国旅文化投资集团股份有限公司董事会 三、本次重组完成后，公司将继续在业务、资产、财务、人员、机构等方面 与关联人保持独立，符合中国证监会关于上市公司独立性的相关规定。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 权等方面继续保持独立。 四、本次重组有利于公司改善财务状况、增强持续经营能力，有利于公司进 一步拓宽和突出主业、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。 关于本次交易符合《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》第四条规定的说明 综上所述，公司董事会认为本次重组符合《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。 国旅文化投资集团股份有限公司（以下简称"公司"或"上市公司"）拟以 发行股份及支付现金的方式购买江西润田实业股份有限公司（以下简称"润田实 业"或"标的公司"）100%股份并募集配套资金（以下简称"本次交易"或"本次重 组"）。 国旅文化投资集团股份有限公司董事会 公司董事会就本次重组是否 ...

Group 1 - The company plans to acquire 100% of Jiangxi Runtian Industrial Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [1][2] - According to the regulations, if a listed company makes multiple decisions to buy or sell the same or related assets within twelve months, it must comply with specific provisions regarding cumulative calculations [2] - As of the date of this announcement, the company has not engaged in any asset transactions related to this acquisition in the past twelve months, thus there are no cumulative calculations required [2]

Core Viewpoint - The independent financial advisor, China Galaxy Securities Co., Ltd., confirms that the relevant parties involved in the transaction do not fall under the prohibitive conditions outlined in the regulatory guidelines for major asset restructuring [1][2]. Group 1 - The transaction involves the issuance of shares by Jiaozuo Wanfang Aluminum Industry Co., Ltd. to acquire Cayman Aluminum (Sanmenxia) Co., Ltd. from Hangzhou Jinjiang Group Co., Ltd. [1] - As of the date of the verification opinion, none of the relevant parties have been investigated or prosecuted for insider trading related to this transaction in the last 36 months [1]. - There have been no administrative penalties or criminal liabilities imposed by the China Securities Regulatory Commission related to major asset restructuring for the relevant parties in the past 36 months [1][2]. Group 2 - The relevant parties do not meet any conditions that would prohibit them from participating in major asset restructuring as per the specified regulatory guidelines [2].

Core Viewpoint - China Galaxy Securities Co., Ltd. acts as an independent financial advisor for Jiaozuo Wanfang Aluminum Industry Co., Ltd. in a significant transaction involving the acquisition of 99.4375% equity in Cayman Aluminum (Sanmenxia) Co., Ltd. from Hangzhou Jinjiang Group Co., Ltd. [1] Group 1 - The independent financial advisor has conducted thorough due diligence and internal review, ensuring that the professional opinions provided align with the disclosures made by the listed company [1] - The advisor confirms that the transaction plan complies with relevant laws, regulations, and the requirements set by the China Securities Regulatory Commission and stock exchanges, ensuring the accuracy and completeness of the disclosed information [1] - Strict confidentiality measures and risk control protocols have been implemented by the advisor to prevent insider trading, market manipulation, and securities fraud during the advisory period [1]

Core Viewpoint - China Galaxy Securities Co., Ltd. has conducted an independent financial advisory review for Jiaozuo Wanfang Aluminum Industry Co., Ltd. regarding its asset transactions in the past twelve months, concluding that there are no relevant asset purchases or sales that need to be included in the cumulative calculation for the current transaction [1]. Group 1 - The independent financial advisor was commissioned by Jiaozuo Wanfang to assist in the issuance of shares to acquire a 99.4375% stake in Cayman Aluminum (Sanmenxia) Co., Ltd. from Hangzhou Jinjiang Group Co., Ltd. [1] - The review was conducted in accordance with the "Measures for the Administration of Major Asset Restructuring of Listed Companies," specifically Article 14, which outlines the cumulative calculation of asset transactions within a twelve-month period [1]. - As of the date of the review, there were no asset purchases or sales by Jiaozuo Wanfang in the twelve months prior that required inclusion in the cumulative calculation for the current transaction [1].

关于本次交易方案调整不构成重大调整的核查意见 焦作万方铝业股份有限公司（以下简称"上市公司"或"公司"）拟发行股 份购买杭州锦江集团有限公司等交易对方合计持有的开曼铝业（三门峡）有限公 司（以下简称"三门峡铝业"或"标的公司"）股权暨关联交易（以下简称"本 次交易"）。 于〈焦作万方铝业股份有限公司发行股份购买资产并募集配套资金暨关联交易预 案＞及其摘要的议案》等与本次交易相关的议案。 于〈焦作万方铝业股份有限公司发行股份购买资产暨关联交易报告书（草案）＞ 及其摘要的议案》《关于本次交易方案调整不构成重大调整的议案》等与本次交 易相关的议案，对本次重组方案进行了调整。 中国银河证券股份有限公司（以下简称"独立财务顾问"）作为本次交易的 独立财务顾问，对上市公司本次交易方案调整事项进行核查，并出具如下核查意 见： 一、本次交易方案调整的具体情况 本次交易方案调整的具体内容如下： 中国银河证券股份有限公司 份有限公司、新疆神火煤电有 股份有限公司、新疆神火煤电 限公司、阳光人寿保险股份有 有限公司、阳光人寿保险股份 限公司、厦门国贸宝达润实业 有限公司、厦门国贸宝达润实 有限公司、芜湖信新诺股权投 业有限公司、芜 ...

