Group 1 - ST Tianrui's controlling shareholder is planning a change in company control, leading to a suspension of trading from December 1, 2025, for up to 2 trading days [1] - Giarong Technology intends to acquire 100% of Hangzhou Lanan's shares through a combination of issuing shares and cash payment, with a maximum fundraising of 1 billion yuan, and trading will resume on December 1, 2025 [2][4] - Enjie Co. is planning to issue shares to acquire assets and raise matching funds, with trading suspended from December 1, 2025 [6] Group 2 - China Jushi's major shareholder, Zhenstone Group, plans to increase its stake in the company by 550 million to 1.1 billion yuan within 12 months, supported by a loan commitment from China Construction Bank [5] - Kai Zhong Co. is looking to acquire 60% of Anhui Tuosheng's shares through a combination of shares and cash, with the transaction expected to constitute a major asset restructuring [7] - ST Yuancheng's stock will be delisted on December 5, 2025, following a decision by the Shanghai Stock Exchange [14] Group 3 - Huafeng Co. has signed a share transfer agreement to transfer 34 million shares (16% of total shares) to Chen Yun at a price of 15 yuan per share, totaling 161 million yuan [10] - The transfer will result in a change of controlling shareholder, with Chen Yun becoming the new controlling shareholder [11] - Super Zhi Hang Ke's controlling shareholders are transferring 18.76 million shares (20.93% of total shares) to Hubei Jiao Investment Capital, leading to a change in controlling shareholder to Hubei State-owned Assets Supervision and Administration Commission [12] Group 4 - Longan Automobile's board approved the establishment of a robot company with a registered capital of 450 million yuan, aiming to develop a multi-robot industry sector [16] - Artis plans to adjust its U.S. market operations by establishing joint ventures for solar and energy storage businesses, with a shareholding structure favoring the controlling shareholder [17] - Jiangxi Copper has made non-binding cash offers to acquire shares of SolGold Plc, with the latest offer at 26 pence per share [18]

证券日报网讯 11月30日晚间，江西铜业发布公告称，公司拟以每股26便士的非约束性现金要约收购伦 敦证券交易所上市公司SolGold Plc全部股份，截至本公告披露日，公司持有目标公司365，757，587股 股份，约占其已发行股份的 12.19%。公司目前收购目标公司股份事宜仍处于非正式要约阶段。两项非 约束性现金要约目前均已被目标公司董事会拒绝。公司后续是否会就收购目标公司股份提出正式要约尚 存在不确定性。预计伦敦当地时间2025年12月26日下午5点前，就出资收购目标公司股份发布确定的正 式要约公告，亦或在此之前就放弃收购目标公司股份发布明确公告。 （文章来源：证券日报） ...

Major Events - Enjie Co., Ltd. is planning to acquire 100% equity of Zhongke Hualian and will suspend trading starting December 1, 2025 due to uncertainties surrounding the transaction [4] - ST Tianrui's controlling shareholder is planning a change in company control, leading to a trading suspension starting December 1, 2025, expected to last no more than two trading days [5] - Jiarong Technology intends to raise no more than 1 billion yuan through a private placement and acquire 100% of Hangzhou Lanran [6][7] - Baili Tianheng's wholly-owned subsidiary received a milestone payment of 250 million USD from BMS related to a collaboration agreement [8] - Jiangxi Copper is planning to acquire shares of the overseas listed company SolGold Plc, with a non-binding cash offer of 26 pence per share, currently in the informal offer stage [9] - China Shenhua's subsidiary successfully completed a 168-hour trial run of its power generation unit, marking a significant milestone in its expansion project [10] - ST Dongyi faces the risk of bankruptcy due to unsuccessful restructuring efforts, which could lead to stock delisting [11] - Huayang Co., Ltd. has launched a high-performance carbon fiber project with an annual production capacity of 200 tons, applicable in various high-tech fields [12] - Dameng Data's general manager has had his detention lifted by the local authorities [13] Shareholding Changes - Zhongwei Company plans to reduce its stake by no more than 1% through block trading, equating to approximately 6.26 million shares [14] - Yulide's directors plan to collectively reduce their holdings by no more than 0.0313%, totaling up to 35,000 shares [15] - Shengnuo Bio's vice president and a board member plan to reduce their holdings by no more than 0.024%, totaling up to 37,600 shares [16] Major Contracts - Aoride plans to sign a comprehensive technical service agreement with Company X, with a total contract value of approximately 635 million yuan [17]

