华润三九收购天士力28%的股权，巩固在中药领域的全产业链布局；立讯精密收购闻泰科技部分子公司 股权，补足安卓生态ODM资源；至正股份拟收购先进封装材料国际有限公司99.97%的股权，由橡胶及 塑料制造商向半导体封装材料和专用设备行业转型…… 政策"阳光"普照 并购重组是企业实现基业长青的"关键棋"、突破增长瓶颈的"高速路"，也是经济高质量发展的"助推 器"。新"国九条"发布以来，并购重组政策红利持续释放。 2024年9月，证监会发布"并购六条"，以发挥资本市场在企业并购重组中的主渠道作用，适应新质生产 力的需要和特点，支持上市公司注入优质资产、提升投资价值。 招商证券党委书记、董事长霍达表示，"并购六条"通过允许收购未盈利资产、放宽跨界并购限制、完善 吸并锁定期等规定，向市场传递了积极发展新质生产力、鼓励产业整合的明确信号，拓宽"链主"企业遴 选优质标的的范围，释放了积极有力的政策红利，有利于激发并购重组市场活力，促进并购交易的市场 化发展。 "并购六条"发布后，深圳证监局等有关部门陆续出台并购重组支持政策，健全制度保障。2024年11月， 深圳市委金融办就《深圳市推动并购重组高质量发展的行动方案》公开征求意 ...

Core Viewpoint - Beijing Huada Jiutian Technology Co., Ltd. has decided to terminate its major asset restructuring plan due to the inability of the parties involved to reach an agreement on key transaction terms, ensuring the protection of the company's and shareholders' interests [1][5][7]. Group 1: Major Asset Restructuring Overview - The company signed a framework agreement on March 28, 2025, to acquire 100% of Chip and Semiconductor Technology (Shanghai) Co., Ltd. through a combination of issuing shares and cash payments [1][2]. - The restructuring was expected to constitute a major asset restructuring and related party transaction, but it did not qualify as a restructuring listing [2]. Group 2: Process and Communication - The company adhered to regulatory requirements and disclosed necessary information throughout the restructuring process, including risk warnings related to uncertainties [3][4]. - The company’s stock was suspended from trading starting March 17, 2025, to facilitate the restructuring process [4]. Group 3: Termination Reasons and Procedures - The decision to terminate the restructuring was made after thorough discussions and negotiations among the parties, as they could not agree on core transaction terms [5][6]. - The board of directors and the supervisory board convened on July 9, 2025, to approve the termination of the restructuring plan, which did not require shareholder approval as no draft restructuring plan had been disclosed [6][14]. Group 4: Impact of Termination - The termination of the restructuring is not expected to adversely affect the company's ongoing operations or strategic development, and it does not harm the interests of the company or minority shareholders [7]. Group 5: Commitment and Future Plans - The company has committed not to plan any major asset restructuring within one month following the announcement of the termination [8][22]. - An investor briefing is scheduled for July 11, 2025, to discuss the termination and address investor concerns [27][30].

2025年进程过半，中小金融机构改革化险仍在提速，村镇银行"瘦身健体"更进一步。 据证券时报记者梳理，截至7月9日，2025年已有84家村镇银行正式获批解散，相较于2023、2024年同期，增量明显。从解 散原因来看，多数村镇银行被辖区内城商行、农商行吸收合并，并设置为分支行。此外，在年内的村镇银行改革进程 中，"首次"多次诞生——首次跨省"村改支""村改分"、国有大行首次入局兼并重组队伍等。 今年初，国家金融监督管理总局召开年度监管工作会议，"加快推进中小金融机构改革化险"被列为六大监管重点任务之 首。业内人士预计，下半年村镇银行吸收合并仍会加速推进，"兼并重组、减量提质"则是村镇银行等农村中小金融机构风 险化解的主要思路。 兼并重组地图内蒙古数量最多 今年1月2日，重庆金融监管局发布重庆市酉阳融兴村镇银行解散的批复，拉开了年内村镇银行兼并重组的序幕。 证券时报记者统计国家金融监督管理总局的批复信息发现，上半年，内蒙古自治区至少有15家村镇银行获批解散，居国内 各省（区、市）之首；紧随其后的是山东省，有14家村镇银行获批解散；江苏省则有5家村镇银行获批解散，位列第三。 上半年，内蒙古自治区获批解散的村镇银行 ...

