Core Viewpoint - The major asset restructuring plan of Jianlong Micro-Nano has been terminated after five months of planning due to the immaturity of the conditions for implementation [2][4]. Group 1: Termination of Restructuring - Jianlong Micro-Nano announced the termination of its plan to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [2]. - The decision to terminate the restructuring was made after careful consideration and friendly negotiations with the involved parties, with no formal transaction agreements signed [4]. - The termination of the restructuring will not adversely affect the company's business operations, financial status, or the interests of shareholders, particularly minority shareholders [4]. Group 2: Strategic Cooperation - Despite the termination of the restructuring, Jianlong Micro-Nano recognizes significant business synergy with Hanxing Energy and has established a comprehensive strategic partnership [6]. - The partnership will focus on areas such as oil refining, petrochemicals, coal chemicals, new energy, natural gas purification and application, renewable energy, and carbon capture and utilization [6]. - Jianlong Micro-Nano aims to continue its development strategy and seek more opportunities for growth, enhancing its product matrix and improving profitability for shareholders [6]. Group 3: Company Profile and Market Position - Jianlong Micro-Nano specializes in the research, production, and technical services of molecular sieve adsorbents and catalysts, focusing on core areas such as industrial gas separation, medical oxygen production, petrochemicals, and renewable resources [6]. - As of November 26, the company's stock price was 34 CNY per share, with a total market capitalization of 3.4 billion CNY [7].

Core Viewpoint - Jianlong Micro-Nano has announced the termination of its major asset restructuring plan after five months of deliberation, citing that the conditions for implementation are not yet mature [2][3]. Summary by Sections Termination of Restructuring - On November 26, Jianlong Micro-Nano released an announcement stating that the company planned to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [3]. - After discussions with all parties involved, it was concluded that the conditions for the major asset restructuring were not mature enough, leading to a mutual agreement to terminate the transaction [3][6]. Impact on Business Operations - The transaction was still in the planning stage, and no formal agreements had been signed, meaning that there are no breach of contract liabilities for any party involved [6]. - The termination of the restructuring will not adversely affect the company's business operations, production activities, or financial status, nor will it harm the interests of shareholders, especially minority shareholders [6]. Future Strategic Directions - Despite the termination, Jianlong Micro-Nano recognizes significant business synergy with Hanxing Energy and has established a comprehensive strategic partnership to leverage each other's resources and expertise [9]. - The focus of this partnership will be on areas such as oil refining, petrochemicals, new energy, and carbon capture, with an emphasis on market development and new product/technology collaboration [9]. - The company aims to continue pursuing its development strategy and seek more opportunities for growth, enhancing its product matrix and improving profitability for shareholders [9]. Company Profile - Jianlong Micro-Nano specializes in the research, production, and technical services of molecular sieve adsorbents and catalysts, focusing on core areas such as industrial gas separation, medical oxygen production, petrochemicals, and renewable resources [9]. - As of November 26, the company's stock price was reported at 34 CNY per share, with a total market capitalization of 3.4 billion CNY [10].

Core Viewpoint - Jianlong Micro-Nano announced the termination of its planned acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. due to the immaturity of conditions for the major asset restructuring [1][3]. Group 1: Acquisition Details - Jianlong Micro-Nano had previously signed a letter of intent on June 24 to acquire a majority stake in Hanxing Energy, which is a downstream enterprise [3]. - The acquisition aimed to create a full-chain capability from high-performance molecular sieve material R&D to end-customer services, facilitating a transformation from a material manufacturer to a technology service provider [3]. Group 2: Company Profiles - Hanxing Energy specializes in hydrogen energy technologies, including hydrogen production, transportation, storage, and refueling stations, serving major clients like China Petroleum and China Petrochemical [3]. - Jianlong Micro-Nano is the first Sci-Tech Innovation Board listed company in Henan, focusing on the R&D, production, and sales of molecular sieve adsorbents and catalysts in various sectors, including industrial gas separation and renewable energy [3]. Group 3: Future Plans - The termination of the acquisition will not adversely affect Jianlong Micro-Nano's business operations or financial status [4]. - The company plans to establish a comprehensive strategic partnership with Hanxing Energy, focusing on areas such as oil refining, new energy, and carbon capture, while exploring new product and technology development [4]. - Jianlong Micro-Nano aims to seek more development opportunities and diversify its resource integration in the future [4].

