Tongling Nonferrous Metals Group Co.,Ltd. (SZSE:000630) agreed to acquire 70% of CRCC-Tongguan Investment Co., Ltd. from Tongling Nonferrous Metals Group Holdings Co.,Ltd for CNY 8 billion on December 22, 2022. The transaction price comprises of CNY 6.7 billion of cash, 2.1 billion Tongling Nonferrous Metals Group Co's share stock and CNY 334 million of convertible bonds. As of April 13, 2023, The transaction price is CNY 6.7 billion Of which, CNY 5.67 billion will be paid by share issuance (85% of transaction price), CNY 333.67 million will be paid by issuance of convertible bonds (5% of transaction price), CNY 667.3 million will be paid by cash.

The issue price for this asset acquisition was adjusted from CNY 2.70 per share to CNY 2.65 per share. The number of shares to be issued as payment for this acquisition was adjusted from 2,100,838,222 shares to 2,140,476,679 shares. The transaction will be funded by raising supporting funds.

For the year ended, June 30, 2022, CRCC-Tongguan Investment Co., Ltd. total asset is CNY 16727.90 million and CNY 6468.0753 million. The transaction was approved by CRCC-Tongguan Investment Co., Ltd shareholder, State-owned Assets Supervision and Administration Commission of Anhui, 32nd session of 9th directorate and 18th session of 9th supervisory board of Tongling Nonferrous Metals Group Co., Ltd. Transaction still need Tongling Nonferrous Metals Group Co.,Ltd. shareholder, Anti-Monopoly Bureau of the State Administration for Market Regulation and CSRC approval. As of June 28, 2023, Shenzhen Stock Exchange M&A and Reorganization Review Committee approved the transaction.