7月9日晚间，深圳市龙光控股有限公司公告称，公司境内债券重组已完成投票，涉及的21笔公司债券及 资产支持证券重组议案均获得投资人表决通过，涉及本金余额合计219.6亿元。 龙光债务化解取得的成果，是当前出险房企债务风险加速出清的一个缩影。 近期，房企债务重组呈加速推进态势。其中，时代中国、金轮天地、融创等房企境外债重组已基本获债 权人通过，将进行聆讯；旭辉向债券持有人定向发送了境内债券重组的全面优化方案；正荣地产就境外 及境内债务制定新重组计划等；宝龙地产也表示，公司正在对境外债务进行重组。 据中指院统计，截至目前，融创、富力、中梁、当代、佳兆业、奥园、金轮天地、禹洲、远洋、时代中 国、绿地、金科、协信远创等14多家房企债务重组或重整获批。此外，金轮天地、融创等房企境外债重 组已基本获债权人通过，将进行聆讯。 中国企业资本联盟中国区首席经济学家柏文喜向记者表示，债务重组是出险房企"自救"的关键一步，但 能否真正"脱险"，还需依赖外部市场修复和内部经营改善的共同作用。 "如何让经营性现金流回正真正具有可持续性，在一、二线城市的激烈竞争中补充土地、提升运营效 率，又如何在修复的融资环境中重获金融机构信任，决定这些 ...

Core Viewpoint - The surge in asset restructuring among listed companies in China is notable, with 1,493 companies disclosing 1,984 merger and acquisition plans in the first half of the year, including 102 major asset restructurings, representing a year-on-year increase of 121.74% [1] Group 1: Asset Valuation - Accurate asset valuation is crucial for uncovering long-term value during restructuring, requiring companies to consider core technologies, market prospects, and profit potential to create a scientific valuation plan [2] - Companies should utilize various valuation methods such as market, income, and cost approaches, and may engage independent third-party valuation firms to ensure objective and precise assessments [2] Group 2: Risk Control - Companies must establish an efficient risk warning and response mechanism to address potential risks from policy, market, and financial changes during restructuring [4] - It is essential to monitor policy trends and market changes, conduct thorough legal compliance reviews, and perform comprehensive due diligence to identify financial risks [4] Group 3: Integration and Synergy - Successful asset restructuring requires deep integration rather than mere addition, aiming for "1+1>2" synergy through efficient business collaboration, management optimization, and cultural integration [5] - Companies should streamline inefficient operations, clarify responsibilities, and enhance communication to foster a cohesive corporate culture and improve operational efficiency [5] - Setting phased goals and conducting regular evaluations can help companies adjust strategies and steadily advance integration efforts to realize synergistic benefits [5]

Group 1 - The company plans to acquire 43,233,494 shares of Jiangsu Jilai Microelectronics Co., Ltd. through capital increase, and will control over 50% of the voting rights after the transaction [1] - The transaction is classified as a major asset restructuring and will be conducted in cash without issuing shares or involving related party transactions [1] - The company signed an investment cooperation intention agreement with Li Dawei, the shareholder of the target company, to obtain control over Jilai Microelectronics [1] Group 2 - The company has approved the major asset purchase plan and signed the capital increase agreement and voting rights entrustment agreement with the target company and related parties [2] - The company received an inquiry letter regarding the major asset purchase plan and is actively organizing responses to the inquiries [3] - The company has applied for an extension to respond to the inquiry letter, which will not exceed five trading days, while continuing to advance the transaction [3] Group 3 - The company is conducting due diligence, auditing, and evaluation related to the transaction, which are still ongoing [3] - After completing the necessary work, the parties will sign a supplementary agreement to confirm the transaction price and hold a board meeting to review related matters [3] - The company will continue to fulfill its information disclosure obligations according to relevant laws and regulations [4]

