Core Viewpoint - The article discusses the restructuring of Sany Group and the involvement of China Baoan as a leading investor, highlighting the potential benefits and risks associated with this move, particularly regarding antitrust concerns and the financial health of the companies involved [3][6][12]. Group 1: China Baoan's Strategy - China Baoan is leading a consortium to participate in the restructuring of Sany Group, with its subsidiary Bettery being a key player in the lithium battery anode materials industry, which overlaps significantly with Sany's main business [5][10]. - As of the end of 2024, China Baoan's total assets exceed 52 billion, but it faces challenges in its transformation, particularly in its high-tech and real estate sectors, which have been underperforming [10][11]. - In 2024, China Baoan reported a revenue of 20.23 billion, a decline of 34.1%, and a net profit of 173 million, down 77.2%, indicating significant financial strain [12]. Group 2: Antitrust Risks - The potential merger of Bettery and Sany Group could trigger antitrust reviews, as their combined revenues exceed the thresholds set for mandatory reporting, raising uncertainties about the approval of such a merger [18][20]. - The combined market share of Bettery and Sany in the anode materials sector could exceed 40%, which may attract scrutiny from antitrust authorities in key markets like the US and EU [20][21]. - Concerns from downstream battery manufacturers about the potential dominance of a merged entity highlight the broader implications for market competition and supply chain stability [21]. Group 3: Restructuring Challenges - Prior to China Baoan's involvement, Sany Group had seen interest from other potential investors, but some have withdrawn, complicating the restructuring process [7][22]. - If China Baoan and Bettery are selected as investors, they will face not only antitrust scrutiny but also issues related to direct competition between Bettery and Sany in the anode materials market [23]. - Sany Group's financial situation is precarious, with total liabilities reaching 21.97 billion and short-term loans of 5.29 billion, while cash reserves are only 3.15 billion, emphasizing the urgency for a successful restructuring [24].

市场监管总局反垄断二司副司长谢方介绍，三年来，市场监管总局依法审查了一批具有重要影响力的民 生领域集中案件。附条件批准先声药业收购托毕西股权等案件，禁止武汉用通收购山东华泰制药股权 案，维护市场公平竞争，保障消费者利益。 对于涉及公用事业、食品、药品等民生领域经营者集中，经审查认为不会对市场竞争产生排除、限制竞 争影响的，依法快速予以审结，有效激发经营主体活力，降低企业制度性交易成本。 开展轨道交通、药品零售、医疗器械、新能源汽车等民生重点领域市场竞争状况评估工作，对医药行业 经营者集中情况进行动态监测，分析行业特点和竞争状况，为做好相关民生领域经营者集中审查工作提 供有力支撑。 新京报讯(记者陈琳)市场监管总局今日(12月17日)公布的数据显示，在为期三年的民生领域反垄断执法 专项行动中，该局坚持规范与效率并重，累计审结民生领域经营者集中案件950件，其中附条件批准3 件，禁止1件，有效维护了与人民群众生活密切相关的医药、公用事业、食品等关键领域的公平竞争秩 序。 同时，全面提升经营者集中审查质效。持续优化经营者集中反垄断业务系统，实现全流程线上办理，正 式实施经营者集中委托审查制度，通过并购审查课堂等多种 ...

Core Viewpoint - China Baoan, a significant player in the investment landscape, plans to lead a restructuring effort for Shanshan Group alongside its subsidiary, BTR, aiming to create a global leader in anode materials for lithium-ion batteries [1][3][4]. Group 1: Restructuring Efforts - China Baoan has agreed to act as the lead investor in a consortium to restructure Shanshan Group, submitting necessary documentation and a due diligence deposit of 50 million yuan [3][4]. - The restructuring is expected to attract multiple investors, including Fangda Carbon and Hunan Salt Industry Group, indicating a competitive environment for Shanshan's assets [1][3][13]. - Shanshan Group's core asset, Shanshan Co., is a leader in anode materials, and its integration with BTR could result in a dominant player in the global market [3][4]. Group 2: Market Position and Financial Performance - According to EVTank, the global anode material shipment is projected to reach 2.206 million tons in 2024, with China accounting for 2.115 million tons, representing a 95.9% share [3][4]. - BTR is expected to hold over 20% market share in 2024, while Shanshan Co. is anticipated to rank second [3][4]. - In the first half of 2025, BTR reported revenue of 7.838 billion yuan, a year-on-year increase of 11.36%, while Shanshan Co. achieved revenue of 9.858 billion yuan, up 11.78% [6][7]. Group 3: Competitive Landscape and Industry Dynamics - The potential merger of BTR and Shanshan Co. could lead to a combined market share exceeding 40% in the global anode materials market, prompting a reshuffle among other manufacturers [4][9]. - The restructuring process may trigger antitrust reviews due to the combined revenue of the involved parties exceeding regulatory thresholds [7][9]. - The ongoing internal power struggle within China Baoan could impact the stability and success of the restructuring efforts [9][10].

