AVIC Securities reviews Sichuan Hongda acquisition progress

AVIC Securities Co., Ltd. has provided its continuous supervision opinion for the third quarter of 2025, covering the period from January 1, 2025, to September 30, 2025, regarding the tender offer by Shudao Investment Group Co., Ltd. for Sichuan Hongda Co., Ltd. The acquisition, triggered by Shudao Investment Group's indirect control of 4.92% of Sichuan Hongda’s shares through various trust plans, necessitated a full tender offer. As of December 11, 2024, the tender offer process was completed, with Shudao Investment Group and its concert parties collectively controlling 31.31% of Sichuan Hongda’s shares.

During the supervision period, both the acquirer and Sichuan Hongda operated in compliance with regulatory requirements, with no violations of corporate governance or internal control systems. Shudao Investment Group and its concert parties fulfilled their public commitments regarding independence, avoidance of horizontal competition, and related-party transactions. The company also implemented adjustments to its board of directors and senior management, along with changes to its articles of association and internal organizational structure, all in accordance with legal procedures and information disclosure obligations.

The financial advisor confirmed no instances of Sichuan Hongda providing guarantees or loans to Shudao Investment Group or its affiliates that would harm the interests of the listed company. Additionally, there were no plans to significantly alter the company’s main business, asset structure, employee hiring, or dividend policy during the review period.