中国神华: 中信证券股份有限公司关于中国神华能源股份有限公司在本次交易首次公告日前20个交易日内股票价格波动情况的核查意见

Group 1 - The company, China Shenhua Energy Co., Ltd., plans to acquire coal, coal-fired power, and coal-to-oil and coal-to-gas assets from China Energy Investment Corporation through a combination of issuing A-shares and cash payment [1] - The independent financial advisor, CITIC Securities, conducted a review of the stock price fluctuations of China Shenhua during the 20 trading days prior to the announcement of the transaction [1] - The stock price of China Shenhua experienced a cumulative decline of 5.69% after excluding the impact of the Shanghai Composite Index and a decline of 6.36% after excluding the impact of the coal industry index during the specified period [1][2] Group 2 - The independent financial advisor concluded that the cumulative stock price fluctuation of China Shenhua did not exceed 20% when excluding the impacts of the broader market and industry factors, indicating no abnormal volatility [2]