GuoCheng Mining CO.,LTD (SZSE:000688) agreed to acquire Inner Mongolia Zhongxi Mining Co., Ltd from Guocheng Group and Minmetals International Trust Co., Ltd on December 9, 2020. According to preliminary estimates, with September 30, 2020 as the evaluation base date, the estimated value of all equity of Inner Mongolia Guocheng Industrial Co., Ltd is CNY 1.45 billion. The estimated price of 92% equity held by Guocheng Group was CNY 1.33 billion and the estimated price of the 8% equity held by Minmetals International Trust Co., Ltd is CNY 116 million. GuoCheng Mining CO.,LTD intends to purchase 92% held by Guocheng Group by paying cash and assuming debt. Guocheng Group will sell 92% stake and Minmetals International Trust Co., Ltd will sell 8% stake. After the transaction is completed, Guocheng Industrial will become a wholly-owned subsidiary of the listed company. For the year ended September 31, 2020, Inner Mongolia Guocheng Industrial Co., Ltd reported revenues of CNY 106.4 million, EBIT of CNY 9.74 million and net loss of CNY 5.09 million. For the year ended December 2019, Inner Mongolia Guocheng Industrial Co., Ltd reported revenues of CNY 0.07 million, operating loss of CNY 83.8 million and net loss of CNY 1.27 billion.

The transaction is subject to After the audit and evaluation of Inner Mongolia Zhongxi Mining Co., Ltd is completed and the transaction price is determined, GuoCheng Mining CO.,LTD needs to convene the board of directors again to review and approve the formal plan of the transaction, The shareholders' meeting of GuoCheng Mining CO.,LTD reviewed and approved the formal plan of the transaction and Other necessary approval, filing or authorization. On December 9, 2020, Guocheng Group held a shareholder meeting to review and approved matters related to the transaction. On December 10, 2020, GuoCheng Mining CO.,LTD held the fifteenth meeting of the eleventh board of directors and reviewed and approved the relevant proposals for this transaction.

GuoCheng Mining CO.,LTD (SZSE:000688) cancelled the acquisition of Inner Mongolia Guocheng Industrial Co., Ltd. from Minmetals International Trust Co., Ltd and Guocheng Holding Group Co., Ltd. on September 22, 2022.