Core Viewpoint - China Logistics Group Co., Ltd. is acquiring a 36.60% stake in China Railway Material Co., Ltd. through a non-compensatory transfer, resulting in China Logistics Group holding 37.81% of the shares and becoming the controlling shareholder of China Railway Material [1][5]. Group 1: Acquisition Overview - The acquisition involves the transfer of 2,214,495,506 shares from China Railway Material's parent company, China Railway Material Holdings Co., Ltd., to China Logistics Group, aligning with national economic development strategies [4]. - The transfer was approved on December 15, 2023, and completed on April 11, 2024, with China Logistics Group becoming the controlling shareholder while the actual controller remains the State-owned Assets Supervision and Administration Commission [5][6]. Group 2: Compliance and Reporting - China Logistics Group has fulfilled its reporting and announcement obligations throughout the acquisition process, adhering to relevant regulations [5][11]. - The financial advisor confirms that the acquisition complies with the regulations that allow for non-offer share transfers when the actual controller remains unchanged [5][19]. Group 3: Commitments and Governance - China Logistics Group has made commitments to maintain the independence of China Railway Material, ensuring no interference in its operations and protecting the rights of minority shareholders [7][9]. - The company has also committed to avoiding any competition with China Railway Material and ensuring fair and transparent related-party transactions [9][10]. Group 4: Future Plans and Governance Structure - There are no plans to change the main business operations or make significant adjustments to the governance structure of China Railway Material in the next 12 months [11][12]. - The company has appointed new management and board members, ensuring compliance with legal procedures and information disclosure requirements [13][15][16].

德邦证券股份有限公司 关于 海南矿业股份有限公司收购报告书 之 财务顾问 二〇二五年五月 声明 本声明所述的词语或简称与本持续督导意见"释义"部分所定义的词语或简 称具有相同的含义。 德邦证券接受复星高科委托，担任其收购海南矿业项目之财务顾问。根据《收 购管理办法》的规定，德邦证券本着诚实信用、勤勉尽责的精神，自收购完成后 的 12 个月内，对上述事项履行持续督导职责。 海南矿业于 2025 年 4 月 30 日披露了 2025 年第一季度报告。根据《证券法》 和《收购管理办法》等法律法规的规定，通过日常沟通和审慎核查，结合 2025 年第一季度报告，本财务顾问出具本持续督导意见。 作为本次收购的财务顾问，德邦证券出具的持续督导意见是在假设本次收购 的各方当事人均按照相关协议条款和承诺全面履行其所有职责的基础上提出的。 本财务顾问特作如下声明： （一）本持续督导意见所依据的文件、资料及其他相关材料基于的假设前提 是上述资料和意见真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏； 本财务顾问未对上述资料和意见作出任何承诺或保证。 （二）本持续督导意见不构成对海南矿业的任何投资建议，投资者根据本持 续督导意 ...

Core Viewpoint - The article discusses the acquisition of Sichuan Chengyu Highway Co., Ltd. by Shudao Investment Group, highlighting the completion of the asset transfer and the ongoing compliance with regulatory requirements for the acquisition process [1][4][24]. Group 1: Acquisition Overview - On April 2, 2021, Sichuan Transportation Investment Group and Sichuan Railway Industry Investment Group signed a merger agreement, leading to the establishment of Shudao Group [1]. - Shudao Group holds a total of 1,096,769,662 shares in Sichuan Chengyu, representing a 35.86% ownership stake [1]. Group 2: Regulatory Compliance - Shudao Group received a written approval from the Hong Kong Securities and Futures Commission on May 27, 2021, exempting it from making a mandatory offer [2]. - Sichuan Chengyu has published multiple announcements regarding the strategic restructuring and acquisition process on the Shanghai Stock Exchange [2][3]. Group 3: Financial Advisor's Opinion - The financial advisor confirmed that the asset transfer procedures have been completed and that both the acquirer and the listed company have fulfilled their disclosure obligations [5][24]. Group 4: Commitments and Future Plans - Shudao Group has made commitments to avoid related party transactions and maintain the independence of Sichuan Chengyu [6]. - There are currently no plans to change the main business operations of Sichuan Chengyu, and any future adjustments will comply with legal requirements [9][11]. Group 5: Corporate Governance - Sichuan Chengyu has established a sound corporate governance structure and internal control system, complying with the regulations set by the China Securities Regulatory Commission [24].

文/梧桐小新 历经3个多月的筹划后，深圳市汇顶科技股份有限公司（汇顶科技，603160）于3月3日晚发布公告，正式终止对云英谷 科技股份有限公司100%股份的收购计划。 2024年11月，汇顶科技首次对外披露，公司正筹划以发行股份结合支付现金的方式购买云英谷的控制权，同时拟发行股 份募集配套资金，意图在半导体领域实现业务拓展与布局。半个多月后，汇顶科技公布了详细的交易预案，明确表示拟 通过发行股份及支付现金的方式购买标的公司100%股份，引发市场高度关注。然而，到了2025年3月3日，公司宣布终 止收购， 终止原因为：交易双方未能就本次交易对价等商业条款最终达成一致意见。 云英谷 2023年、2024年1-9月净利 润分别为-2.58亿元、-1.62亿元。 | 交易形式 | 发行股份及支付现金购买资产 | | | --- | --- | --- | | 交易方案 | 上市公司拟通过发行股份及支付现金的方式购买标的公司 100%股份,同时 | | | 简介 | 上市公司拟向不超过 35 名特定投资者发行股份募集配套资金 | | | 交易价格 | 截至本预案签署日,标的资产的审计、评估工作尚未完成,本次交易的具体 ...

2024年A股只完成了100家IPO上市，是近十年来的最低IPO上市数量。在IPO收紧、并购政策频出的背 景下，越来越多拟IPO企业、IPO撤材料以及辅导阶段的企业，开始转向并购重组，通过并购踏入资本 市场。 2.线上课程《并购逻辑与实践：丹纳赫VS爱尔眼科》 3.梧桐定制笔记本1个 企业并购重组实操手册 扫码立即购买/试读 《企业并购重组实操手册》共有 342页 ， 17.3万字 ，11个章节，主要从 交易买方、卖方、中介机构 的角度，梳理了 并购重组各个环节 的操作要点和常见问题。 在这股浪潮的推动下，2025年各行各业公司以及央国企的专业化整合都在进一步加速。为了帮助大家及 时把握这一轮热潮，了解并购重组操作实务，我们最新上线了 《企业并购重组实操手册》 。 企业并购重组实操手册 1.纸质资料《企业并购重组实操手册》 为了让大家更清楚地了解手册讲了啥，我们随便翻几页 简单看看。 第1章略览 在实践中，大多数并购重组之所以会失败，往往是由于双方信息不对称、没有好好沟通造成的。所以， 第1章 直接了当地分享了 买卖双方需要了解的事项。 例如，买方在接触卖方的时候，就应该评估其未来的 财务规范可行性和难度 ， ...