Core Viewpoint - JiaHua Technology has announced a trading suspension due to a major asset restructuring plan, which involves acquiring controlling stakes in ShuDun Technology through a combination of share issuance and cash payment [1][3]. Group 1: Company Overview - JiaHua Technology reported a revenue of 166 million yuan for the first three quarters of 2025, as disclosed in its periodic reports [3]. - ShuDun Technology, established in 2002, specializes in domestic encryption and information security, holding commercial encryption qualifications verified by the National Cryptography Administration [3][10]. - The acquisition agreement has been signed with the actual controlling person of ShuDun, with specific details to be announced later [3]. Group 2: Transaction Details - The transaction is classified as a major asset restructuring, which will involve multiple approval and disclosure procedures according to the Shanghai Stock Exchange rules [5]. - The suspension of trading is expected to last no more than five trading days, allowing the company time for negotiations and preparation of materials [6]. - The company has emphasized that this transaction will not lead to a change in the actual controller, which is crucial for regulatory classification as a restructuring listing [8]. Group 3: Market and Regulatory Context - The integration of JiaHua's IoT big data capabilities with ShuDun's encryption and security capabilities could theoretically provide end-to-end trusted services, although the integration challenges related to team and technical standards are acknowledged [10]. - The regulatory environment imposes strict requirements on acquisitions involving encryption technology and national security, which may subject the transaction to more rigorous scrutiny [10][12]. - The cautious and formal language in the company's announcement reflects both compliance with disclosure rules and the ongoing negotiations between the parties [12][14]. Group 4: Stakeholder Concerns - Investors and minority shareholders are primarily concerned with information transparency and fair valuation, with the ambiguity during the announcement phase potentially amplifying market anxiety [14]. - The ongoing speculation about future strategic directions continues to attract attention from media, brokers, and industry observers [14].

Core Viewpoint - Jianlong Micro-Nano has announced the termination of its major asset restructuring plan, which aimed to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [1][2] Group 1: Termination of Major Asset Restructuring - The company had previously disclosed its intention to acquire a significant stake in Hanxing Energy on June 25, but after thorough discussions and evaluations, it was determined that the conditions for the restructuring were not mature enough [2] - All parties involved in the transaction have mutually agreed to terminate the restructuring plan, and no formal agreements had been signed, thus avoiding any breach of contract liabilities [2] Group 2: Strategic Cooperation - Despite the termination of the asset restructuring, Jianlong Micro-Nano and Hanxing Energy have established a comprehensive strategic partnership to leverage their respective resources and expertise [3] - The collaboration will focus on several fields, including petroleum refining, petrochemicals, coal chemicals, new energy, natural gas purification and application, renewable energy, carbon capture and utilization, and gas investment [3] Group 3: Financial Performance - For the first three quarters of 2025, Jianlong Micro-Nano reported approximately 590 million yuan in revenue, a year-on-year increase of 4.34%, and a net profit attributable to shareholders of approximately 72.73 million yuan, reflecting a 20.15% year-on-year growth [4] - The improvement in performance is attributed to an optimized sales structure, increased revenue and gross margin, and effective cost control leading to a decrease in period expenses [4]

Core Viewpoint - Jianlong Micro-Nano announced the termination of its planned acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. due to the immaturity of conditions for the major asset restructuring [1][3]. Group 1: Acquisition Details - Jianlong Micro-Nano had previously signed a letter of intent on June 24 to acquire a majority stake in Hanxing Energy, which is a downstream enterprise [3]. - The acquisition aimed to create a full-chain capability from high-performance molecular sieve material R&D to end-customer services, facilitating a transformation from a material manufacturer to a technology service provider [3]. Group 2: Company Profiles - Hanxing Energy specializes in hydrogen energy technologies, including hydrogen production, transportation, storage, and refueling stations, serving major clients like China Petroleum and China Petrochemical [3]. - Jianlong Micro-Nano is the first Sci-Tech Innovation Board listed company in Henan, focusing on the R&D, production, and sales of molecular sieve adsorbents and catalysts in various sectors, including industrial gas separation and renewable energy [3]. Group 3: Future Plans - The termination of the acquisition will not adversely affect Jianlong Micro-Nano's business operations or financial status [4]. - The company plans to establish a comprehensive strategic partnership with Hanxing Energy, focusing on areas such as oil refining, new energy, and carbon capture, while exploring new product and technology development [4]. - Jianlong Micro-Nano aims to seek more development opportunities and diversify its resource integration in the future [4].

（文章来源：证券日报） 证券日报网讯 11月26日晚间，信达证券发布公告称，公司与中国国际金融股份有限公司（简称"中金公 司"）、东兴证券股份有限公司（简称"东兴证券"）正在筹划由中金公司通过向东兴证券全体A股换股 股东发行A股股票、向信达证券全体A股换股股东发行A股股票的方式换股吸收合并东兴证券、信达证 券（简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司A股股票自2025年11月20 日（星期四）开市时起开始停牌。本次重组涉及到A+H股两地上市公司同时吸收合并两家A股上市公 司，涉及事项较多、流程较为复杂，根据上海证券交易所的相关规定，预计停牌时间不超过25个交易 日。鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成公司 股价异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 ...

