. plans to issue up to 32,879,402 new shares, representing 24.89% of the total shares before the issuance, to raise a maximum of 811.79 million yuan, which will be used to supplement working capital [2]. - Yunsen Electronics began acquiring shares in Xiangshan Co. in July 2023, obtaining an 8.0257% stake through share transfers [3]. - The series of capital operations by Yunsen Electronics, including asset sales and reverse acquisitions, could yield an estimated profit of around 500 million yuan [10][12]. Group 2: Financial Implications and Debt Concerns - Xiangshan Co. incurred a significant debt increase, with interest-bearing liabilities rising from 1.491 billion yuan at the end of 2020 to 2.759 billion yuan by the end of 2024, and projected to reach 3.008 billion yuan in the first half of 2025 [12]. - The company's net profit for 2024 is projected at 155 million yuan, while interest expenses are expected to reach 148 million yuan, indicating a heavy financial burden [12]. Group 3: Shareholder Actions and Market Reactions - The original controlling shareholder, Zhao Yukun, and associated parties have initiated a significant sell-off, reducing their holdings by a total of 7,199,600 shares, which raises questions about the timing of the company's share buyback plan [12][15]. - Investors have expressed concerns regarding whether the buyback was intended to facilitate the original shareholders' exit, especially given the timing of the announcements [15].

（编辑 任世碧） 证券日报网讯 10月24日，香山股份发布公告称，公司于近日收到深圳证券交易所（简称"深交所"）出 具的《关于受理广东香山衡器集团股份有限公司向特定对象发行股票申请文件的通知》（深证上审 [2025]197号），深交所对公司提交的2025年度向特定对象发行股票的申请文件进行了核对，认为申请 文件齐备，决定予以受理。公司本次向特定对象发行股票事宜尚需深交所审核通过，并获得中国证券监 督管理委员会同意注册后方可实施。最终能否通过深交所审核并获得中国证券监督管理委员会同意注册 的决定及其时间仍存在不确定性。 ...

Core Viewpoint - Xiangshan Co., Ltd. has received notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance aimed at designated investors for the year 2025 [1] Group 1 - The Shenzhen Stock Exchange has verified that the application documents submitted by Xiangshan Co., Ltd. are complete and has decided to accept the application [1] - The stock issuance is subject to further approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1]

Core Viewpoint - The company, Guangdong Xiangshan Weighing Group Co., Ltd., has received notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific issuance of shares for the year 2025 [1] Group 1 - The Shenzhen Stock Exchange has verified that the application documents submitted by the company for the issuance of shares are complete and has decided to accept the application [1]

Core Viewpoint - The company, Xiangshan Co., Ltd. (002870.SZ), has received notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance for the year 2025 [1] Group 1 - The Shenzhen Stock Exchange has verified that the application documents submitted by the company for the 2025 specific stock issuance are complete and has decided to accept the application [1]

Core Points - The company, Xiangshan Co., Ltd. (002870.SZ), has received a notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance for the year 2025 [1] Group 1 - The Shenzhen Stock Exchange has verified that the application documents submitted by the company for the specific stock issuance are complete and has decided to accept the application [1]

证券代码：002870 证券简称：香山股份 公告编号：2025-070 广东香山衡器集团股份有限公司 公司本次向特定对象发行股票事宜尚需深交所审核通过，并获得中国证券监 督管理委员会同意注册后方可实施。最终能否通过深交所审核并获得中国证券监 督管理委员会同意注册的决定及其时间仍存在不确定性。公司将根据上述事项的 进展情况，严格按照相关规定及时履行信息披露义务，敬请广大投资者注意投资 风险。 特此公告。 广东香山衡器集团股份有限公司董事会 二〇二五年十月二十四日 获得深圳证券交易所受理的公告 本公司及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。 广东香山衡器集团股份有限公司（以下简称"公司"）于近日收到深圳证券 交易所（以下简称"深交所"）出具的《关于受理广东香山衡器集团股份有限公 司向特定对象发行股票申请文件的通知》（深证上审[2025]197 号），深交所对 公司提交的 2025 年度向特定对象发行股票的申请文件进行了核对，认为申请文 件齐备，决定予以受理。 关于2025年度向特定对象发行股票申请 ...

国浩律师（上海）事务所 关 于 广东香山衡器集团股份有限公司 向特定对象发行股票 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5243 3320 网址/Website: http://www.grandall.com.cn 二〇二五年十月 | 释 | 义 3 | | --- | --- | | 第一节 | 律师应当声明的事项 5 | | 第二节 | 正文 7 | | 一、本次发行的批准和授权 7 | | | 二、发行人的主体资格 12 | | | 三、本次发行的实质条件 14 | | | 四、发行人的独立性 18 | | | 五、发行人的股东 20 | | | 六、发行人的股本及其演变 24 | | | 七、发行人的业务 29 | | | 八、发行人的关联交易及同业竞争 32 | | | 九、发行人的主要财产 43 ...

广东香山衡器集团股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 6-1-1 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2506939 号 广东香山衡器集团股份有限公司全体股东： 一、审计意见 我们审计了后附的广东香山衡器集团股份有限公司 (以下简称"香山股份") 财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合 并及母公司现金流量表、合 ...

甬兴证券有限公司 关于 广东香山衡器集团股份有限公司 2025 年度向特定对象发行股票 保荐人及保荐代表人声明 甬兴证券有限公司及本项目保荐代表人蒋敏、王学飞根据《中华人民共和国 公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会的有关规定 以及深圳证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按照依法制订 的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证发行保荐书的 真实性、准确性和完整性。 3-1-1 之 证券发行保荐书 保荐机构（主承销商） 二〇二五年十月 广东香山衡器集团股份有限公司 发行保荐书 | 保荐人及保荐代表人声明 | 1 | | --- | --- | | 目 | 录 2 | | 释 | 义 3 | | 第一节 | 本次证券发行基本情况 4 | | | 一、本次证券发行具体负责推荐的保荐代表人 4 | | | 二、本次证券发行项目协办人及项目组其他成员 4 | | | 三、发行人基本情况 5 | | | 四、保荐机构与发行人关联关系的说明 8 | | | 五、保荐机构内部审核程序和内核意见 9 | | 第二节 | 保荐机构承诺事项 11 | | 第三节 | 对本次发行 ...