Core Viewpoint - Fengxing Co., Ltd. plans to acquire 75% equity of Baiyin Huaxin Jiuhe Recycling Resources Co., Ltd., which is expected to constitute a major asset restructuring [2][5]. Group 1: Transaction Details - The acquisition involves issuing shares to purchase the equity, with the total amount of funds raised not exceeding 100% of the transaction price [4]. - The number of shares issued will not exceed 30% of the company's total share capital prior to the transaction [4]. - The funds raised will be used for project construction, working capital, debt repayment, and intermediary fees related to the acquisition [4]. Group 2: Company Background - Baiyin Huaxin, established in April 2021, focuses on hazardous waste disposal and recycling, with a processing capacity of 755,000 tons per year [5][6]. - The company’s main products include zinc oxide, silver powder, and iron powder, derived from hazardous waste [5]. - Baiyin Huaxin has stable raw material sources due to long-term partnerships with local waste-producing units [6]. Group 3: Financial Performance - Baiyin Huaxin's revenue for 2023 to the third quarter of 2025 is projected at 253 million, 366 million, and 307 million yuan, respectively [6]. - The net profit for the same periods is expected to be approximately 41.06 million, 72.75 million, and 72.67 million yuan [6]. Group 4: Strategic Implications - Post-acquisition, Baiyin Huaxin will become a subsidiary of Fengxing, enhancing the company's service offerings in the mining and non-ferrous metal sectors [6]. - The transaction aims to create new business growth points and improve overall profitability by integrating upstream mining and downstream waste disposal operations [6].

Core Viewpoint - The A-share merger and acquisition market is becoming increasingly active, with significant transactions announced by companies such as Pulutong and Fengxing Co., indicating a trend towards major asset restructuring in the industry [1]. Group 1: Pulutong's Major Asset Restructuring - On December 17, Pulutong announced plans to acquire 100% of Leqi Cayman and 8.26% of Hangzhou Lemai, while raising funds through a share issuance to Zhidu Group and Huadu No.1, which is expected to constitute a major asset restructuring [2][3]. - The transaction is anticipated to help Pulutong leverage opportunities in the digital economy, enhance industrial synergy, and build a new ecosystem of "supply chain + e-commerce services" [3]. - The target company is a leading partner in digital and e-commerce services in China, with a projected revenue exceeding 5 billion yuan and a net profit exceeding 200 million yuan for 2024 [3]. Group 2: Fengxing Co.'s Acquisition Plans - On the same day, Fengxing Co. announced plans to acquire 75% of Baiyin Huaxin from Guangdong Huaxin, also through a share issuance to a limited number of specific investors, which is expected to constitute a major asset restructuring [6][9]. - Baiyin Huaxin specializes in hazardous waste disposal and resource recycling, with a licensed disposal capacity of 755,000 tons per year, which will enhance Fengxing's service offerings in the mining and non-ferrous metal sectors [9]. - Following the acquisition, Fengxing aims to transition from traditional metal products to the emerging green circular economy, establishing a new growth point and enhancing business synergy [10].