Group 1 - The company Miniso (09896) plans to spin off its subsidiary TOP TOY through an independent listing on the Hong Kong Stock Exchange [1] - The company has submitted a spin-off proposal to the Hong Kong Stock Exchange, which has confirmed that the proposed spin-off can proceed [1] - TOP TOY submitted its listing application form (A1 form) to the Hong Kong Stock Exchange on September 26, 2025, seeking approval for its shares to be listed and traded on the main board [1] Group 2 - The proposed spin-off will be conducted through a global offering and distribution, and TOP TOY will remain a subsidiary of the company after the spin-off is completed [1] - TOP TOY was registered in the Cayman Islands on April 24, 2025, and is a company focused on the design, development, procurement, and sales of trendy toys [1]

Core Points - The company has signed a supplementary agreement to the shareholder agreement regarding its subsidiary, Yantai Lanacheng Biotechnology Co., Ltd, in relation to its C-round financing [2][5][9] Group 1: C-Round Financing and Agreements - On February 14, 2025, the company approved a proposal for C-round financing for its subsidiary, Yantai Lanacheng Biotechnology Co., Ltd [2] - Various stakeholders, including the founding shareholders and investment funds, signed the C-round investment agreement and shareholder agreement on February 25, 2025 [2] - The company agreed to repurchase all shares held by Shenzhen Jinglin Jingying Equity Investment Fund Partnership (Limited Partnership) on April 29, 2025, which corresponds to a registered capital of 1.466086 million [3] Group 2: Subsequent Investments and Agreements - On July 18, 2025, the company approved additional investments from several parties, including Yantai Blue Pharmaceutical Valley Construction Development Co., Ltd, to join the C-round investment agreement [4] - The company plans to spin off its subsidiary Lanacheng for a listing on the Hong Kong Stock Exchange, with board meetings held on August 28 and September 15, 2025, to approve related proposals [5] Group 3: Supplementary Agreement Details - The supplementary agreement states that certain rights and obligations under the C-round shareholder agreement will terminate upon the successful IPO of the target company [6] - If specific conditions regarding the IPO application are not met, the original terms of the C-round shareholder agreement will be reinstated [7] - The agreement clarifies that all parties have fulfilled their obligations under the C-round agreements and that there are no ongoing disputes or alternative arrangements [8]

Group 1 - The IPO of Zijin Gold International has been postponed to September 25 due to severe weather conditions in Hong Kong caused by a typhoon, with Morgan Stanley and CITIC Securities as joint sponsors [1] - As of September 25, the brokers have lent out HKD 480.7 billion in margin financing, with the public offering subscription amounting to HKD 24.98 billion, resulting in an oversubscription of 191.4 times [1] - Zijin Gold International plans to issue 350 million shares, with 10% allocated for public offering at a price of HKD 71.59 per share, aiming to raise HKD 24.98 billion [1] Group 2 - Qualified H-share shareholders of Zijin Mining will have priority to subscribe to 17.45 million reserved shares of Zijin Gold International, representing 5% of the total shares available for subscription [2] - Zijin Mining is not only the major shareholder of Zijin Gold International but also its largest customer and main supplier, with a net payable amount of USD 640 million as of June 30, 2025 [2] - In the previous year, Zijin Gold International reported revenues of USD 2.99 billion, a year-on-year increase of 32.2%, and a net profit attributable to shareholders of USD 480 million, up 108.9% [2] Group 3 - The net proceeds from the IPO will be allocated as follows: approximately 33.4% for settling the acquisition cost of the Raygorodok gold mine in Kazakhstan, 50% for upgrading and construction projects at existing mines, 6.5% for exploration activities, and 10% for general corporate purposes [3]

