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Core Viewpoint - The recent competitive tender offers for ST Xinchao by Zhejiang Jindi Petroleum and Inner Mongolia Yitai Coal represent a first in A-share market history, creating complex decision-making scenarios for investors [1][2]. Group 1: Competitive Tender Offers - Zhejiang Jindi Petroleum's offer includes a purchase of 20% of ST Xinchao's total shares at a price of 3.10 yuan per share, with a tender period from April 8, 2025, to May 7, 2025, requiring a minimum acceptance of 8% of total shares [1]. - Inner Mongolia Yitai Coal's offer is for 51% of ST Xinchao's total shares at a price of 3.40 yuan per share, with a tender period from April 23, 2025, to May 22, 2025, requiring a minimum acceptance of 28% of total shares [1][3]. - As of April 18, ST Xinchao's stock price was 2.84 yuan, indicating potential for price appreciation compared to the tender offers [2]. Group 2: Investor Considerations - Investors may prefer Yitai's offer due to its higher price and larger share acquisition, but the acceptance conditions are more stringent compared to Jindi's offer [3]. - Jindi Petroleum has only deposited 20% of the required guarantee, raising questions about its financial capability to fulfill the offer [3][4]. - Regulatory improvements are suggested, including a full guarantee deposit system to mitigate risks associated with incomplete funding for tender offers [4]. Group 3: Regulatory Framework - The "Management Measures for the Acquisition of Listed Companies" stipulates that if a competitive offer arises, the initial offer must be extended if less than 15 days remain until its expiration [2]. - Enhanced information disclosure regulations are recommended to ensure clarity in the tender process, especially when multiple offers exist for the same stock [4].