四、本次交易有利于公司增强持续经营能力，不会导致财务状况发生重大不 利变化；有利于公司突出主业、增强抗风险能力；有利于公司增强独立性，不会 导致新增重大不利影响的同业竞争，以及严重影响独立性或者显失公平的关联交 易。 综上所述，公司董事会认为本次交易符合《上市公司监管指引第 9 号——上 市公司筹划和实施重大资产重组的监管要求》第四条的相关规定。 特此说明。 内蒙古蒙电华能热电股份有限公司董事会 内蒙古蒙电华能热电股份有限公司董事会 一、本次交易的标的资产为正蓝旗风电 70%股权与北方多伦 75.51%股权， 不涉及立项、环保、行业准入、用地、规划、建设施工等有关报批事项。本次交 易涉及的有关审批事项已在《内蒙古蒙电华能热电股份有限公司发行股份及支付 现金购买资产并募集配套资金暨关联交易报告书（草案）》中详细披露，并对本 次交易可能无法获得批准的风险作出了特别提示。 二、本次交易的交易对方北方公司合法拥有标的资产的完整权利，标的资产 不存在限制或者禁止转让的情形，不存在股东出资不实或影响标的资产合法存续 的情形。 三、本次交易有利于提高公司资产的完整性，有利于公司在人员、采购、生 产、销售、知识产权等方面保持 ...

内蒙古蒙电华能热电股份有限公司董事会 关于评估机构的独立性、评估假设前提的合理性、评估方 法与评估目的的相关性以及本次交易定价公允性的说明 内蒙古蒙电华能热电股份有限公司（以下简称"公司"或"内蒙华电"）拟 通过发行股份及支付现金方式购买北方联合电力有限责任公司分别持有的北方 上都正蓝旗新能源有限责任公司 70%股权与北方多伦新能源有限责任公司 "本次交易"）。 为完成本次交易，公司聘请了北京中企华资产评估有限责任公司（以下简 称"中企华评估"）作为评估机构，对本次发行股份及支付现金购买的标的资产 的价值进行评估。 中企华评估为本次交易出具的相关资产评估报告的评估假设前提按照国家 有关法律法规执行，遵循了市场通行惯例或准则，符合评估对象的实际情况， 评估假设前提具有合理性。 三、评估方法与评估目的的相关性 本次评估的目的是确定标的资产于评估基准日的价值，为本次重组提供价 值参考依据，中企华评估实际评估的资产范围与委托评估的资产范围一致。本 次资产评估工作按照国家有关法规与行业规范的要求，中企华评估在评估过程 中实施了相应的评估程序，遵循了独立性、客观性、科学性、公正性等原则， 运用了合规且符合标的资产实际情况 ...

Group 1 - The independent financial advisor, Guotai Junan Securities Co., Ltd., has been appointed by Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. to provide advisory services for the acquisition of assets through share issuance and cash payment, along with raising supporting funds [1] - The independent financial advisor conducted due diligence and internal verification in accordance with relevant laws and regulations, ensuring that the professional opinions expressed align with the disclosed documents of the listed company [1] - The advisor confirmed that the restructuring plan complies with legal and regulatory requirements, and that the disclosed information is true, accurate, and complete, without any false records or significant omissions [1] Group 2 - Strict confidentiality measures and risk control protocols are in place to prevent insider trading, market manipulation, and securities fraud [1]

Core Viewpoint - The company intends to acquire 70% equity of Northern Shangdu Zhenglanqi New Energy Co., Ltd. and 75.51% equity of Northern Duolun New Energy Co., Ltd. from Northern United Power Co., Ltd. through a share issuance and cash payment, while also raising matching funds from no more than 35 specific investors [1][2]. Group 1 - The transaction is classified under the regulations of the Major Asset Restructuring Management Measures, which require cumulative calculations for asset purchases and sales within 12 months if they involve the same or related assets [1]. - The independent financial advisor conducted a review of the company's asset transactions in the past 12 months and found no other transactions that need to be included in the cumulative calculation for this restructuring [2]. Group 2 - The company made a cash capital increase of 93.758 million yuan to Huaneng Inner Mongolia Electric Power Heat Sales Co., Ltd., maintaining a 20% equity stake in the company post-increase [1]. - The asset transactions related to the heat sales company and the target companies are under the control of Northern United Power Co., Ltd., thus qualifying as related assets for cumulative calculation [2].