杉杉集团有限公司及其全资子公司的实质合并重整投资人招募，迎来新的重量级参与者。根据中国宝安集团股份有限公司于12月13日发布的公告，该公司已 于12月12日召开董事会，审议通过相关议案，同意作为重整投资联合体的牵头人，联合其控股子公司贝特瑞新材料集团股份有限公司及其他潜在投资人，参 与本次重整招募。公告显示，中国宝安已按要求提交报名材料，并缴纳了5000万元尽职调查保证金，同时委托中介机构启动尽职调查工作。 杉杉集团的核心资产包括其持有的上市公司杉杉股份的股权。杉杉股份12月12日晚间的公告显示，浙江省宁波市中级人民法院已于12月10日解除了对杉杉集 团所持公司4000万股股份的轮候冻结。截至公告日，杉杉集团与朋泽贸易合计持有杉杉股份23.36%的股权。 中国宝安在公告中提示风险称，若其联合体被确定为重整投资人，相关交易可能触发经营者集中审查，该审查程序能否通过存在不确定性。（市场有风险， 投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。） 来源：市场资讯 此次重整始于今年2月，浙江省宁波市鄞州区人民法院裁定受理杉杉集团破产重整一案，并于3月裁定对杉杉集团与其全资子公司宁波朋泽贸易有限 ...

备受关注的杉杉集团破产重整案又现新剧情。 12月12日晚间，中国宝安公告称，董事会审议通过了《关于参与杉杉集团及其全资子公司实质合并重整 投资人招募的议案》，同意公司作为重整投资联合体（下称"联合体"）牵头人，联合下属子公司贝特瑞 新材料集团股份有限公司（以下简称"贝特瑞"）及其他潜在投资人参与杉杉集团及其全资子公司宁波朋 泽贸易有限公司（下称"宁波朋泽"）的实质合并重整投资人招募。 目前，中国宝安按照杉杉集团管理人发布的公告要求，已提交了报名材料，缴纳了尽职调查保证金5000 万元，并委托了中介机构开展尽职调查。公司董事局授权公司管理层拟定和提交重整投资方案，参与现 场述标以及可能的竞争性谈判的工作。 2025年前三季度，中国宝安实现营业收入168.12亿元，同比上升14.87%；归属于上市公司股东的净利润 为2.83亿元，同比下滑26.51%。同期，贝特瑞实现营收123.84亿元，同比上升20.60%；归母净利润为 7.68亿元，同比上升14.37%。 负极材料双龙头整合或触发反垄断 据每日经济新闻报道，此次拟参与重整的贝特瑞与杉杉集团旗下杉杉股份是全球负极材料出货量前两位 的企业。 中国宝安在公告中提示 ...

中国宝安在公告中提示风险称，若联合体被确定为重整投资人，可能触发经营者集中审查程序，相关审 查程序能否获得通过尚存在不确定性。 按照《国务院关于经营者集中申报标准的规定》，参与集中的所有经营者上一会计年度在全球范围内的 营业额合计超过120亿元，且至少两个经营者在中国境内的营业额均超过8亿元，经营者应当事先向国务 院反垄断执法机构申报，未申报的不得实施集中。 备受关注的杉杉集团破产重组案又现新剧情。 12月12日晚间，中国宝安（000009）公告称，董事会审议通过了《关于参与杉杉集团及其全资子公司实 质合并重整投资人招募的议案》，同意公司作为重整投资联合体(下称"联合体")牵头人，联合下属子公 司贝特瑞新材料集团股份有限公司(以下简称"贝特瑞")及其他潜在投资人参与杉杉集团及其全资子公司 宁波朋泽贸易有限公司(下称"宁波朋泽")的实质合并重整投资人招募。 目前，中国宝安按照杉杉集团管理人发布的公告要求，已提交了报名材料，缴纳了尽职调查保证金5000 万元，并委托了中介机构开展尽职调查。公司董事局授权公司管理层拟定和提交重整投资方案，参与现 场述标以及可能的竞争性谈判的工作。 2025年前三季度，中国宝安实现营 ...

