香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shanghai Haohai Biological Technology Co., Ltd.* 茲提述：(i)本公司日期為2023年2月8日及2023年3月9日之公告，內容有關本公 司全資子公司上海昊海醫藥科技發展有限公司（「受讓方」）自張勁松先生、深圳市 九思投資合夥企業（有限合夥）、中經股權投資基金管理（深圳）合夥企業（有限合 夥）以及深圳市百納通達投資諮詢合夥企業（有限合夥）（合稱「前轉讓方」）收購深 圳市新產業眼科新技術有限公司（「目標公司」）20%股權的《股權轉讓協議》（「《股 權轉讓協議》」）；以及(ii)本公司日期為2025年11月7日之公告（「公告」），內容有 關受讓方自張勁松先生、深圳市九思投資合夥企業（有限合夥）以及深圳市百納通 達投資諮詢合夥企業（有限合夥）（合稱「轉讓方」）訂立《股權轉讓補充協議》（「《股 權轉讓補充協議》」），以收購深圳新產業剩餘20%的股權。除非另有界定，否 ...

Transaction Overview - The company, Shanghai Jianhui Information Technology Co., Ltd., approved the acquisition of a 38% stake in its subsidiary, Boke Guoxin (Wuhan) Technology Co., Ltd., for a total of 73.71 million yuan [2] - The acquisition will be financed through a combination of the company's own funds and bank credit, with specific amounts allocated to different stakeholders [2] Progress of the Transaction - A formal agreement for the transaction was signed on February 26, 2026, and the terms are consistent with the previously disclosed announcement [3] - Upon completion of the transaction, the company will hold 70% of the subsidiary, while the remaining 30% will be held by Zhou Xiaoping, making the subsidiary a controlled entity and included in the consolidated financial statements [3] Other Matters - The transaction is subject to relevant business registration changes, and the completion timeline is uncertain, pending the relevant authorities [4] - The company will continue to advance the necessary procedures and fulfill its information disclosure obligations in accordance with legal regulations [4]

Group 1 - The company, Jiumaojiu (09922), announced a share subscription agreement to invest $28 million in a target company, acquiring approximately 48.2 million Class A preferred shares, and a purchase agreement for about 25.8 million shares from eight selling shareholders for a total of $15 million [1] - The target company operates a North American restaurant chain under the "Big Way Hot Pot" brand, offering a customizable hot pot dining experience with a variety of high-quality meats, seafood, fresh vegetables, and sauces [1] - After the transaction, the company will hold approximately 49.0% of the equity interest in the "Big Way Hot Pot" business, which currently has 21 restaurants in the Greater Vancouver area, Toronto, and California [1] Group 2 - Post-transaction, the target company will have Class A and Class B shares, with Class A shares providing one voting right and participation rights, while Class B shares offer weighted voting rights without participation rights [2] - Xinzhong Yao will control approximately 86.7% of the voting rights and about 39.4% of the participation rights in the target company through personal holdings and trusts [2] - The company will control about 10.8% of the voting rights and 49.0% of the participation rights in the target company through its ownership of Class A shares, but the target company will not become a subsidiary, and its financial performance will not be consolidated into the company's financial statements [2]

Core Viewpoint - Puma's financial results for the fiscal year 2025 reflect significant challenges, including an 8.1% decline in sales and a substantial EBIT loss, while the impact of Anta Sports' acquisition remains to be seen [1][4][10]. Financial Performance - Puma's total sales for fiscal year 2025 decreased by approximately 8.1% to €7.296 billion [1][4]. - Adjusted EBIT was reported at -€166 million, and after accounting for one-time restructuring and goodwill impairment costs of €192 million, the total EBIT reached -€357 million [1][4]. - The fourth quarter saw an even sharper decline, with sales adjusted down by 20.7% and gross margin dropping 750 basis points to 40.2% [4]. Strategic Adjustments - The company initiated a series of proactive adjustments, including reducing non-core wholesale operations, clearing excess inventory, and scaling back promotional activities in its own channels [4][6]. - Wholesale revenue fell by 12.8% for the year, with a more pronounced decline of 27.7% in the fourth quarter [4]. Direct-to-Consumer (DTC) Business - The DTC segment emerged as a bright spot, growing by 3.4% and increasing its share from 28.9% to 32.4% of total sales [6]. - In the Asia-Pacific region, sales decreased by 7.4% to €1.595 billion, reflecting a similar trend of declining wholesale and increasing DTC sales [6]. Future Outlook - For fiscal year 2026, Puma anticipates a cautious outlook, projecting a low to mid-single-digit decline in sales and an EBIT loss between €50 million and €150 million [6][7]. - The company plans to invest approximately €200 million in capital expenditures, focusing on logistics and digital infrastructure [7]. - CEO Arthur Hold stated that 2026 will be a "transitional year," emphasizing the need for financial stability and preparation for sustainable growth [7]. Anta Sports Acquisition - Anta Sports announced plans to acquire a 29.06% stake in Puma for approximately €1.5 billion, positioning itself as a major shareholder [8][10]. - Despite the acquisition, Puma's management did not address the stake purchase in their latest earnings report, indicating a focus on internal restructuring until the strategic implications are clearer [10]. - Analysts suggest that Anta's insights into the Chinese market could significantly enhance Puma's growth potential in the region, where its sales currently represent only about 7% of total revenue [10].

