Core Viewpoint - Dexin Services Group (02215.HK) announced a share transfer agreement with Deqing Changzhuo, involving the acquisition of 95% and 5% stakes in Deqing Moganshan Ruijun Real Estate Co., Ltd. for a total consideration of RMB 74.1 million and RMB 3.9 million respectively, which will result in the target company becoming an indirect wholly-owned subsidiary of the company after the completion of the acquisition in 2025 [1] Group 1 - The agreement was signed on July 31, 2025, after trading hours [1] - The main asset of the target company is the property [1] - Upon completion of the acquisition, the financial performance of the target company will be consolidated into the company's financial statements [1]

7月31日晚间，环球新材国际(06616)发布公告，宣布此次收购德国默克集团全球表面解决方案业务已正 式完成交割。收购完成后，公司除了在中、韩原有的生产基地，还将拥有默克在德、日、美等地的生产 基地及全球销售网络。 环球新材国际表示，此次收购将进一步扩大公司业务地域覆盖及销售渠道。高度互补的业务整合也将加 快公司对全球重点优质市场的渗透，公司将进一步丰富产品组合，提升主营业务竞争力，特别是在汽车 及化妆品领域。同时将强化全球供应链，实现降本增效，提升营运效率。 ...

Core Viewpoint - JD.com, a Chinese e-commerce giant, plans to acquire German consumer electronics retailer Ceconomy for €2.2 billion (approximately S$3.3 billion) [1] Group 1: Acquisition Details - The acquisition will be completed at a price of €4.60 per share [3] - Ceconomy CEO Kai-Ulrich Deissner stated that the partnership will connect JD.com with unique technology and leading retail expertise globally [3] - The acquisition will enable JD.com to compete with major e-commerce players like Alibaba and Amazon outside of China [3] Group 2: Ceconomy's Operations - Ceconomy operates two major brands, MediaMarkt and Saturn, which have around 1,000 stores across several European countries and employ approximately 50,000 people [3] - The largest single shareholder, the Kellerhals family, will sell 3.81% of their shares to JD.com while retaining 25.35% [4] - Other shareholders, including Haniel, Beisheim, BC Equities, and Freenet, hold about 27.9% of shares and will sell their stakes to JD.com [4] Group 3: Financial Performance - Ceconomy's sales for the fiscal year 2023/24 reached €22.4 billion, with €5.1 billion coming from online stores [4] Group 4: Transaction Timeline and Expectations - The transaction is expected to be completed in the first half of next year, with no forced layoffs anticipated in the three years following the acquisition [4] - Deissner expressed confidence that antitrust authorities would not raise objections to the acquisition [4]

Group 1 - As of July 30, 2025, the stock price of Sinochem International is reported at 4.19 yuan, down 1.41% from the previous trading day, with a trading volume of 1.9644 million hands and a transaction amount of 855 million yuan [1] - Sinochem International plans to acquire 100% equity of the related company Nantong Xingchen Synthetic Materials Co., Ltd. through a share issuance to enhance the synergy in epoxy resin and engineering plastics business [1] - Nantong Xingchen's net profit for the first half of 2025 is expected to reach 158 million yuan, showing significant growth compared to the entire year of 2024 [1] Group 2 - On July 30, Sinochem International experienced a net outflow of main funds amounting to 85.6944 million yuan, accounting for 0.57% of its circulating market value [2] - The company has reported consecutive losses in 2023 and 2024, with an estimated loss of 807 million to 949 million yuan for the first half of 2025, indicating ongoing pressure from industry cycle fluctuations [1]