Core Viewpoint - The company is planning to issue shares to acquire a 99.4375% stake in Kai Man Aluminum (Sanmenxia) Co., Ltd. from Hangzhou Jinjiang Group Co., Ltd. as part of a related transaction [1] Group 1 - The independent financial advisor, Huatai United Securities Co., Ltd., conducted a review of the company's insider information registration system and its implementation [1] - The company has established confidentiality measures and a system to limit the knowledge of sensitive information related to the transaction, in compliance with relevant laws and regulations [2] - During preliminary discussions regarding the transaction, necessary confidentiality measures were taken to control the number of participants and minimize the exposure of sensitive information [1][2]

东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 第九届董事会独立董事专门会议第二次会议 决 议 表决结果：赞成3票，反对0票，弃权0票，表决通过。 一、审议通过《关于公司签署 <关于上海富驰高科技股份有> 限公司之股东协议的补充协议（二）>的议案》 公司分别于2023年9月28日、2025年4月24日签署了《关于上 海富驰高科技股份有限公司之股东协议》、《关于上海富驰高科 技股份有限公司之股东协议的补充协议》。现经过协议各方充分 协商，各方签署《关于上海富驰高科技股份有限公司之股东协议 的补充协议（二）》对各方的权利义务进行进一步调整。公司独 立董事同意签订该协议，并同意将该议案提交公司第九届董事会 第二次会议审议。 表决结果：赞成3票，反对0票，弃权0票，表决通过。 二、审议通过《关于公司签署 <关于上海富驰高科技股份有> 限公司的股份转让协议之补充协议（二）>的议案》 公司分别于2020年1月14日、2025年3月7日签署了《东睦新 材料集团股份有限公司与上海钟于企业管理有限公司、钟伟、于 立刚、上海创精投资咨询合伙企业（有限合伙）关于上海富驰高 科技股份 ...

Core Viewpoint - The number of IPOs in A-shares in 2024 reached only 100, the lowest in a decade, leading many companies to shift towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections M&A Practical Manual Overview - The "M&A Practical Manual" consists of 342 pages and 173,000 words, covering 11 chapters that outline the operational key points and common issues from the perspectives of buyers, sellers, and intermediaries in M&A [4]. Chapter Highlights - **Chapter 1**: Discusses the importance of communication and understanding between buyers and sellers to avoid failures in M&A due to information asymmetry [11]. - **Chapter 3**: Focuses on the design of M&A plans, including considerations for acquisition ratios, methods, operational cycles, performance guarantees, and termination conditions [18]. - **Chapter 4**: Introduces four common pricing methods and three evaluation methods, detailing six aspects to consider when setting performance guarantees [19]. - **Chapter 5**: Explores payment methods in M&A, discussing cash payments, stock payments, and zero acquisitions, along with their advantages and disadvantages [23]. - **Chapter 6**: Emphasizes negotiation strategies in M&A, outlining necessary preparations and tactics for effective negotiation [25]. - **Chapter 9**: Provides insights into the operational logic of acquisitions and major asset restructurings, detailing various acquisition methods such as tender offers and management buyouts, supported by case studies [27][29]. - **Chapter 10**: Focuses on case studies to highlight key points in major asset restructuring, including share lock-up arrangements [10][31]. Additional Considerations - The manual also addresses the role of government subsidies in M&A, emphasizing the need for buyers to consider local government support policies and potential disputes regarding resource allocation post-acquisition [14].

Core Viewpoint - The legal opinion letter regarding Sichuan Anning Titanium Iron Co., Ltd.'s cash asset acquisition indicates that the company is undergoing a significant asset restructuring, with specific measures in place to address potential legal and operational challenges related to the transfer of equity ownership [1][2][5]. Group 1: Legal and Regulatory Compliance - The law firm has conducted a thorough verification process based on relevant laws and regulations, confirming that the asset acquisition complies with the requirements for clear asset ownership and absence of legal obstacles [2][5][6]. - The court has indicated that it will issue a ruling to facilitate the equity transfer once the company completes the necessary asset approval procedures [5][20]. - The company has outlined specific measures to address the risk of equity transfer delays, including the commitment from the equity holder to provide effective measures to unfreeze the shares if necessary [3][6][7]. Group 2: Risk Assessment and Mitigation - The company has assessed the risks associated with the equity transfer and has developed solutions to mitigate potential negative impacts, including halting payments to original shareholders if the transfer is delayed [6][21]. - The company has indicated that the risk of not completing the equity transfer on time is low, and it has established contingency plans to address any unforeseen delays [6][21]. - The company has highlighted the importance of timely resumption of operations for local economic stability and has committed to coordinating with relevant government departments to facilitate the process [20][21]. Group 3: Operational Resumption Plans - The company plans to prioritize the recovery of low-grade ore from the tailings site before fully resuming operations at the mining site, with a target to achieve operational readiness by mid-2027 [10][22]. - The company has already obtained a mining license and is in the process of completing necessary approvals for resuming production, with a focus on enhancing production capacity through facility upgrades [11][13][22]. - The company has engaged with local government to ensure that the resumption of operations aligns with regulatory requirements and community interests, indicating a collaborative approach to overcoming operational challenges [18][20].