Core Viewpoint - Zhangzhou Development (000753.SZ) held its first extraordinary general meeting of shareholders in 2025 on August 20, where the proposal for the company to issue A-shares to specific targets was rejected [1] Group 1: Share Issuance Proposal - The proposal for the issuance of A-shares to specific targets was disclosed on August 5, 2025, with a total fundraising amount not exceeding 1.05 billion yuan (105,000.00 million) [3] - The net proceeds from the fundraising were intended for projects including the ecological comprehensive remediation project in Zhangzhou Taiwan Business Investment Zone, the expansion of Zhangzhou's third water plant, and to supplement working capital [3] - The issuance was to include up to 35 specific investors, including the controlling shareholder Fujian Zhanglong Group, which agreed to subscribe for at least 20% of the total shares issued [3][4] Group 2: Shareholder Structure and Control - As of the announcement date, the total share capital of the company was 991,481,071 shares, with Zhanglong Group holding 374,427,348 shares, accounting for 37.76% of the total [4] - Following the proposed issuance, Zhanglong Group's shareholding would decrease to a minimum of 33.66%, ensuring that the control of the company would not change [4] Group 3: Regulatory Approval Process - The proposal for the issuance was approved by the company's board on August 3, 2025, but required further approval from state-owned asset supervision authorities and the Shenzhen Stock Exchange, as well as registration with the China Securities Regulatory Commission [5][6] Group 4: Financial Performance - In 2024, the company reported revenue of 3.302 billion yuan, a year-on-year decrease of 9.51%, and a net profit attributable to shareholders of 53.41 million yuan, down 31.91% [6] - For the first quarter of 2025, the company achieved revenue of 528 million yuan, a decline of 8.98%, with a net profit of 17.13 million yuan, down 12.54% [7]

Core Viewpoint - The company, Zhangzhou Development, plans to raise up to 105 million yuan through a private placement of A-shares to fund various projects and supplement working capital [1][2]. Fundraising Details - The total amount to be raised is capped at 105 million yuan, which will be allocated to the following projects: - Integrated ecological remediation project in Zhangzhou Taiwan Business Investment Zone: 42 million yuan [2] - Expansion of Zhangzhou's third water plant: 18 million yuan [2] - 100MW (128.6MWp) fish-solar complementary photovoltaic project in Zhangpu salt field: 25 million yuan [2] - Supplementing working capital: 20 million yuan [2] - The total investment for these projects amounts to approximately 179.3 million yuan [2]. Issuance Structure - The shares will be issued to no more than 35 specific investors, including the controlling shareholder, Fujian Zhanglong Group [3]. - The controlling shareholder has agreed to subscribe for at least 20% of the total shares issued [3]. - The issuance price will not be lower than 80% of the average trading price over the last 20 trading days prior to the pricing date [4]. Shareholding Impact - The total number of shares to be issued will not exceed 30% of the company's total share capital, which is currently 991,481,071 shares, resulting in a maximum of 297,444,321 shares to be issued [4][5]. - Following the issuance, the controlling shareholder's stake is expected to decrease to a minimum of 33.66%, ensuring that control of the company remains unchanged [5]. Financial Performance - For the year 2024, the company reported a revenue of 3.302 billion yuan, a decrease of 9.51% year-on-year, and a net profit attributable to shareholders of 53.41 million yuan, down 31.91% [6]. - In the first quarter of 2025, revenue was 528 million yuan, a decline of 8.98% year-on-year, with a net profit of 17.13 million yuan, down 12.54% [6].

Fundraising Plan - The company plans to raise a total of up to 1,050 million yuan through a targeted stock issuance, with net proceeds allocated to specific projects [1][2] - The total investment for the projects is estimated at 1,792.9986 million yuan, with 190.6592 million yuan already invested [1] Project Overview Integrated Ecological Restoration Project - The project covers an area of approximately 94.7 square kilometers in the central urban area of the Zhangzhou Taiwan Business Zone, aiming to improve drainage facilities and achieve full coverage of the municipal sewage network [2][3] - The project will enhance water quality and living conditions, promoting high-quality ecological development in the region [3][4] Third Water Plant Expansion - The expansion of the Zhangzhou Third Water Plant will increase its capacity from 100,000 m³/d to 200,000 m³/d to meet the growing water demand in the city [8][9] - The project aligns with national policies emphasizing urban infrastructure improvement and water supply security [8][9] Photovoltaic Power Generation Project - The Zhangpu Salt Field 100MW (128.6MWp) photovoltaic project will combine water surface power generation with aquaculture, promoting sustainable energy and ecological practices [12][13] - The project is in line with national energy transition goals and aims to enhance the local renewable energy supply [12][14] Financial Feasibility - The financial internal rate of return for the Third Water Plant expansion is estimated at 6.25%, with a payback period of 14.32 years, indicating good economic viability [11] - The photovoltaic project has a projected internal rate of return of 8.42% and a payback period of 10.53 years, suggesting favorable economic benefits [18] Strategic Alignment - The fundraising and project investments align with the company's strategic focus on expanding its water services and renewable energy sectors, enhancing its market position [4][20] - The projects are expected to improve the company's financial structure, increase asset and net asset scales, and enhance its ability to manage risks [20][21]

