On September 26, Gelonhui announced that Shanxi Antai Group (600408.SH) has signed an 'Equity Transfer Letter of Intent' with Mr. Yang Ruiping (Party A, transferee), Shanxi Jiexiu Xinyu Gouzuogou Coal Mining Co., Ltd. (Party C, target company), and Mr. Yang Ruiping (Party B, transferor). The company intends to acquire a portion of the equity held by Mr. Yang Ruiping and his affiliates in the target company in cash or other means, with the expected ownership percentage ranging from no less than 20% to no more than 45%. Party A intends to acquire a portion of the equity held by Party B and its affiliates in the target company in cash or other means. The total price paid by Party A in this transaction will not exceed RMB 0.5 billion, and the percentage of equity acquisition will be determined by the final transaction price of the target company's equity.
The target company was established in July 2001, located in Hongyawancun, Lianfu Town, Jiexiu City, Jinzhong City, Shanxi Province, and is primarily engaged in coal mining and washing. The company has a registered capital of 60 million yuan and a paid-up capital of 60 million yuan. The coal mine currently owned by the company has reserves of approximately 86 million tons, recoverable reserves of approximately 58 million tons, and an annual production capacity of 0.9 million tons.