Core Viewpoint - Fengxing Co., Ltd. is planning to acquire a 75% stake in Baiyin Huaxin Jiuhe Recycling Resources Co., Ltd. from Guangdong Huaxin through a share issuance, which constitutes a major asset restructuring but does not qualify as a restructuring listing [1] Group 1: Transaction Details - The transaction involves issuing shares to raise funds from no more than 35 specific investors [1] - Guangdong Huaxin is the parent company of Qinghai Western Indium Industry Co., Ltd., which is the controlling shareholder of Fengxing Co., Ltd., making this an affiliated transaction [1] Group 2: Business Operations - Baiyin Huaxin primarily engages in hazardous waste disposal and recycling, with a certified disposal capacity of 755,000 tons per year [1] - The sources of hazardous waste include mining, smelting, and power generation industries, positioning the company in the downstream of the listed company's industry [1] Group 3: Strategic Implications - Post-transaction, Baiyin Huaxin will become a subsidiary of Fengxing Co., Ltd., enhancing the company's service offerings to clients in the non-ferrous mining sector [1] - The acquisition aims to create new business growth points by integrating services from upstream mining selection to downstream hazardous waste disposal, leveraging the company's advantages in the non-ferrous metal industry [1]

Core Viewpoint - The company Fengxing Co., Ltd. plans to issue shares to acquire 75% equity of Baiyin Huaxin held by Guangdong Huaxin, which operates in hazardous waste disposal and resource recycling [1] Group 1: Company Overview - Baiyin Huaxin is primarily engaged in hazardous waste disposal and recycling, covering hazardous waste collection, harmless disposal, and resource recovery [1] - The company has a certified disposal capacity of 75.5 million tons per year, with hazardous waste sources including mining, smelting, and power generation industries [1] Group 2: Industry Context - The acquisition aligns with the growing demand for environmental protection services, particularly in hazardous waste management and resource recovery [1]

Core Insights - Feinan Resources experienced a 5.04% increase in stock price, reaching 17.08 CNY per share, with a trading volume of 146 million CNY and a turnover rate of 6.24%, resulting in a total market capitalization of 9.615 billion CNY [1] Company Overview - Feinan Resources Co., Ltd. is located in Nanhai District, Foshan City, Guangdong Province, and was established on August 22, 2008, with its listing date on September 21, 2023 [1] - The company's main business involves hazardous waste disposal and recycling of non-ferrous metal resources, with revenue composition as follows: 99.51% from resource sales, 0.28% from hazardous waste disposal, and 0.21% from other sources [1] Fund Holdings - One fund under Huatai PineBridge has a significant holding in Feinan Resources, specifically the Huatai PineBridge CSI Environmental Governance Index (LOF) A (501030), which reduced its holdings by 34,400 shares in Q2, now holding 292,600 shares, representing 1.95% of the fund's net value, ranking as the eighth largest holding [2] - The fund has achieved a year-to-date return of 18%, ranking 2837 out of 4221 in its category, and a one-year return of 44.01%, ranking 1813 out of 3836 [2] Fund Manager Performance - The fund manager of Huatai PineBridge CSI Environmental Governance Index (LOF) A is Luo Hao, who has been in the position for 1 year and 19 days, managing assets totaling 3.098 billion CNY [3] - During his tenure, the best fund return was 86.05%, while the worst return was -7.35% [3]