2.公司目前收购目标公司股份事宜仍处于非正式要约阶段。两项非约束性现金要约目前均已被目标公司 董事会拒绝。公司后续是否会就收购目标公司股份提出正式要约尚存在不确定性。但根据英国《城市收 购及合并守则》(《The City Code on Takeovers and Mergers》)，公司保留提出其他对价形式或不同对价 组合的权利，并保留在特定常见情形下以不优于潜在收购所载条款对目标公司提出要约的权利。公司同 时保留目标公司于本公告发布后公告、宣告、确定支付或支付任何股息或其他股东分配后相应调减潜在 收购条款的权利。 江西铜业股份(00358)发布公告，公司分别于英国伦敦时间2025年11月23日及2025年11月28日向伦敦证 券交易所上市公司SolGold Plc(目标公司)董事会提交了两项非约束性现金要约。最新一项非约束性现金 要约拟以每股26便士的价格，收购目标公司全部股份。上述事项有关说明如下： 1.截至本公告日期，公司持有目标公司3.66亿股股份，约占其已发行股份的12.19%。 3.此外，根据《收购守则》的有关规定，公司应在不晚于2025年12月26日下午5点(伦敦当地时间，暨北 京时间2025 ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The implementation of self-discipline measures against "involution" in copper smelting is expected to alleviate supply-demand contradictions between the mining and smelting sectors, potentially stabilizing smelting fees [8] - Major copper mines are expected to resume production, with mid-term mining output likely to exceed smelting expansion, creating upward pressure on smelting fees [8] - High demand in downstream sectors is anticipated to boost copper consumption, leading to a scenario where both copper prices and processing fees rise simultaneously [8] Summary by Sections Industry Overview - The report highlights the recent announcement by the China Nonferrous Metals Industry Association to control new copper smelting capacity and address unsustainable structural contradictions in the industry [8] - The self-discipline measures include a reduction of over 10% in copper production capacity for 2026 and the establishment of a supervision mechanism to prevent malicious competition [8] Mining Sector - The Grasberg copper mine is set to resume large-scale production in Q1 2026, with expected output growth continuing into 2027, potentially reaching 726,000 tons [8] - The Cobre Panamá mine is also expected to restart, with negotiations ongoing with the Panamanian government [8] Demand and Pricing - The report notes that the global upgrade of power grids and the rise of clean energy and AI data centers are expected to drive copper demand [8] - The anticipated alleviation of structural contradictions between the mining and smelting sectors may lead to a simultaneous increase in copper prices and processing fees [8] Investment Recommendations - For the copper smelting sector, it is recommended to focus on Tongling Nonferrous Metals (000630, Buy) and Jiangxi Copper (600362, Not Rated) [8] - In the copper mining sector, attention is drawn to Zijin Mining (601899, Buy) and other companies with significant resource reserves and expansion potential [8]

2.公司目前收购目标公司股份事宜仍处于非正式要约阶段。两项非约束性现金要约目前均已被目标公司 董事会拒绝。公司后续是否会就收购目标公司股份提出正式要约尚存在不确定性。但根据英国《城市收 购及合并守则》(《The City Code on Takeovers and Mergers》)，公司保留提出其他对价形式或不同对价 组合的权利，并保留在特定常见情形下以不优于潜在收购所载条款对目标公司提出要约的权利。公司同 时保留目标公司于本公告发布后公告、宣告、确定支付或支付任何股息或其他股东分配后相应调减潜在 收购条款的权利。 智通财经APP讯，江西铜业股份(00358)发布公告，公司分别于英国伦敦时间2025年11月23日及2025年11 月28日向伦敦证券交易所上市公司SolGold Plc(目标公司)董事会提交了两项非约束性现金要约。最新一 项非约束性现金要约拟以每股26便士的价格，收购目标公司全部股份。上述事项有关说明如下： 1.截至本公告日期，公司持有目标公司3.66亿股股份，约占其已发行股份的12.19%。 3.此外，根据《收购守则》的有关规定，公司应在不晚于2025年12月26日下午5点(伦敦当地时间，暨 ...

Company Focus - Enjie Co., Ltd. plans to acquire 100% equity of Zhongke Hualian, leading to a stock suspension [2] - Canadian Solar Inc. and its controlling shareholder plan to establish a joint venture to adjust their U.S. market operations [3] - Jiarong Technology intends to acquire 100% of Hangzhou Lanan, with stock resuming trading [3] Equity Changes - ST Tianrui's controlling shareholder is planning a change in control, resulting in stock suspension [4] Shareholding Changes & Buybacks - Shanghai Chuangtou intends to reduce its stake in Zhongwei Company by no more than 1% [5] Operations & Performance - China Shenhua's subsidiary successfully completed a 168-hour trial run of its power generation unit, transitioning to commercial operation [6] - Baillie Tianheng received a milestone payment of $250 million from Bristol-Myers Squibb for the iza-bren project [7] - Jiangxi Copper is in the informal offer stage to acquire shares of SolGold Plc [8] - Aorede plans to sign a 635 million yuan computing power procurement agreement [9] - Maiwei Bio's clinical research for 9MW1911 shows significant reductions in acute exacerbation rates for COPD patients [10] - Huayang Co. has launched a high-performance carbon fiber project with an annual production capacity of 200 tons [10] Financing & Capital Increase - Ganfeng Lithium plans to issue $100 million in exchangeable notes to the China-Africa Development Fund [11] Stock Price Fluctuations - Tongyu Communications confirmed normal operations amid stock price fluctuations [12] - Rongji Software reported normal operations despite stock price declines [13] Other - Xianglou New Materials' application for a specific stock issuance has been accepted by the Shenzhen Stock Exchange [15] - JinkoSolar received a prepayment of 220 million yuan for a fire incident at its battery workshop [15] - Dameng Data's general manager has had his detention lifted [15] - Dongpeng Beverage has received approval from the CSRC for its overseas listing [16]

