Xingye Yinyi plans to spend up to 1.8 billion yuan on a tender offer for 30% of ST Weiling

M&A · Partnership
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Summary · why it matters

Xingye Yinyi has restarted its acquisition of ST Weiling just over two months after terminating the previous deal. It plans to use its wholly owned subsidiary, Tibet Shannan Antimony Gold Resources, to launch a tender offer for 30% of ST Weiling at 18 yuan per share. After the transaction, Shannan Antimony Gold will become the largest shareholder of ST Weiling and gain control. The total investment for this acquisition and subsequent operational improvement measures is expected to be no more than 1.8 billion yuan. The offer price represents a premium of about 24.74% over ST Weiling's closing price of 14.43 yuan per share on the 18th. The planned purchase is for 78.1775 million shares, requiring a maximum total of 1.407 billion yuan, which Shannan Antimony Gold will pay with its own funds. The offer becomes effective if the number of shares tendered is no less than 13.0296 million shares, representing 5% of ST Weiling's total share capital. ST Weiling is mainly engaged in mining of tungsten, tin, lead and zinc polymetallic ores, as well as lithium ore processing and lithium salt smelting. In 2025, its revenue was 320 million yuan, down 39.88% year on year, with a net loss attributable to the parent of 415 million yuan and negative net assets of 32.0512 million yuan. Its shares have been under delisting risk warning since May 6. Xingye Yinyi said ST Weiling holds tungsten, tin, lithium and other polymetallic mineral resources in Hunan, which can create synergies with the company, further enrich its non-ferrous metal resources and achieve industrial integration. Boosted by the acquisition news, on August 19 ST Weiling hit its daily limit up at 15.87 yuan per share, up 9.98%. Xingye Yinyi fell 7.34% to 35.96 yuan per share, with a market value of 63.85 billion yuan.

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