Zhong Guo Jing Ji Wang·2025-12-15 02:56Core Viewpoint - The Shenzhen Stock Exchange's M&A Review Committee approved Yunnan Copper's asset acquisition through share issuance, confirming compliance with restructuring conditions and information disclosure requirements [1] Group 1: Transaction Details - Yunnan Copper plans to acquire a 40% stake in Liangshan Mining from Yunnan Copper Group, which will make Liangshan Mining a subsidiary of Yunnan Copper upon completion of the transaction [3] - The valuation of 100% equity of Liangshan Mining is approximately 600.88 million yuan, with the agreed transaction price for the 40% stake set at 232.35 million yuan after deducting cash dividends [3] - The share issuance price for the transaction is determined to be 9.31 yuan per share, adjusted to 9.07 yuan per share considering the dividend distribution [3] Group 2: Share Issuance and Funding - The total number of shares to be issued for the acquisition is approximately 256.18 million shares, subject to final approval by the Shenzhen Stock Exchange and registration by the China Securities Regulatory Commission [4] - Yunnan Copper will raise 150 million yuan through share issuance to Chinalco and China Copper, with Chinalco subscribing for 100 million yuan and China Copper for 50 million yuan [5] - The funds raised will be allocated to the construction of the Hongnippo Copper Mine project and to supplement the company's working capital, with a maximum of 50% of the total raised funds used for working capital [5] Group 3: Regulatory and Advisory Aspects - The transaction does not constitute a major asset restructuring or a change in control, as the controlling shareholders remain unchanged [6] - The independent financial advisor for the transaction is CITIC Securities, with specific advisors named [6]