备受关注的杉杉集团破产重组案又现新剧情。 12月12日晚间，中国宝安公告称，董事会审议通过了《关于参与杉杉集团及其全资子公司实质 合并重整投资人招募的议案》，同意公司作为重整投资联合体（下称"联合体"）牵头人，联合 下属子公司贝特瑞新材料集团股份有限公司（以下简称"贝特瑞"）及其他潜在投资人参与杉杉 集团及其全资子公司宁波朋泽贸易有限公司（下称"宁波朋泽"）的实质合并重整投资人招募。 目前，中国宝安按照杉杉集团管理人发布的公告要求，已提交了报名材料，缴纳了尽职调查保 证金5000万元，并委托了中介机构开展尽职调查。公司董事局授权公司管理层拟定和提交重整 投资方案，参与现场述标以及可能的竞争性谈判的工作。 记者丨江佩佩 见习记者张嘉钰 编辑丨谢珍 12月12日晚间，杉杉股份发布公告，公司控股股东之一的杉杉集团所持的公司4000万股股 份，于12月10日解除轮候冻结，占其所持股份的12.49%，占公司总股本的1.78%。 公告显示，截至目前，杉杉集团累计持有3.2亿股公司股份，累计被冻结3.2亿股，占其所持股 份的100%，占公司总股本的14.24%。同时，杉杉集团和朋泽贸易合计持有公司股份5.26亿 股，占 公 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) is enhancing its efforts to promote fair competition and optimize the business environment in China, particularly focusing on anti-monopoly enforcement and regulatory measures for foreign enterprises [1] Group 1: Regulatory Actions - SAMR is strengthening anti-monopoly enforcement in key sectors to ensure fair competition [1] - The agency is deepening institutional openness in the competition field to create a more favorable business environment [1] - There will be an emphasis on fair competition reviews and assessments of business concentrations to eliminate barriers to a unified national market [1] Group 2: Engagement with Foreign Enterprises - SAMR held a meeting with multiple foreign enterprises to gather opinions and suggestions on promoting fair competition [1] - The discussions aimed to understand the challenges faced by foreign businesses and to enhance their operational environment in China [1] Group 3: Policy Implementation - The actions taken by SAMR are in line with the spirit of the 20th National Congress of the Communist Party of China, focusing on marketization, rule of law, and internationalization [1] - The goal is to fully stimulate the development vitality of various business entities through improved regulatory frameworks [1]

Group 1 - The National Market Supervision Administration has emphasized the importance of monitoring and assessing monopoly risks in key areas during the 14th Five-Year Plan period [1] - The administration is committed to strengthening regular supervision of the platform economy to prevent and curb disorderly competition in the online market [1] - A total of 3,400 cases related to operator concentration in natural monopoly areas have been concluded, with 145 cases of illegal operator concentration being addressed [1] Group 2 - The administration has launched special actions against monopolistic practices in the livelihood sector, including the pharmaceutical industry, to restore drug prices to reasonable levels [1] - Actions have also been taken against monopolistic cases in water supply, gas, building materials, and vehicle inspection sectors, effectively reducing public living costs and the production burden on businesses [1] - The efforts aim to maintain a fair competitive market order [1]

Core Viewpoint - The National Market Supervision Administration emphasizes the importance of monitoring and evaluating monopoly risks in key sectors during the 14th Five-Year Plan period, aiming to strengthen regular regulation of the platform economy and prevent disorderly competition in the online market [1] Group 1: Regulatory Actions - Continuous enforcement of antitrust actions in the livelihood sector is being carried out, particularly targeting monopolistic practices in the pharmaceutical industry to restore drug prices to reasonable levels [1] - Investigations into monopolistic cases in water supply, gas, building materials, and vehicle inspection sectors have been conducted, effectively reducing public living costs and the production burden on businesses [1] Group 2: Market Oversight - Enhanced scrutiny of operator concentration in key areas of the platform economy has been implemented, with a total of 3,400 cases reviewed and 145 cases of illegal operator concentration addressed, significantly maintaining fair competition in the market [1]