Details Unveiled, New Opportunities: Multiple publicly listed companies hold meetings to explain the termination of restructuring

On November 18, Binhai Energy held an investor briefing regarding the termination of its restructuring, stating that as of now, the company has not received any inquiry letters about this restructuring. At the same time, the company announced it will continue to strengthen supply chain management, focus on cash flow management, and implement risk controls.

According to statistics, more than 50 A-share companies have announced the termination of major asset reorganizations this year. Among them, several companies held investor briefings to explain the termination of their major asset restructuring plans (referred to as “investor briefings”). It was found that at these meetings, some companies openly explained the reasons and impacts of the termination, addressing market concerns, while others signaled new M&A strategies.

Clarifying the Reasons for Termination

According to incomplete statistics from Shanghai Securities News, based on the latest disclosures, over 50 A-share companies have announced the termination of major asset reorganizations this year.

Faced with the sudden termination of restructuring plans, investors naturally have many questions. How should companies respond? How to explain? A number of A-share companies chose to appear at investor briefings, speak frankly, and address questions one by one.

“To date, the company has not received any inquiry letters regarding this restructuring,” Binhai Energy said at the investor briefing on November 18, after terminating the purchase of 100% equity of Cangzhou Xuyang Chemical Co., Ltd. The company also revealed that several silicon-carbon anode materials developed independently have completed pilot testing, and are now moving forward with sample delivery and testing, with some products passing powder tests by leading battery customers and entering battery system verification stages.

Regarding the most concerned question from investors—“Why was it terminated?”—some companies provided more detailed explanations during interactions than in official announcements.

For example, Bangji Technology announced in June that it would acquire seven pig farming industry chain companies but quietly terminated the deal in November, raising market questions. During the November 17 investor briefing, the company explained that the counterparty was an overseas non-affiliated legal entity, and the transaction was a market-oriented M&A. The two sides had been negotiating key terms, and the termination was the result of final discussions and negotiations, not a unilateral decision by the company.

In some investor briefings, listed companies even invited their transaction partners to jointly address investor questions.

Previously, Yihuatong planned to acquire 100% of Dingzhou Xuyang Hydrogen Energy Co., Ltd., but the deal was terminated due to disagreements over the final transaction plan. “Although the restructuring transaction has ended, both parties continue to seek potential strategic cooperation opportunities and will publish further announcements in accordance with listing rules,” said Li Yongjun, general manager of Dingzhou Xuyang Hydrogen Energy.

Additionally, some companies quickly launched substantive measures such as share buybacks after announcing the termination of restructuring.

For example, Jabi You responded to investor concerns by viewing the termination as a responsible decision for the company and investors, and committed to restoring confidence through buybacks. The company subsequently increased the upper limit for the second phase of buybacks from 24.8 yuan per share to 35 yuan per share. As of October 31, the company had repurchased a total of 1.0606 million shares.

Similarly, Anyang Steel sold subsidiary equity to its controlling shareholder to accelerate profitability improvement, quickly replenish cash flow, and further optimize its asset structure.

Strategic Planning to Seize New Opportunities

The termination of restructuring does not mean the end of restructuring plans; it has become a key signal conveyed by many companies to the market. The outlook and strategic layout for future mergers and acquisitions have become new focal points at investor briefings.

Focusing on core industries and deepening supply chain integration are common strategies in many companies’ M&A plans.

“Termination of this transaction will not interrupt Xinxiangwei’s layout in TDDI (integrated TFT-LCD touch display driver chips) products and technology,” Xinxiangwei stated at the investor briefing. The company emphasized that M&A integration is an important way for chip design companies to grow stronger, and it will continue to seek and evaluate acquisition opportunities.

Zhichun Technology said that if it proceeds with M&A, it will still focus on the strategic synergy of “process—equipment—materials.” Currently, Zhichun Technology’s wholly owned fund subsidiary, Shanghai Zhiyan Private Equity Fund Management Co., Ltd., manages two industry funds, focusing on high-quality targets in the integrated circuit and advanced manufacturing sectors within the broader semiconductor field.

“Currently, there are over 100 domestic EDA (Electronic Design Automation) companies, some of which have certain technological advantages in specific niche areas,” said BGI Jiutian. The company plans to accelerate its full-process layout through a combination of independent R&D, collaborative development, and M&A.

Since going public, BGI Jiutian has acquired ChipDing Chip Technology Co., Ltd., invested in Shanghai Akasi Electronic Technology Co., Ltd., and established two industry funds with professional investment institutions to deepen its investment in the EDA field.

From resource endowments to technological frontiers, many listed companies are targeting new tracks and opportunities, maintaining a positive outlook and planning strategic deployments.

Hainan Mining stated that fluorite resources have broad downstream application scenarios and high growth potential. Its processed downstream products can be used in liquid cooling, semiconductors, and other fields. The company will continue to monitor the development of the fluorite industry and, if suitable opportunities arise, will deepen its involvement and explore other strategic investment opportunities.

" The company remains optimistic about the current feed industry and its upstream and downstream development," Bangji Technology said. The company plans to continue focusing on its main business, seek new growth opportunities, improve profitability, and develop a vertically integrated industry chain involving feed production, pig farming, and sales, actively exploring business transformation paths.