Jiangxi Tungsten acquires 39% of Anyuan Coal, skips tender offer

Jiangxi Tungsten Holding Group is acquiring a 39.34% stake (389,486,090 shares) in Anyuan Coal Industry Group from Jiangxi Energy Group via a non-cash transfer. The deal, valued at 771,350.4 million yuan, will make Jiangxi Tungsten the controlling shareholder of Anyuan Coal. However, due to the transfer occurring between entities under the same ultimate control (Jiangxi State-owned Assets Supervision and Administration Commission), Jiangxi Tungsten is exempt from making a tender offer for the remaining shares. The transaction still requires regulatory approvals, including from the state-owned assets supervisor and the State Administration for Market Regulation for antitrust review.