Trainee reporter Wen Yan
A regulatory letter involving two A-share companies!
On the evening of April 26, Hengbang announced that recently, Jiangxi Copper, the controlling shareholder of the company, received the "Decision on Ordering Corrective Measures against Jiangxi Copper Co., Ltd." (hereinafter referred to as the "Decision") issued by the Shandong Securities Regulatory Bureau.
The reporter noted that the day before the above-mentioned regulatory letter was made public (April 25), the three independent directors of Hengbang Co., Ltd. issued the "Opinions on Urging the Controlling Shareholders to Actively Implement the Commitment to Avoid Intra-industry Competition".
It lasted 60 months and the promise was not fulfilled
According to the "Decision", Jiangxi Copper obtained control of Hengbang shares in 2019.
According to public information, Hengbang Co., Ltd. is mainly engaged in gold exploration, mining, dressing, smelting and chemical production, and is a national key gold smelting enterprise, with an annual output of 50 tons of gold, 1,000 tons of silver, and 250,000 tons of electrolytic copper and 1.3 million tons of sulfuric acid.
In March 2019 and June 2020, Jiangxi Copper issued the Letter of Commitment on Avoiding Intra-industry Competition and the Supplementary Commitment on Avoiding Intra-industry Competition, respectively.
Jiangxi Copper promises that within 60 months from March 2019, the company will start the relevant work of transferring its rights and interests in Jiangxi Gold to Hengbang within 12 months after completing the filing of gold reserves with the Ministry of Natural Resources, obtaining mining licenses and safety production licenses and other licenses, and meeting the mining conditions.
According to the "Decision", up to now, Jiangxi Copper has not completed the above commitments.
The Shandong Securities Regulatory Bureau believes that the above-mentioned behavior of Jiangxi Copper constitutes a breach of commitment as stipulated in Article 15 of the Regulatory Guidelines for Listed Companies No. 4 - Commitments of Listed Companies and Their Related Parties (CSRC Announcement [2022] No. 16).
In accordance with the relevant regulations, the Shandong Securities Regulatory Bureau decided to take administrative supervision measures against Jiangxi Copper to order corrections, and recorded it in the integrity file database of the securities and futures market.
Previously, institutions paid frequent attention
The reporter noted that since the second half of 2023, Jiangxi Copper's commitment to avoid peer competition is approaching, and a number of institutional investors have asked Hengbang shares in the institutional survey about the progress of the implementation of the above commitments.
At that time, Hengbang responded that the Shiwu Gold Mine, in which Jiangxi Gold has an interest, has completed the reserve filing of 6.334 million tons of gold ore resources and 2.84 kilograms of metal, and the current Shiwu Gold Mine prospecting right is owned by the Jiangxi Provincial Geological Bureau.
Due to the restructuring of the geological department of Jiangxi Province, the transfer of Shiwu gold mine has been delayed. At present, the Audit Report on the Completion and Settlement of Shiwu Gold Mine Exploration Project in Dexing City, Jiangxi Province has been submitted to the Jiangxi Provincial Geological Bureau, waiting for the Jiangxi Provincial Geological Bureau to confirm the audit results.
After interviews with relevant personnel from Jiangxi Copper, Jiangxi Gold and Jiangxi Provincial Geological Bureau, Jiangxi Gold will complete the processing of the mining license of Shiwu Gold Mine after Jiangxi Gold obtains 100% equity in Shiwu Gold Mine.
Jiangxi Copper's main business covers copper and gold mining, smelting and processing, dispersed metal extraction and processing, sulfur chemical industry and trade, etc., and has established a complete industrial chain integrating exploration, mining, mineral processing, smelting and processing in the field of copper and related non-ferrous metals, and is an important copper, gold, silver and sulfur chemical production base in China.
On the evening of April 26, Jiangxi Copper released the first quarter report of 2024, showing that the company achieved revenue of 122.517 billion yuan in the first quarter of 2024, a year-on-year decrease of 4.08%, and a net profit attributable to the parent company of 1.715 billion yuan, a year-on-year decrease of 2.29%.
Pictured: Part of the financial data of Jiangxi Copper's first quarter report in 2024
As of the close of trading on April 26, the share price of Jiangxi Copper was 26.58 yuan per share, with a total market value of 92.04 billion yuan.
Editor: Captain
Review: Xu Wen