Zhong Guo Jing Ji Wang·2026-01-25 07:01Core Viewpoint - The Shenzhen Stock Exchange's M&A Review Committee approved the asset purchase by China National Chemical Import & Export Corporation (referred to as "China National Chemical") on January 23, 2026, confirming that the issuance of shares for asset acquisition meets restructuring conditions and information disclosure requirements [1] Group 1: Transaction Details - China National Chemical plans to issue shares to acquire 100% equity of Zhongji Jiangsu from Zhongji Import & Export, with a transaction price of 151.4629 million yuan [3] - The asset valuation is based on an appraisal report of 115.3657 million yuan, with a negotiated transaction price reflecting a 37.12% appreciation [3] - The share issuance price is set at 11.19 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [3] Group 2: Financial Performance of Target Company - Zhongji Jiangsu's projected revenues for 2023, 2024, and the first half of 2025 are 15.3996 million yuan, 37.9268 million yuan, and 22.41 million yuan, respectively, with net profits of 1.9185 million yuan, 14.9944 million yuan, and 4.9096 million yuan [4] - The cash flow from operating activities for the same periods is 12.3011 million yuan, 35.3855 million yuan, and 21.9663 million yuan [4] Group 3: Financial Metrics Overview - For the first half of 2025, Zhongji Jiangsu's operating income is projected at 22.41 million yuan, with a net profit of 4.9096 million yuan [5] - The financial performance from 2022 to the first half of 2025 shows China National Chemical's revenues of 4.222018 billion yuan, 3.0673286 billion yuan, 1.2263425 billion yuan, and 523.2355 million yuan, with net losses of 332.3345 million yuan, 262.659 million yuan, 305.5442 million yuan, and 55.5041 million yuan [5]