格隆汇11月30日丨江西铜业股份(00358.HK)公布，公司分别于英国伦敦时间 2025 年 11 月 23 日及 11 月 28 日向伦敦证券交易所上市公司SolGold Plc(以下简称目标公司)董事会提交了两项非约束性现金要约。 最新一项非约束性现金要约拟以每股26 便士的价格，收购目标公司全部股份(以下简称潜在收购)。现根 据英国有关法律法规及《上海证券交易所股票上市规则》《香港联合交易所有限公司证券上市规则》等 有关规定，就该事项做以下说明： 3、此外，根据《收购守则》的有关规定，公司应在不晚于2025 年 12 月 26 日下午 5 点(伦敦当地时 间，暨北京时间2025年 12 月 27 日凌晨 1 点)，就出资收购目标公司股份发布确定的正式要约公告，亦 或在此之前就放弃收购目标公司股份发布明确公告。(上述时间期限如向英国并购委员会申请并获得同 意，可根据英国有关法律法规的规定进行延长) 2、公司目前收购目标公司股份事宜仍处于非正式要约阶段。两项非约束性现金要约目前均已被目标公 司董事会拒绝。公司后续是否会就收购目标公司股份提出正式要约尚存在不确定性。但根据英国《城市 收购及合并守则》(以下简 ...

Core Viewpoint - Several companies are undergoing significant corporate actions, including acquisitions, capital raising, and operational milestones, which may present investment opportunities and market implications. Group 1: Corporate Actions - Enjie Co., Ltd. is planning to acquire 100% equity of Zhongke Hualian and will suspend trading starting December 1, 2025 due to uncertainties surrounding the transaction [3] - ST Tianrui's controlling shareholder is planning a change in company control, leading to a trading suspension from December 1, 2025, expected to last no more than two trading days [4] - Jiarong Technology intends to raise up to 1 billion yuan through a private placement and acquire 100% of Hangzhou Lanran, with the transaction making the latter a wholly-owned subsidiary [5] - Jiangxi Copper is in the process of making non-binding cash offers to acquire shares of SolGold Plc at 26 pence per share, currently holding 12.19% of the company [7] Group 2: Financial Milestones - Baillie Gifford's subsidiary SystImmune received a milestone payment of $250 million from Bristol-Myers Squibb related to a collaboration agreement, with potential future payments totaling up to $7.1 billion [6] Group 3: Operational Developments - China Shenhua's subsidiary successfully completed a 168-hour trial run of its 3rd unit at the Beihai Phase II project, which is a key energy development project in Guangxi [8] - Huayang Co., Ltd. has launched a 200-ton annual production project for high-performance carbon fiber, which is expected to serve various high-tech industries [11] Group 4: Shareholder Actions - Zhongwei Company’s major shareholder plans to reduce its stake by up to 1% through block trading [14] - Yulide's directors plan to collectively reduce their holdings by no more than 0.0313% of the company's total shares [15] - Saint Noble Bio's executives plan to reduce their holdings by no more than 0.024% of the company's total shares [16] Group 5: Contracts and Agreements - Aoride plans to sign a comprehensive technical service agreement with Company X, with a total contract value of approximately 635 million yuan [18]

Core Viewpoint - Jiangxi Copper has made two non-binding cash offers to acquire all shares of SolGold Plc at a price of 26 pence per share, with the latest offer submitted on November 28, 2025 [1] Group 1: Acquisition Details - Jiangxi Copper's subsidiary, Jiangxi Copper (Hong Kong) Investment Co., Ltd., purchased 157 million shares of SolGold Canada Inc., representing 5.24% of its issued shares, for a total consideration of $18.0712 million (approximately RMB 130 million) in March 2025 [2] - Following this transaction, Jiangxi Copper became the largest single shareholder of SolGold, holding a total of 366 million shares, or 12.19% of the issued shares [2] - The company aims to provide technical consulting services for SolGold's Cascabel project in Ecuador, indicating a strategic interest in the project [2] Group 2: Offer Status and Regulations - The two non-binding cash offers have been rejected by SolGold's board, and it remains uncertain whether Jiangxi Copper will submit a formal offer for the shares [2] - According to the UK City Code on Takeovers and Mergers, Jiangxi Copper retains the right to propose other forms of consideration or different combinations of consideration [3] - Jiangxi Copper is required to announce a formal offer or withdraw its interest by December 26, 2025, London time [3]