CTM(SH:600711) 21世纪经济报道·2025-10-15 05:57Core Viewpoint - Shengtun Mining (600711.SH) has announced a cash acquisition of Loncor for approximately 2.61 million CAD (about 1.35 billion RMB), which is expected to enhance its gold resource portfolio significantly amid rising gold prices [3][4]. Group 1: Acquisition Details - Shengtun Mining's wholly-owned subsidiary plans to acquire all issued and diluted shares of Loncor at a price of 1.38 CAD per share, totaling around 2.61 million CAD [3]. - Loncor's core asset is the Adumbi gold mine project in the Ituri province of the Democratic Republic of the Congo, which has a controlled resource of 1.88 million ounces of gold [3][4]. - The current gold price is around 4,100 USD per ounce, valuing the controlled resources at approximately 7.7 billion USD (about 54.9 billion RMB), significantly higher than the acquisition cost [4]. Group 2: Financial Performance - Shengtun Mining reported a revenue of 25.7 billion RMB for 2024, a year-on-year increase of 5.21%, with a net profit of 2.005 billion RMB, up 657.63% [4]. - In the first half of 2025, revenue increased by 20.94% to 13.804 billion RMB, but net profit decreased by 5.81% to 1.053 billion RMB [4]. Group 3: Regulatory Issues - Shengtun Mining faced regulatory scrutiny for revenue recognition violations from 2021 to 2023, leading to a temporary "ST" designation, which was lifted in August 2023 [5]. - The company was found to have recognized revenue without the actual transfer of control over goods, resulting in inflated financial statements during the specified period [5].