Group 1 - Beijing Mingyang Hydrogen Energy Technology Co., Ltd. signed a hydrogen equipment cooperation agreement with Qair Brasil in Fortaleza, Ceará, Brazil, marking a significant step in Sino-European and Sino-Brazilian cooperation in the green hydrogen sector [1] - Mingyang Hydrogen Energy will provide a complete set of 20 megawatt hydrogen production equipment for the H2BRASIL project and will undertake equipment operation and maintenance tasks, with delivery expected by 2026 [1] - The agreement exemplifies the collaboration between Chinese and European companies to explore the renewable energy market in Brazil, with plans for further cooperation on large-scale green hydrogen production and local manufacturing capabilities [1] Group 2 - Mingyang Hydrogen Energy, established by Mingyang New Energy Investment Holding Group and Hillhouse Capital, has a full-chain R&D and manufacturing capability for hydrogen production, with an annual production capacity of 2 GW for hydrogen equipment [2] - Qair Brasil, part of the European Qair Group, operates multiple wind and solar projects in Brazil and is actively involved in new renewable energy conversion projects such as Power-to-X [2]

Core Viewpoint - Jianlong Micro-Nano is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through a cash payment for equity transfer, which will make Jianlong Micro-Nano the controlling shareholder of Hanxing Energy [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance collaboration in product technology, market resources, and organizational capabilities between Jianlong Micro-Nano and Hanxing Energy [1][2]. - Jianlong Micro-Nano is the first listed company on the Science and Technology Innovation Board in Henan, focusing on the research, production, and sales of molecular sieve adsorbents and catalysts for various industries [2][3]. Group 2: Hanxing Energy Overview - Hanxing Energy specializes in the hydrogen energy industry, covering upstream hydrogen production, midstream transportation, storage, and hydrogen refueling stations [2][4]. - The company has developed a comprehensive hydrogen energy ecosystem over 20 years, focusing on hydrogen production technology and related services [2][4]. Group 3: Financial Performance - Hanxing Energy reported revenues of 296 million yuan and 389 million yuan in 2021 and 2022, respectively, with a revenue of 488 million yuan in 2023, marking a year-on-year growth of 25.45% [4][5]. - The net profit attributable to shareholders was 52.87 million yuan in 2021, 68.58 million yuan in 2022, and 73.97 million yuan in 2023, reflecting a growth of 7.85% [4][5]. Group 4: Strategic Implications - The acquisition is seen as a strategic integration of the upstream and downstream of the industry chain, enhancing the company's full-chain closed-loop capability and facilitating its transition from a material manufacturer to a technology service provider [5]. - Hanxing Energy has a strong technical reserve in the petrochemical industry and possesses numerous patents and proprietary technologies, which can be leveraged by Jianlong Micro-Nano to enhance its competitive edge [3][4].

Core Viewpoint - The article discusses the significant asset restructuring of Jianlong Micro-Nano Materials Co., Ltd. (建龙微纳) through the acquisition of at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. (汉兴能源), marking the company's first major asset restructuring since its listing [1][4]. Group 1: Acquisition Details - Jianlong Micro-Nano plans to acquire a controlling stake in Hanxing Energy, which will become a subsidiary and included in the consolidated financial statements [1]. - This acquisition is significant as Hanxing Energy previously attempted an IPO on the ChiNext board but withdrew its application [4]. Group 2: Hanxing Energy Overview - Hanxing Energy specializes in the hydrogen energy industry, providing comprehensive services including hydrogen production, transportation, storage, and refueling stations [3]. - The company has established relationships with major clients such as China National Petroleum Corporation and China Petroleum & Chemical Corporation [3]. Group 3: Financial Performance - Hanxing Energy's revenue from 2021 to 2023 was 296 million, 389 million, and 488 million yuan, respectively, with net profits of 53.1 million, 67.7 million, and 76.7 million yuan [4]. - The company faced scrutiny over its IPO fundraising plan, which allocated over 87.82% of the raised funds for working capital, exceeding the regulatory limit of 30% [5][6]. Group 4: Financial Risks - Hanxing Energy's cash flow from operating activities showed volatility, with net cash flows of -18.7 million, 9.98 million, and 64.2 million yuan from 2021 to 2023, indicating potential financial strain [7]. - The company's debt-to-asset ratio remained high at 56.81%, 57.46%, and 55.04% over the same period, raising concerns about its financial stability [7]. Group 5: Strategic Implications for Jianlong Micro-Nano - The acquisition is expected to enhance Jianlong Micro-Nano's capabilities in technology services, transitioning from a materials manufacturer to a technology service provider [9]. - The integration aims to leverage both companies' strengths in the petrochemical and energy sectors, fostering collaboration and resource sharing [9]. Group 6: Jianlong Micro-Nano's Financial Challenges - Jianlong Micro-Nano has faced declining performance, with revenues from 2020 to 2024 of 452 million, 878 million, 854 million, 972 million, and 779 million yuan, and net profits decreasing over three consecutive years [10]. - The company's debt-to-asset ratio increased from 17.57% in 2020 to 39.08% in 2024, indicating rising financial pressure [11].