国浩律师（北京）事务所 关 于 《哈尔滨东安汽车动力股份有限公司 收购报告书》 之 法律意见书 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编： 100026 电话/Tel: （+86） （10） 6589 0699 传真/Fax: （+86） （10） 6517 6800 网址/Website: www.grandall.com.cn 国浩律师（北京）事务 所 法律意见书 目 录 国浩律师（北京）事务所 法律意见书 释 义 本法律意见书中，除非上下文另有所指，下列词语具有下述含义： 简称 释义 东安动力、上市公司 哈尔滨东安汽车动力股份有限公司 中国长安汽车集团有限公司，中国兵器装备集团有限公司存续 收购人、中国长安汽车 分立的新设公司 辰致汽车科技集团有限公司，曾用名为中国长安汽车集团有限 辰致集团 公司、中国长安汽车集团股份有限公司 兵器装备集团 中国兵器装备集团有限公司 兵器装备集团实施存续分立，兵器装备集团存续，其汽车业务 本次分立 分立至新设的中国长安汽车 兵器装备集团与中国长安汽车于2025年7月27日签署的《中国兵 《分立协议》 器装备集团有限公司分立协议》 根据《分立协议》约定， ...

*ST海华（600243）(600243.SH)发布公告，基于鲁新鼎盛所处的天然气行业和地理位置具有良好的发展 前景，提升公司的盈利能力以及为未来业绩提供新的增长点。在鲁新鼎盛股东全部权益价值为人民币 4,301.40万元(评估基准日2025年5月31日)的基础上，公司控股子公司茫崖源鑫拟与徐海波、徐瑶瑶、鲁 新鼎盛签署《收购协议》，约定控股子公司茫崖源鑫以现金4300万元取得鲁新鼎盛100%的股权。 ...

Core Viewpoint - The European Cloud Infrastructure Service Providers Association (CISPE) has formally appealed to the European General Court to annul the European Commission's approval of Broadcom's acquisition of VMware, citing legal errors and significant failures in the competition assessment process [2][9]. Group 1: Legal and Competitive Concerns - CISPE claims that Broadcom unilaterally terminated existing contracts and imposed burdensome new licensing conditions, leading to cost increases of up to tenfold and long-term commitments for necessary VMware software [2][10]. - The organization has been lobbying the European Commission for two years, expressing concerns that the Commission has not taken substantial actions to support European cloud service providers or their customers [3][11]. - CISPE argues that the Commission acknowledged significant risks to competition in its official summary but did not impose any conditions to prevent Broadcom from gaining a dominant market position [9]. Group 2: Impact on Cloud Service Providers - The new restrictive licensing terms announced by Broadcom could exclude many small cloud service providers, including CISPE members, from purchasing and reselling VMware-based cloud services, which are essential for providing secure and flexible cloud solutions [10][11]. - CISPE Secretary Francisco Mingorance highlighted that the dominant position of VMware software in the virtualization market means that the unfair licensing terms affect all organizations using cloud technology in Europe, including hospitals and universities [11]. Group 3: Competitive Landscape - Before the acquisition, VMware faced competition from companies like Microsoft, Nutanix, and XCP-NG, while the European Commission's investigation primarily focused on hardware products rather than the impact on virtualization software competition [4][5]. - Despite the challenges, alternatives to VMware exist, with Nutanix remaining a strong competitor and new entrants like Platform9, Arcfra, and OpenNebula actively positioning themselves in the market [5][6].

Core Viewpoint - Anning Co., Ltd. plans to acquire 100% equity of Jingzhi Mineral and its subsidiaries for 6.508 billion yuan, raising concerns about the high premium and associated risks given its financial situation and past performance [1][3][5]. Group 1: Acquisition Details - The acquisition involves a cash payment of 6.508 billion yuan for Jingzhi Mineral and its subsidiaries, which is significantly higher than Anning's total liquid assets of approximately 4.8 billion yuan as of March 31, 2025 [1]. - Anning previously attempted to acquire Jingzhi Mineral in 2023 but withdrew due to the inflated bidding price, which reached 6.508 billion yuan from an initial 1.738 billion yuan [2][3]. Group 2: Financial Assessment - As of March 31, 2025, Jingzhi Mineral reported a net asset of -3.74 billion yuan, primarily due to substantial liabilities [3]. - The valuation methods used for the acquisition yielded estimated values of 5.2 billion yuan and 6.89 billion yuan, resulting in an extraordinary appreciation rate of 1358.41% and 1831.95% respectively [4]. Group 3: Risks and Concerns - The acquisition faces significant uncertainties regarding the resumption of operations, as Jingzhi Mineral has been inactive since 2015 and requires numerous approvals to restart [8]. - There are no performance guarantees associated with the acquisition, which is atypical for such transactions, especially given the long period of inactivity [9][11]. - The major shareholder's equity is currently frozen due to legal issues, raising concerns about the transfer of ownership [11]. - The declining prices of titanium concentrate further complicate the financial outlook for Jingzhi Mineral, indicating weak downstream demand in the industry [12].

