Core Viewpoint - The People's Bank of China has approved the establishment of a new company, Shaanxi Ximei Payment Co., Ltd., through the continuation and division of Shaanxi Coal Trading Center, allowing it to operate as a licensed payment service provider focusing on stored value account operations [3][5]. Company Overview - Shaanxi Coal Trading Center was established in November 2010 and is recognized as one of the three major coal trading centers in China, approved by the Shaanxi provincial government and the State Council [2]. - The center obtained its payment business license from the People's Bank of China in January 2013, which has been successfully renewed in 2018 and 2023, with the current license valid until January 2028 [5][6]. Business Operations - The new company, Ximei Payment, will focus on various payment services including "Qin An Pay" for guaranteed payments, "Qin Chain Pay" for entrusted agency payments, and cross-border RMB payments, targeting large commodity trading, logistics, and cross-border trade sectors [8]. - Ximei Payment aims to provide comprehensive payment solutions for over 4,000 clients, with a cumulative payment volume exceeding 2.7 trillion yuan [8]. Regulatory Compliance - The establishment of Ximei Payment is part of a compliance strategy following the implementation of the Non-Bank Payment Institution Supervision and Management Regulations, which require payment institutions to include "payment" in their names [6][8]. - The Shaanxi Coal Trading Center has maintained a record of compliance, but recently faced a fine of 30,000 yuan for violating payment settlement management regulations, marking its first penalty in nearly twelve years [10][12]. Industry Context - The payment industry is currently undergoing significant regulatory changes, with a focus on optimizing license classifications and strengthening compliance systems [12]. - The recent penalty against Shaanxi Coal Trading Center highlights the importance of adhering to strict regulations regarding payment account management, as violations can lead to severe consequences in the industry [12].

Core Viewpoint - The acquisition of Hunan Tianyan Machinery Co., Ltd. by China Chang'an Automobile Group Co., Ltd. is a result of the restructuring of the China Ordnance Equipment Group, which involves the separation of its automotive business into a newly established entity. This acquisition does not change the actual controller of the listed company, which remains the State-owned Assets Supervision and Administration Commission of the State Council [1][8]. Group 1: Acquisition Details - The acquisition involves the indirect holding of 37.25% of Hunan Tianyan by China Chang'an Automobile, making it the indirect controlling shareholder [1][8]. - The acquisition is exempt from the requirement to make a public offer for additional shares, as the actual controller of Hunan Tianyan remains unchanged [1][25]. Group 2: Financial Advisor's Role - CITIC Securities serves as the financial advisor for the acquisition, ensuring compliance with relevant laws and regulations while conducting due diligence [1][5]. - The financial advisor confirms that all information provided by the acquirer is accurate and complete, and it assumes no responsibility for investment decisions made based on this report [2][5]. Group 3: Financial Status of the Acquirer - China Chang'an Automobile was established on July 27, 2025, with a registered capital of 2 billion yuan and a total asset value of approximately 5.32 billion yuan as of May 31, 2025 [10][11]. - The company has a debt-to-asset ratio of 18.84%, indicating a stable financial position [11]. Group 4: Management and Operational Integrity - The acquirer has committed to maintaining the independence of Hunan Tianyan in terms of operations, assets, and finances, ensuring no adverse impact on the listed company's stability [18][20]. - There are no plans for significant changes in the management structure or business operations of Hunan Tianyan following the acquisition [14][15]. Group 5: Compliance and Regulatory Aspects - The acquisition has received the necessary approvals and is in compliance with the relevant regulatory frameworks, including the Company Law and Securities Law [10][13]. - The financial advisor has verified that there are no undisclosed related party transactions between the acquirer and Hunan Tianyan [22][23].