重组预案出炉，交易所火速问询

Core Viewpoint - The company, Han Jian He Shan, announced a major asset restructuring plan to acquire 99.9978% of Xingfu New Materials through a combination of issuing shares and cash payments, while also raising supporting funds from specific investors [1][3][4]. Group 1: Transaction Details - The transaction involves issuing shares and cash to purchase the majority stake in Xingfu New Materials, with the specific ratio of shares to cash to be determined through further negotiations [3]. - The share issuance price is set at 4.38 yuan per share, which is at least 80% of the average trading price over the 20 trading days prior to the pricing date [1]. - The total amount of supporting funds raised will not exceed 100% of the transaction price for the asset purchase, and the number of shares issued will not exceed 30% of the company's total share capital prior to the issuance [3][4]. Group 2: Financial Implications - The funds raised will be used for cash payments related to the transaction, intermediary fees, and associated taxes, although the exact amounts are yet to be determined [4]. - The restructuring is expected to enhance the company's total assets, net assets, and operating income, thereby improving its operational capabilities [5]. Group 3: Market and Performance Concerns - The Shanghai Stock Exchange issued an inquiry regarding the significant fluctuations in Xingfu New Materials' performance, which showed a declining trend in revenue from approximately 777 million yuan in 2022 to an estimated 386 million yuan in 2025, alongside net profit fluctuations [8]. - The inquiry also requested clarification on the reasons behind Xingfu New Materials' declining performance and its market position compared to industry peers [8][9]. Group 4: Insider Information Management - The inquiry highlighted concerns about potential insider information leaks, particularly as the company's stock price hit the daily limit before the announcement, prompting a request for a detailed disclosure of the transaction process and the individuals involved [10].