证券日报网讯 11月26日晚间，东兴证券发布公告称，公司与中国国际金融股份有限公司（简称"中金公 司"）、信达证券股份有限公司（简称"信达证券"）正在筹划由中金公司通过向东兴证券全体A股换股 股东发行A股股票、向信达证券全体A股换股股东发行A股股票的方式换股吸收合并东兴证券、信达证 券（简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司A股股票（证券简称：东 兴证券，证券代码：601198）自2025年11月20日（星期四）开市时起开始停牌。本次重组涉及到A+H股 两地上市公司同时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂，根据上海证券交易所的 相关规定，预计停牌时间不超过25个交易日。鉴于本次重组相关事项存在重大不确定性，为保证信息公 平披露，维护投资者利益，避免造成公司股价异常波动，根据上海证券交易所相关规定，公司A股股票 将继续停牌。 （文章来源：证券日报） ...

Core Viewpoint - The company, Jianlong Micro-Nano, announced the termination of its planned acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. due to the unavailability of favorable conditions for the major asset restructuring [1][2]. Group 1: Acquisition Details - Jianlong Micro-Nano initially intended to acquire a significant stake in Hanxing Energy, which is a downstream enterprise, to enhance its capabilities across the entire value chain from high-performance molecular sieve material development to customer service [4]. - The acquisition was aimed at transforming Jianlong Micro-Nano from a material manufacturer to a technology service provider, leveraging synergies with Hanxing Energy in various business applications [4]. Group 2: Business Impact - The termination of the acquisition will not adversely affect Jianlong Micro-Nano's business operations or financial status, as the company believes there is substantial business synergy value with Hanxing Energy [5]. - Despite the termination, Jianlong Micro-Nano has established a comprehensive strategic partnership with Hanxing Energy, focusing on areas such as oil refining, petrochemicals, coal chemicals, and renewable energy [5]. Group 3: Future Outlook - The company plans to actively seek more development opportunities and integrate quality resources in a diversified manner to enrich its product matrix at an appropriate time [6].

（编辑 任世碧） 证券日报网讯 11月26日晚间，中金公司发布公告称，公司与东兴证券股份有限公司（简称"东兴证 券"）、信达证券股份有限公司（简称"信达证券"）正在筹划由公司通过向东兴证券全体A股换股股东 发行A股股票、向信达证券全体A股换股股东发行A股股票的方式换股吸收合并东兴证券、信达证券 （简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司A股股票自2025年11月20日 （星期四）开市时起开始停牌。本次重组涉及到A+H股两地上市公司同时吸收合并两家A股上市公司， 涉及事项较多、流程较为复杂，根据上海证券交易所的相关规定，预计停牌时间不超过25个交易日。鉴 于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成公司股价异 常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。停牌期间，公司将积极推进各项工 作，并根据本次重组进展情况，严格按照有关法律法规的规定和要求履行信息披露义务。待相关事项确 定后，公司将及时发布相关公告并申请公司A股股票复牌。 ...

一位接近公司的相关人士对《证券日报》记者表示，目前双方在股权合作方面不太成熟，但是双方在几 个新领域合作还在持续推进。 公告显示，建龙微纳与上海汉兴能源存在较大的业务协同价值，达成了全面战略合作伙伴关系，双方将 立足于各自的资源、专业技术及经验，重点在石油炼制、石油化工、煤化工、新能源、天然气提纯和应 用、可再生能源、可再生资源、二氧化碳捕集和利用、气体投资等领域围绕协同市场开拓、新产品/技 术互补、新产品/新技术开发三个维度开展全面战略合作。 对此，上海与梅管理咨询合伙企业合伙人沈萌接受《证券日报》记者采访时表示："从业务发展的角度 看，建龙微纳与上海汉兴能源仍希望通过合作取得一定业绩。对上市公司来说，合作比收购更稳妥、更 安全，灵活性更大。" 对于外延式发展，建龙微纳表示，未来在适当的时机与条件下积极寻求更多的发展机会，通过多元化方 式整合优质资源，丰富公司的产品矩阵，提升公司质量和价值，提高公司盈利能力。 11月26日晚间，洛阳建龙微纳新材料股份有限公司(以下简称"建龙微纳")发布终止筹划重大资产重组的 提示性公告，该公司决定终止以现金方式购买上海汉兴能源科技股份有限公司(以下简称"上海汉兴能 源")不 ...

建龙微纳(688357.SH)公告，公司此前拟以支付现金受让股权的方式合计取得上海汉兴能源科技股份有 限公司不少于51%的股份。截至目前在与重大资产重组有关各方积极磋商和认真探讨后，认为本次实施 重大资产重组的条件暂不成熟。经公司审慎研究并与交易对方友好协商，交易各方一致同意终止本次交 易事项，本次重大资产重组事项终止。 ...

新京报贝壳财经讯 11月26日，信达证券发布公告称，公司正与中金公司、东兴证券筹划重大资产重 组，由中金公司换股吸收合并东兴证券和信达证券。公司A股股票自2025年11月20日开市起停牌，预计 停牌不超25个交易日。鉴于重组事项存在重大不确定性，为维护投资者利益，避免股价异常波动，公司 A股股票将继续停牌。公司将积极推进工作，待事项确定后及时公告并申请复牌。本次重组尚需履行内 部决策程序并获监管批准，存在不确定性。 编辑 杨娟娟 ...