Core Viewpoint - The IPO of Zijin Gold International has been delayed due to severe weather conditions in Hong Kong, with significant oversubscription and strong backing from cornerstone investors [1][2]. Group 1: IPO Details - The IPO subscription deadline has been postponed from September 24 to September 25, with a total of HKD 480.7 billion in margin loans extended by brokers, resulting in an oversubscription rate of 191.4 times against the public offering amount of HKD 2.498 billion [1]. - Zijin Gold International plans to issue 350 million shares at a price of HKD 71.59 per share, aiming to raise HKD 24.98 billion, with the listing expected on September 30 [1]. - The company has secured full subscription for its international placement, with 28 cornerstone investors committing approximately USD 1.6 billion, representing 49.9% of the global offering [1]. Group 2: Company Background - Zijin Gold International is a spin-off from Zijin Mining Group, primarily engaged in gold exploration, mining, refining, and sales, with operations in Central Asia, South America, Oceania, and Africa [2]. - As of June 30, 2025, the net amount payable to Zijin Mining by Zijin Gold International is USD 640 million, highlighting the close relationship between the two entities [2]. - In the previous year, Zijin Gold International reported revenues of USD 2.99 billion, a year-on-year increase of 32.2%, with a net profit attributable to shareholders of USD 480 million, up 108.9% [2]. Group 3: Use of Proceeds - Approximately 33.4% of the net proceeds from the IPO will be used to settle the acquisition cost of the Raygorodok gold mine in Kazakhstan, while 50% will be allocated for upgrades and construction projects at existing mines to enhance production capacity [3]. - 6.5% of the funds will be directed towards exploration activities to fully realize growth potential, and 10% will be used for general corporate purposes [3].

Core Viewpoint - China Rare Earth Holdings (03788) saw its stock price increase by over 10%, reaching a new high of HKD 4.58, with a current trading price of HKD 4.54 and a trading volume of HKD 12.62 million [1] Group 1: Company Actions - China Rare Earth announced a placement of 75 million shares to Zijin Mining's subsidiary, Zijin Global Fund and Jingshan, at a price of HKD 3.13 per share, raising approximately HKD 231 million, which will be used alongside the company's own funds to support the development of its gold mining project in Australia [1] - Following the placement, Zijin Mining will hold a 3.69% stake in China Rare Earth's expanded issued share capital [1] Group 2: Strategic Developments - In July, China Rare Earth announced plans to spin off its subsidiary "Rare Earth Gold" for independent listing on the Hong Kong Stock Exchange through an introduction listing [1] - First Shanghai indicated that the spin-off will create a parallel listing structure, allowing existing shareholders to hold shares in both China Rare Earth (iron ore business) and Rare Earth Gold (gold business) without additional investment [1] - The spin-off aims to establish an independent capital platform for the gold business and facilitate valuation recovery for the gold segment [1] - The company plans to introduce long-term strategic investors before the spin-off and will use the raised funds for the construction of the Cygnet gold mine project in Western Australia [1]

富瑞发布研报称，紫金分拆有助释放价值，维持紫金矿业（601899）(02899) "买入"评级，加上近期金 价持续破顶，将为业绩带来进一步上行空间，目标价29.6港元。 富瑞预期，紫金黄金国际2025年下半年产量将因Akyem矿全面合并而提升，全年产量预计达130万盎 司，2026年并入Raygorodok后产量可同比增长约20%。按该行今明两年金价预测达到每盎司3,210美元 及3,400美元计算，2025年海外金矿业务净利润预计达12亿美元，2026年可再增长40%。 富瑞指出，紫金矿业分拆紫金黄金国际(02259)于香港上市，集资规模介乎250亿至280亿元，所得资金 将用于收购哈萨克Raygorodok金矿及未来扩张与勘探项目。紫金黄金国际IPO引入29名基石投资者，认 购比例占发行规模近50%。富瑞对是次分拆持正面看法，认为能以有限摊薄效应带来业务增长潜力。 ...

该行预期，紫金黄金国际2025年下半年产量将因Akyem矿全面合并而提升，全年产量预计达130万盎 司，2026年并入Raygorodok后产量可按年增长约20%。按该行今明两年金价预测达到每盎司3210美元及 3400美元计算，2025年海外金矿业务净利润预计达12亿美元，2026年可再增长40%。 杰富瑞发表研究报告指，紫金矿业分拆紫金黄金国际于香港上市，集资规模介乎250亿至280亿港元，所 得资金将用于收购哈萨克Raygorodok金矿及未来扩张与勘探项目。紫金黄金国际IPO引入29名基石投资 者，认购比例占发行规模近50%。该行指出，分拆有助释放价值，维持紫金"买入"评级，加上近期金价 持续破顶，将为业绩带来进一步上行空间，目标价29.6港元。 ...

