中钨高新8.2亿元“高溢价关联收购”背后：标的采矿权估值涨超15倍，部分资源尚在“界外”

Core Viewpoint - The announcement reveals a high-premium related party transaction where China Tungsten High-Tech Co., Ltd. plans to acquire a 99.9733% stake in Hunan Yuanjing Tungsten Industry Co., Ltd. from its second-largest shareholder, Minmetals Tungsten Industry Group Co., Ltd., for approximately 820 million yuan, reflecting a significant valuation increase of 170.27% [1][2][3] Valuation Highlights - The valuation of the target asset shows a remarkable increase, with the net asset book value of Yuanjing Tungsten at around 300 million yuan and an assessed value of approximately 820 million yuan using the asset-based approach, resulting in a valuation increase of 170.27% [2][3] - The assessment was conducted by Beijing Zhongqi Hua Asset Appraisal Co., Ltd., employing both income and asset-based methods, with the asset-based method ultimately chosen for pricing [2][3] Asset Breakdown - The increase in valuation is primarily attributed to fixed and intangible assets, with fixed assets valued at approximately 320 million yuan (an increase of 81.48%) and intangible assets, particularly mining rights, valued at around 420 million yuan (an increase of 829.43%) [2][3] - The mining rights for the "Dazao Mining Area" have seen a dramatic increase in assessed value, rising from a book value of approximately 21.4 million yuan to an assessed value of about 350 million yuan, a surge of about 15.5 times [3][4] Resource Assessment - The assessment includes resources below the current mining license depth, which extends the evaluation range and assumes future legal extensions of mining rights for deeper resources [5][6] - Yuanjing Tungsten holds a total resource reserve of approximately 40.36 million tons, with a metal content of about 154,000 tons, enhancing the company's tungsten resource self-sufficiency and potential profitability upon acquisition [6]