Group 1 - The core point of the article is that Xi Xiang Feng Group (02473) has deposited shares worth HKD 116 million into GF Securities Hong Kong, representing 5.72% of the total [1] - Xi Xiang Feng Group has signed a memorandum of understanding with Kuangshi Technology to acquire a 51% controlling stake through equity acquisition or capital increase [1] - Kuangshi Technology is a comprehensive solution provider for millimeter-wave radar with full-chain independent research and development capabilities, covering chips, algorithms, modules, complete machines, and system platforms [1] Group 2 - Xi Xiang Feng Group, established in 2007, is a well-known comprehensive automotive service provider in China [1] - In 2023, Xi Xiang Feng Group successfully listed on the Hong Kong main board, becoming the first stock in China's automotive financing leasing sector [1]

Core Viewpoint - The company, Shandong Jindi Precision Machinery Technology Co., Ltd., has provided guarantees for its subsidiary, Chaocheng Boyuan Energy Technology Co., Ltd., totaling 80 million yuan to support its financing needs [2][7]. Group 1: Guarantee Details - The company signed a guarantee contract with Dezhou Bank for a total amount of 60 million yuan, covering debts incurred by Boyuan Energy within three years from the date of payment under the letter of credit [2][6]. - Additionally, a maximum guarantee contract was signed with Beijing Bank for 20 million yuan, covering debts from February 26, 2026, to February 25, 2029 [2][6]. Group 2: Internal Decision-Making Process - The company held its 21st meeting of the third board of directors on December 9, 2025, and the fourth temporary shareholders' meeting on December 25, 2025, to approve the financing and guarantee limits for 2026 [3][8]. - All external guarantees provided by the company are within the authorized limits approved by the shareholders and do not require additional board meetings for approval [3][8]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to meet the operational needs of the company and its subsidiaries, aligning with the overall development strategy of the company [7]. - The company maintains effective control over the operational risks and decision-making of the guaranteed entities, making the guarantee risks manageable [7]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 207.5 million yuan, with guarantees to subsidiaries totaling 200 million yuan, representing 96.38% and 92.90% of the company's latest audited net assets, respectively [9]. - There are no overdue guarantees, and the company has not provided guarantees for its controlling shareholders or related parties [9].

Core Viewpoint - The company, Beijing Haoliang Data Technology Co., Ltd., plans to acquire minority stakes in its subsidiary, Guangzhou Haoliang Database Technology Co., Ltd., to increase its ownership from 52% to 100% through its wholly-owned subsidiary, Haoliang Research Institute, for a total consideration of RMB 110.85 million for 30% and additional amounts for smaller stakes held by other individuals [2][4]. Transaction Overview - The company intends to purchase 30% of Guangzhou Haoliang from Hu Weina for RMB 110.85 million, 7% from Xiao Feng for RMB 25.87 million, 6% from Wang Zhenwei for RMB 22.17 million, and 5% from Liu Hui for RMB 18.48 million [2][4]. - The transaction is classified as a related party transaction but does not constitute a major asset restructuring as per the regulations [2][3]. Approval and Procedures - The transaction has been reviewed and approved by the company's independent directors and the board of directors, with related directors abstaining from the vote [3][6]. - No shareholder meeting approval is required as the transaction does not meet the threshold for such a review [7][23]. Historical Related Transactions - In the past 12 months, the company has not engaged in any transactions with the related parties Xiao Feng and Wang Zhenwei, and there have been no related transactions with different related parties [8][24]. Financial Information of the Target - The assessment of Guangzhou Haoliang's total assets was reported at RMB 83.48 million, with a valuation of RMB 83.41 million, indicating a slight decrease in value [12][14]. - The equity value of the shareholders was assessed at RMB 3.76 million, with a valuation of RMB 3.69 million, reflecting a decrease of RMB 6.72 million [14]. Pricing and Valuation - The pricing for the share transfer is based on the assessed value of the total equity of Guangzhou Haoliang, with the total transaction price for the 48% stake set at RMB 177.36 million [12][18]. - The valuation was conducted by an independent assessment firm, ensuring the fairness and reasonableness of the transaction [16]. Impact on the Company - Following the completion of the transaction, Guangzhou Haoliang will remain a wholly-owned subsidiary, enhancing the company's control over its core research and development platform [6][22]. - The transaction is expected to optimize governance structures and improve decision-making and operational efficiency without introducing new related transactions or competition [22].