Core Viewpoint - The announcement from Huichuan Technology (300124.SZ) details the completion of the internal transfer of shares between the actual controller Zhu Xingming and his daughter Zhu Hanyue, fulfilling obligations under a gift agreement signed in 2021 [1][6]. Share Transfer Details - Zhu Xingming transferred 9.6021 million shares to his daughter Zhu Hanyue through block trading from September 8 to 15, 2025, valued at approximately 770 million yuan [1]. - After the transfer, Zhu Xingming holds 34.99 million shares (1.3% of total shares) and 21.70% equity in Shenzhen Huichuan Investment Co., Ltd., while Zhu Hanyue holds 20.6021 million shares (0.76% of total shares) and the same equity stake [1]. Historical Context - The gift agreement originated in 2021, following Zhu Xingming's divorce from Zhong Jin, where he transferred 70.3003 million shares valued at approximately 5.39 billion yuan to Zhong Jin [4][5][6]. - The gift agreement was signed on September 18, 2021, where Zhu Xingming gifted 20.602113 million shares and 21.70% equity in Huichuan Investment to Zhu Hanyue, with voting rights delegated to Zhu Xingming [6]. Financial Performance - Huichuan Technology reported a revenue of 20.509 billion yuan for the first half of 2025, a year-on-year increase of 26.73%, and a net profit attributable to shareholders of 2.968 billion yuan, up 40.15% year-on-year [9].

消息面上，中国罕王8月18日披露最新的可行性研究报告，对Mt Bundy项目最后可研报告以及Cygnet项 目预可研报告进行了更新。将澳洲507万盎司黄金资源量中的可采资源量增加至310万盎司，两个金矿投 产后预计黄金年产量合计超过20万盎司。公司近期披露了旗下金矿的研究报告，Cygnet矿山仍处于预可 研阶段，矿山建设的投资暂时全部计入生产成本。未来生产年限的增加以及品位的优化，成本有望持续 下降。公司两个金矿项目投资回报高，未来盈利可期。 值得注意的是，中国罕王今年7月宣布，计划通过介绍上市方式将子公司"罕王黄金"分拆至香港联交所 主板独立上市。第一上海表示，分拆后，公司将形成平行上市结构，现有股东无需额外出资即可同时持 有中国罕王(铁矿业务)和罕王黄金(黄金业务)的股份。此举旨在打造一个独立的黄金业务资本平台，推 动黄金业务估值修复。此外，公司计划在分拆前引入长期战略投资者，并将融资金用于西澳Cygnet金矿 项目的建设。 中国罕王(03788)再涨近9%，年内累计涨幅已超365%。截至发稿，涨7.36%，报3.5港元，成交额2354.19 万港元。 ...

运营商财经网 实习生郑永杰 目前斑马智行的CEO是戴玮，他出生于1976年，1998年毕业于北京工业大学。 他于2007年加入阿里巴巴集团，历任淘宝、支付宝、OS事业群等多个职位，2016年阿里大文娱成立后 加入优酷，负责会员业务并建立运营中心，后出任橙狮体育CEO，2020年升任阿里巴巴大文娱事业群首 席运营官。 2024年4月起担任斑马智行首席执行官，同年7月获任董事。 斑马智行的首席产品官蔡明曾评价戴玮道："元宝（戴玮花名）在我们内部，属于是专打逆风局的角 色。" 但3年亏损40多亿的业绩好吗？这还值得夸耀？ 8月21日，阿里巴巴发布公告，称拟议分拆斑马网络技术股份有限公司并在香 港联交所主板独立上市。 运营商财经网注意到斑马智行已经连续亏损三年，具体情况是怎样呢？ 斑马曾为阿里巴巴的子公司，2024年12月阿里巴巴公告称斑马智行不再纳入集团合并报表范围。目前， 按照公告所公示数据，阿里巴巴仍持有斑马约44.72%的股份，拟议分拆完成后将持有超过30%的股份。 在斑马交递的招股书中可以看到，在2022年到2024年这三年里，斑马智行全年总营收分别约为8.05亿 元、8.72亿元、8.24亿元。同期亏损分 ...