Core Viewpoint - Zhongtai Securities Co., Ltd. plans to issue A-shares to specific investors, aiming to raise up to 6 billion RMB for capital increase and business expansion, while ensuring that the controlling shareholder structure remains unchanged [1][7]. Group 1: Issuance Details - The issuance will target no more than 35 specific investors, including qualified institutional investors and natural persons, with the exception of the controlling shareholder, Zaozhuang Mining Group [3][5]. - The final issuance price will be determined based on the average trading price of the company's shares over the 20 trading days prior to the pricing date, with a minimum price set at 80% of this average or the latest audited net asset value per share [4][5]. - Zaozhuang Mining Group will not participate in the pricing process but commits to subscribe at the market price determined through the auction process [5][6]. Group 2: Use of Proceeds - The funds raised will be used entirely to increase the company's capital, specifically for business expansion and debt repayment, with a total planned investment of no more than 6 billion RMB [7][9]. - The issuance will not change the controlling shareholder or the distribution of shares that meets listing requirements [7]. Group 3: Shareholding Structure - As of March 31, 2025, the total number of shares is approximately 6.97 billion, with Zaozhuang Mining Group holding 32.62% and its concerted action partner, Xin Mining Group, holding a combined 36.09% [12][14]. - The actual controller of the company is the Shandong Provincial State-owned Assets Supervision and Administration Commission, which controls 58.15% of the voting rights through various entities [14]. Group 4: Industry Context - The securities industry in China has evolved significantly since the establishment of the first securities company in the 1980s, with ongoing reforms aimed at enhancing market stability and investor protection [15][16]. - Recent regulatory changes, including the introduction of a registration system for IPOs, are expected to improve the efficiency and maturity of the capital market [16][17].