Core Viewpoint - Hubei Guochuang High-tech Materials Co., Ltd. has announced the acquisition of 100% equity in Ningbo Guopei Petrochemical Co., Ltd. for a total of RMB 22,500 million, funded through self-owned or self-raised funds, and has pledged its entire stake in Ningbo Guopei as collateral for a merger loan of RMB 14,000 million from CITIC Bank Wuhan Branch [2][3]. Group 1: Acquisition Details - The acquisition of Ningbo Guopei was approved by the company's board and shareholders, with the equity transfer completed in October 2025 [2]. - The company has pledged its 100% equity in Ningbo Guopei, valued at RMB 12,800 million, to secure the merger loan [3]. Group 2: Financial Impact - The merger loan and equity pledge are essential for financing the acquisition project, aligning with the company's development strategy and financial needs [6]. - The company has approved a comprehensive credit limit of up to RMB 1.2 billion for 2026, which includes the merger loan within this financing scope [3]. Group 3: Guarantee Situation - Ningbo Guopei has applied for a loan of RMB 10 million from Ningbo Bank, with the company providing a joint liability guarantee [8]. - The guarantee was approved within the limits set by the company's board and shareholders, requiring no further approvals [9]. Group 4: Company and Subsidiary Information - Ningbo Guopei was established on August 19, 1997, with a registered capital of RMB 128 million, and operates in the petrochemical sector [4][11]. - The company holds 100% equity in Ningbo Guopei, which is now a wholly-owned subsidiary [5][12]. Group 5: Guarantee Contract Details - The maximum guarantee amount is set at RMB 10 million, covering principal, interest, and associated costs [13]. - The guarantee period extends for two years after the debt maturity date [14]. Group 6: Overall Guarantee Status - As of the announcement date, the total external guarantee balance is RMB 24 million, representing 51.17% of the company's latest audited net assets, with no overdue guarantees reported [16].

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) is progressing with a share acquisition plan to purchase 49% of the equity in SMIC North from five institutions for a total price of 40.601 billion yuan [1][4]. Group 1: Acquisition Details - SMIC's announcement on February 25 indicates that the application for the share acquisition has been accepted by the Shanghai Stock Exchange, but it still requires approval from the China Securities Regulatory Commission [1]. - The acquisition aims to enhance asset quality and operational efficiency, allowing SMIC to fully control SMIC North, which will streamline resource allocation and management [3][4]. - The transaction price of 40.601 billion yuan corresponds to a valuation of 82.859 billion yuan for 100% of SMIC North, reflecting an appreciation rate of 98.19% [6]. Group 2: Operational Insights - SMIC North, established in collaboration with the Beijing government, focuses on 12-inch wafer manufacturing and has a production capacity of 70,000 wafers per month across two 300mm production lines [2]. - The technology capabilities of SMIC North cover nodes from 65nm to 28nm, serving various sectors including smartphones, computers, and automotive applications [2]. Group 3: Financial Context - The share price for the acquisition is set at 74.20 yuan per share, which is approximately 80% of the average trading price of 92.75 yuan over the previous 120 trading days, indicating a discount of about 35.3% compared to the price before the trading halt [4]. - As of February 26, SMIC's market capitalization has surpassed 930 billion yuan, reflecting strong investor interest [8].

Core Viewpoint - Aokema (600336.SH) has signed an equity transfer agreement to acquire 45% of the equity held by its subsidiary, Jing Shan Light Machinery Company, in the Smart Industry Company for a total price of 253 million yuan, aiming to enhance operational decision-making efficiency and optimize resource allocation [1] Group 1 - The transaction will result in Aokema holding 100% of the Smart Industry Company after completion [1] - The valuation for the transaction is based on an assessment conducted by Qingdao Tianhe Asset Appraisal Co., Ltd., with a reference date of December 2, 2025 [1]