Financial Data and Key Metrics Changes - The company reported a second quarter net income of $242 million or $2.67 per share, an increase from $199 million or $2.20 per share in 2024 [3] - Excluding special items, net income was $224 million or $2.48 per share compared to $199 million or $2.20 per share in 2024, reflecting a year-over-year increase [3][4] - Second quarter net sales were $2.2 billion in 2025, up from $2.1 billion in 2024 [3] - Total company EBITDA for the second quarter, excluding special items, was $451 million in 2025 compared to $400 million in 2024 [3][4] Business Line Data and Key Metrics Changes - In the Packaging segment, EBITDA excluding special items was $453 million with sales of $2 billion, resulting in a margin of 22.6%, compared to last year's EBITDA of $400 million and sales of $1.9 billion or 21% [4] - The Paper segment reported EBITDA excluding special items of $30 million with sales of $146 million, yielding a margin of 20.8%, compared to $31 million and $150 million in sales in 2024 [11] Market Data and Key Metrics Changes - Domestic containerboard and corrugated products prices and mix were $0.95 per share above 2024, with export containerboard prices up $0.03 per share versus last year's second quarter [7] - Shipments per day in corrugated products plants were up 1.7% compared to last year's strong second quarter [7] Company Strategy and Development Direction - The company announced an agreement to acquire the Greif containerboard business, which is expected to provide a strong growth platform for both containerboard and corrugated products [6] - The acquisition is targeted for completion by the end of the third quarter, subject to regulatory approval [6] Management's Comments on Operating Environment and Future Outlook - Management noted that while corrugated customers remained cautious, there has been steady improvement in bookings and shipments as July progressed [14] - The company expects higher corrugated shipments and containerboard production in the third quarter, despite lower export containerboard sales due to the global trade environment [14][15] - Management anticipates third quarter earnings of $2.80 per share excluding special items, with operating costs near second quarter levels and slightly lower fiber costs [15] Other Important Information - Cash provided by operations was $300 million in the quarter, with free cash flow of $130 million [13] - The company has a quarter-end cash balance, including marketable securities, of $956 million, with liquidity of approximately $1.3 billion [13] Q&A Session Summary Question: Can you discuss bookings and billings to start the new quarter? - Bookings are trending at 2% over Q2 2024, with a good start compared to the previous year [21] Question: What was behind the better performance in operations? - The company operated at approximately 99% uptime performance, executing efficiently despite some smaller machines being down [22][23] Question: Can you clarify the revenue per ton and EBITDA per ton increases? - The increases were primarily due to price increases rather than mix, with export sales contributing to revenue and EBITDA [25][26] Question: What is the outlook for box shipments and containerboard production? - Box shipments are expected to be flat year-over-year, with containerboard production down by 25,000 to 30,000 tons compared to last year [92] Question: How will the Greif acquisition impact capital expenditures? - The acquisition will avoid significant capital expenditures, as the company can utilize existing facilities instead of building new ones [39] Question: What is the expected recycled mix before and after the Greif acquisition? - The recycled mix is expected to increase from around 20% to approximately 30% post-acquisition [82] Question: How has the company been impacted by recent industry closures? - The company has not seen significant changes in business due to closures, as the market for containerboard remains limited [86]

Group 1 - JD.com is reportedly considering acquiring Ceconomy at approximately €4.6 per share [1] - The discussions are ongoing with Ceconomy's major shareholders regarding the potential acquisition [1] - The decision to make a formal offer depends on the support from Ceconomy's shareholders [1]