Core Viewpoint - Fujian Zhangzhou Development Co., Ltd. plans to raise up to 1.05 billion yuan through a private placement of A-shares to enhance capital strength and profitability, focusing on urban development and environmental projects [1][6][19]. Summary by Sections Background and Purpose of the Issuance - The company aims to become a leading urban comprehensive service provider, focusing on water resource development, new energy, and smart technology, while supporting capital operations [1][6]. - The funds will be allocated to projects including ecological remediation, water plant expansion, and a photovoltaic power generation project [1][6]. Industry Context - The Chinese government emphasizes ecological protection and green transformation, with initiatives targeting the elimination of black and odorous water bodies by 2025 [2][3]. - The water supply and sewage treatment sectors are evolving towards systematization, with a focus on efficiency and smart water management, presenting growth opportunities for companies in the industry [3][5]. Financial Implications - The issuance will improve the company's total assets and net assets, enhance working capital, and optimize the capital structure, thereby increasing financial stability and reducing debt pressure [7][9]. - The company’s recent asset-liability ratio stands at 67.62%, indicating limited capacity for further debt financing [8]. Projected Financial Impact - The issuance is expected to dilute immediate returns, with projections indicating potential decreases in earnings per share depending on future profit scenarios [20][21]. - The company has outlined measures to mitigate the impact of dilution on shareholder returns, including commitments from major stakeholders to uphold company independence and protect investor interests [26][27]. Compliance and Fairness of the Issuance - The issuance plan has been approved by the board and complies with relevant regulations, ensuring fair treatment of all shareholders [19][24]. - The company will conduct a shareholder meeting to vote on the issuance, ensuring transparency and adherence to governance standards [19][24].

8月4日晚间漳州发展(000753)发布《第八届董事会2025年第四次临时会议决议公告》。公告显示，公司 第八届董事会2025年第四次临时会议审议通过《关于公司向特定对象发行A股股票方案的议案》等系列 提案。 公告同时明确，本次募集资金扣除相关费用后，将主要投向四个项目，分别是漳州台商投资区厂网河湖 一体化生态综合整治项目(EPC+O)、漳州市第三自来水厂扩建工程、漳浦盐场100MW(128.6MWp)渔光 互补光伏发电项目，以及补充流动资金。 根据公告披露，本次向特定对象发行A股股票方案明确，发行对象包括控股股东福建漳龙集团有限公司 在内的不超过35名符合规定的特定对象，涵盖证券投资基金管理公司、证券公司、保险机构投资者等， 其中漳龙集团承诺认购数量不低于本次发行股票总数的20%，且发行后其直接和间接持股比例合计不超 过发行前水平。 作为漳州市属国有重点上市公司，漳州发展正围绕「区域一流的新型城市综合服务商」愿景，构建以水 资源开发利用、新能源、数智科技为核心主业、资本运营为支撑的「3+1」业务体系。本次定增项目的 顺利实施，预计将为公司带来良好经济效益，不仅有助于扩大业务规模、夯实水务主业、优化业务结 构 ...

中证智能财讯 漳州发展（000753）8月4日晚间发布定增预案，公司拟向控股股东福建漳龙集团有限公司在内的不超35名特定对象发行不超过2.97亿股，募资 不超10.5亿元用于主业升级及新能源布局。 漳龙集团同意认购本次向特定对象发行股票数量为不低于本次发行股票总数的20%，不参与本次发行定价的市场询价过程，且同意接受市场询价结果并与其 他认购对象以相同的价格认购本次发行的股份。限售安排上，漳龙集团认购的股份自发行结束之日起18个月内不得转让，其他特定对象认购的股份锁定期为 6个月。 漳州台商投资区综合整治项目建设内容主要包括控源截污及雨污分流工程、河道清淤疏浚工程和水生态修复工程、活水循环及尾水资源化利用工程。项目建 成后，将健全区域内排水设施维护管理和排水户监管长效机制，基本实现中心城区市政污水管网全覆盖、28条内河全清淤。借助尾水资源化利用，对全区河 道、生态湿地公园进行生态补水，打造花海连江水生态走廊，实现"水清、河畅、岸绿、景美"，提高人民生活品质，推动全区生态高质量发展，项目预计整 体结算毛利率为13%左右。 漳州市第三自来水厂扩建工程项目主要是在南华水务逐渐退出供水市场带来的安全供水缺口和金宝园区 ...

Core Viewpoint - The proposal for a 1.2 billion yuan private placement by Zhangzhou Development was rejected at the annual shareholders' meeting due to opposition from minority shareholders [2][4]. Group 1: Shareholder Meeting Outcomes - The annual shareholders' meeting held on May 23 resulted in the rejection of seven proposals, primarily related to the private placement of A-shares [3][4]. - The specific proposal for the private placement received 18,184,141 votes against, accounting for 38.44% of the total shares held by attending shareholders, with all opposing votes coming from minority shareholders [4]. Group 2: Investor Concerns - Many investors expressed concerns that the private placement would depress the stock price of Zhangzhou Development, leading to their votes against the proposal [5]. Group 3: Fundraising Details - Zhangzhou Development aimed to raise up to approximately 1.2 billion yuan through the private placement, targeting no more than 35 specific investors, including the controlling shareholder, Zhanglong Group [6]. - The issuance price was set to be no less than 80% of the average trading price over the 20 trading days prior to the pricing date [7]. Group 4: Project Funding Allocation - The funds from the proposed private placement were intended for four projects, including ecological restoration, expansion of a water plant, a solar power project, and working capital [7][8]. - The total investment for these projects is approximately 1.8 billion yuan, with the planned fundraising amounting to about 1.2 billion yuan [8].