化解同业竞争问题 华虹公司拟控股收购华力微 ◎记者 郑维汉 8月17日晚，华虹公司公告，为解决IPO承诺的同业竞争事项，公司正在筹划以发行股份及支付现金的 方式购买上海华力微电子有限公司（简称"华力微"）控股权，同时配套募集资金。 据悉，本次收购标的资产为华力微所运营的与华虹公司在65/55nm和40nm存在同业竞争的资产（华虹五 厂）所对应的股权。目前，该标的资产正处于分立阶段。华虹公司股票自8月18日开市起停牌，预计停 牌时间不超过10个交易日。 本次交易初步确定的交易对方为上海华虹（集团）有限公司（简称"华虹集团"）、上海集成电路产业投 资基金股份有限公司、国家集成电路产业投资基金二期股份有限公司、上海国投先导集成电路私募投资 基金合伙企业（有限合伙）。 而65/55nm及40nm逻辑与射频工艺平台相关业务，则由华力微承接，即该平台新增客户由华力微承接， 华虹公司将继续服务现有客户，且不在该平台承接新增客户以及现有客户的新产品。 公开信息显示，华虹公司的间接控股股东为华虹集团，华虹公司与华虹集团控制的上海华力（即"上海 华力微电子有限公司及上海华力集成电路制造有限公司"）均从事晶圆代工业务，但定位及主要 ...

Core Viewpoint - China Shenhua is planning a significant restructuring by acquiring coal-related assets from its controlling shareholder, State Energy Group, which will enhance its coal resource reserves and operational capabilities [1][2]. Group 1: Restructuring Details - The restructuring involves the acquisition of 13 companies, including key players in coal production and logistics, which will address the overlap in coal resource development between China Shenhua and State Energy Group [1]. - This move is seen as a strategic step to resolve industry competition issues and improve operational efficiency within the coal sector [1][2]. Group 2: Strategic Importance - The integration of high-quality coal resources is expected to significantly increase China Shenhua's strategic reserves and solidify its position as a leading player in the domestic coal industry [2]. - The restructuring will create a modern coal supply system that enhances the company's ability to respond to seasonal and structural supply-demand fluctuations, particularly during critical energy supply periods [2]. Group 3: Impact on Company Development - The restructuring is anticipated to improve China Shenhua's cash flow and overall profitability, thereby enhancing its capacity to return value to investors [3]. - This initiative is a reflection of the company's commitment to high-quality development and aligns with national policies encouraging mergers and acquisitions in the energy sector [3].

校对 赵琳 新京报贝壳财经讯 8月1日晚，中国神华能源股份有限公司发布《关于筹划发行股份及支付现金购买资 产并募集配套资金暨关联交易事项的停牌公告》。根据国家能源集团与中国神华共同签署的关于同业竞 争事项的系列协议文件，中国神华启动此次大规模重组，一次性整合新疆能源、乌海能源、神延煤炭等 13家核心煤炭及相关产业主体，系统性注入控股股东国家能源集团主要煤炭产业链资产。根据公告，中 国神华A股股票自2025年8月4日开市起开始停牌，预计停牌时间不超过10个交易日。 编辑 程子姣 中国神华相关负责人表示，这是继2025年1月，中国神华公告对国家能源集团杭锦能源有限责任公司 100%股权的收购并于次月实现资产交割后，中国神华在解决同业竞争问题上的又一次有力举措，与控 股股东在煤炭资源开发领域的业务重叠问题将实现根本性改善。此次重组有效实现煤炭产业全链条资源 优化配置，通过全产业链的统一规划与运营，可促进资源配置效率系统性提升，为上市公司创造生产、 运输、转化各环节协同增益，进一步提高一体化运营价值创造能力，大幅增加企业自由现金流量水平， 更好回报投资者。 ...

Core Viewpoint - China Shenhua (601088) announced a significant restructuring plan to acquire 13 energy asset equities from its controlling shareholder, China Energy Investment Corporation, which will enhance its coal resource strategic reserves and integrated operational capabilities [1][2]. Group 1: Industry Context - The restructuring aims to resolve the issue of overlapping business operations between China Shenhua and its controlling shareholder in the coal resource development sector, which is crucial for the ongoing energy system reform in China [1][2]. - The acquisition includes key coal and related industry assets, which will significantly increase China Shenhua's coal asset reserves and strengthen its market position as a leading player in the domestic coal industry [2]. Group 2: Resource Strategy - The coal assets being integrated will complement China Shenhua's existing resources geographically, enhancing the logistics capabilities for the "West Coal East Transport" initiative and further solidifying the integrated coal supply chain [3]. - A cross-regional capacity coordination mechanism will be established to better respond to seasonal and structural supply-demand fluctuations in key energy consumption areas, ensuring energy security during critical periods [3]. Group 3: Operational Efficiency - The restructuring will optimize resource allocation across the entire coal industry chain, improving operational efficiency and creating synergies in production, transportation, and conversion processes [4]. - Post-restructuring, the upstream coal mining entities will provide stable resource supply, while downstream coal-to-oil and chemical technology platforms will enhance clean and efficient conversion, thereby increasing cash flow and returns for investors [4].

Core Viewpoint - Yunnan Copper is planning to acquire 40% of Liangshan Mining from its major shareholder, Yunnan Copper Group, which will enhance its resource reserves and operational performance while resolving competition issues with the parent company [1][2][3]. Group 1: Acquisition Details - Yunnan Copper announced the plan to issue shares to purchase 40% of Liangshan Mining and raise matching funds, with the stock expected to be suspended for up to 10 trading days [2]. - Liangshan Mining, established in October 2001, focuses on copper and associated mineral mining, and is projected to generate revenue of 9.562 billion yuan and a net profit of 324 million yuan in 2024 [2][3]. Group 2: Financial Performance - In Q1 2024, Yunnan Copper reported revenue of 37.754 billion yuan, a year-on-year increase of 19.7%, and a net profit of 560 million yuan, up 23.97% [1][5]. - The company has shown strong inventory management, with inventory turnover days decreasing from 42.66 to 34.02 days, and turnover rate increasing from 2.11 to 2.65 times [5]. Group 3: Historical Context and Future Outlook - Yunnan Copper has a history of asset injections from its major shareholder, with commitments made in 2016 to resolve competition issues and enhance asset quality [3]. - The company is positioned as the only listed platform for the copper industry under China Aluminum Group and China Copper, with a copper production capacity of 1.4 million tons [4].