Zhong Guo Jing Ji Wang·2025-09-15 07:00Core Viewpoint - Shandong Gold has decided to terminate its plan to issue A-shares to specific investors and has withdrawn its application, citing the need to optimize financing methods in light of recent market conditions and a successful H-share placement [1][2]. Group 1: A-Share Issuance - The company announced the termination of the A-share issuance plan during a board meeting held on September 12, 2025, and has applied to the Shanghai Stock Exchange to withdraw the related application documents [1]. - The initial plan for the A-share issuance dates back to June 2, 2022, with a proposed fundraising amount of up to 990 million yuan, intended for resource development and debt repayment [1]. - The revised fundraising target for the A-share issuance was adjusted to a maximum of 460 million yuan, with all proceeds earmarked for the development of the Jiao Jia mining project [2]. Group 2: H-Share Placement - On September 2, 2025, the company disclosed plans to place 136.5 million new H-shares to at least six investors, with net proceeds intended for debt repayment [3]. - The placement was completed on September 9, 2025, with shares sold at a price of 28.58 HKD each, representing approximately 15.89% of the company's previously issued H-shares [3][4]. - Following the placement, the shareholding of Shandong Gold Group and its concerted parties was diluted from 45.36% to 44.02% [4]. Group 3: Financial Metrics - As of June 30, 2025, the company's debt-to-asset ratio stood at 63.11%, reflecting a slight decrease from 63.54% at the end of the previous year [5][7]. - The current ratio was reported at 45.74%, down from 46.01%, while the quick ratio decreased to 30.92% from 32.68% [7].