盛达资源2.69亿现金收购“0营收”矿企 标的资不抵债连续亏损|并购谈

Core Viewpoint - The acquisition of a company with negative net assets and zero revenue for two consecutive years by a listed mining company raises questions about the strategic rationale behind the transaction and whether it is a resource integration strategy or a capital operation game [1][4]. Group 1: Acquisition Details - On January 12, Shengda Resources announced the acquisition of 55% of Guangxi Laibin Jinshi Mining Co., Ltd. for a cash payment of 269.5 million yuan [1][4]. - Guangxi Jinshi has a negative net asset of -31.68 million yuan as of November 30, 2025, yet the acquisition values the company at approximately 490 million yuan [1][4]. - The core value of Guangxi Jinshi lies in its mining rights, including the Miaohuang copper-lead-zinc-silver mining rights valid until October 24, 2043, and exploration rights for other mineral resources [1][4]. Group 2: Financial Implications - The acquisition is expected to exert financial pressure on Shengda Resources, which had interest-bearing liabilities of approximately 1.9 billion yuan by the end of the third quarter of 2025 [2][5]. - The company's broad monetary funds are lower than its short-term debts, indicating potential short-term repayment pressure [2][5]. Group 3: Market Reactions and Strategic Context - Shengda Resources has been active in mergers and acquisitions, with plans to acquire 47% of Honglin Mining and having previously completed the acquisition of the remaining 33% of Jinshan Mining [6]. - There are mixed market opinions regarding the acquisition; supporters view it as a strategic move to capitalize on rising precious metal prices, while skeptics question the financial health and valuation of the target company, as well as Shengda's own financial pressures [2][6].