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].

一、重组方案重大调整的认定标准 调整交易对象所 持标的资产份额 （1）交易各方同意交易对象之间"转让"标的资产份额； （2）转让份额不超过交易作价20%。 同时满足以下条件，不构成重大调整： 调整募集配套资 （1）调减或取消配套资金不构成重大调整； （2）新增或调增配套资金直接构成重大调整。 二、重组方案重大调整的审议程序 1.股东会作出重大资产重组决议后，上市公司拟对交易对象、交易标的、交易价格等作出变更，构成对 原交易方案重大调整的，应当在董事会表决通过后重新提交股东会审议。 调整事项 不构成重大调整 减少交易对象 同时满足以下条件，不构成重大调整： 通常而言，如果补充评估结果高于原有评估结果，由于对上市公司及其中小股东更加有利，一般不会调 整交易作价，这也是目前上市公司重大资产重组中相对常见的一种情形。 金 （增加交易对象 （1）交易各方同意将该交易对象"及"其持有的标的资产份额"剔除"； 直接构成重大调 整） （2）剔除相关标的资产后按下述交易标的变更规定不构成重大调整。 同时满足以下条件，不构成重大调整： 增加或减少交易 标的 （1）拟增加或减少的交易标的的交易作价、资产总额、资产净额及营业收入占原 ...

（以下无正文） 中信证券股份有限公司关于 （本页无正文，为《中信证券股份有限公司关于中国神华能源股份有限公司本次 交易前 12 个月内购买、出售资产的核查意见》之签章页） 中国神华能源股份有限公司本次交易前 12 个月内购买、出 售资产的核查意见 中国神华能源股份有限公司（以下简称"公司"、"中国神华"）拟通过发行 A 股股份及支付现金方式购买国家能源投资集团有限责任公司持有的煤炭、坑口 煤电以及煤制油煤制气煤化工等相关资产并于 A 股募集配套资金（以下合称"本 次交易"）。 根据《上市公司重大资产重组管理办法》 （以下简称"《重组管理办法》"）第 十四条规定：上市公司在十二个月内连续对同一或者相关资产进行购买、出售的， 以其累计数分别计算相应数额。已按照《重组管理办法》的规定编制并披露重大 资产重组报告书的资产交易行为，无须纳入累计计算的范围。中国证监会对《重 组管理办法》第十三条第一款规定的重大资产重组的累计期限和范围另有规定的， 从其规定。交易标的资产属于同一交易方所有或者控制，或者属于相同或者相近 的业务范围，或者中国证监会认定的其他情形下，可以认定为同一或者相关资产。 中信证券股份有限公司（以下简称 ...

二、为避免因信息泄露导致股票价格异动，经公司向深圳证券交易所申请， 公司股票自 2025 年 3 月 10 日开市起停牌，并于当日公告了《关于筹划发行股份 及支付现金购买资产并募集配套资金事项的停牌公告》。 三、在公司召开与本次交易相关的董事会会议过程中，相关的保密信息仅限 于公司的董事、高级管理人员及其他核心经办人员。公司的董事、高级管理人员 及其他核心经办人员严格履行了诚信义务，没有泄露保密信息。 四、公司与各交易相关方沟通时，均告知交易相关方对本次信息严格保密， 不得告知其他人员本次交易相关信息，不得利用交易筹划信息买卖上市公司股票， 内幕交易会对当事人以及本次交易造成严重后果。 重庆新铝时代科技股份有限公司董事会 关于本次交易采取的保密措施及保密制度的说明 重庆新铝时代科技股份有限公司（以下简称"公司"）拟通过发行股份及支付 现金方式购买东莞市宏联电子有限公司100%股权，同时向不超过19名符合条件 的特定对象发行股票募集配套资金（以下简称"本次交易"）。 公司已严格按照《中华人民共和国证券法》《上市公司信息披露管理办法》 《上市公司重大资产重组管理办法》《上市公司监管指引第5号——上市公司内幕 信息 ...