State Power Investment Corporation takes control of Qinghai Province's Toucheng Jinrui Mining. Within the first six months, two core related personnel bought and sold the company's stocks, earning approximately 35,000 yuan.

Jinrui Mining (600714.SH, stock price 22.02 RMB, market value 6.346 billion RMB) announced on the evening of March 9 that on March 6, its controlling shareholder, Qinghai Investment Group Co., Ltd. (hereinafter referred to as “Qinghai Investment”), and its largest shareholder, China National Electric Power Group Yellow River Upstream Hydropower Development Co., Ltd. (hereinafter referred to as “Yellow River Company”), along with its concerted action partners Qinghai State-owned Assets Investment Management Co., Ltd. (hereinafter “Qinghai State Investment”) and Qinghai Development Investment Co., Ltd. (hereinafter “Qinghai Development Investment”), signed a “Concerted Action Agreement.” Through this agreement, Yellow River Company gains substantial control over Qinghai Investment, indirectly leading to a change in the company’s actual controller.

The company stated that after this equity change, Qinghai Investment remains the controlling shareholder. The company’s status changes from no actual controller to being controlled by China Power Investment Group Co., Ltd. (hereinafter “State Power Investment”). This does not involve any change in the number of shares held by shareholders or trigger a mandatory tender offer. Additionally, this equity change will not alter the company’s main business structure, governance, or ongoing operations.

Yellow River Company has no restructuring plans within the next 12 months

It should be noted that Jinrui Mining’s equity change is subject to the approval or non-objection of the antitrust authorities regarding the business concentration involved in this transaction.

Jinrui Mining stated in its announcement that, based on confidence in Qinghai Investment’s future business development and operational potential, Yellow River Company signed the “Concerted Action Agreement” with Qinghai State Investment and Qinghai Development Investment. The goal is to strengthen control over Qinghai Investment and, leveraging Yellow River Company’s and State Power Investment’s business experience and management advantages, further improve operational efficiency and support Qinghai Investment’s high-quality development. After the transaction, Yellow River Company’s control over Qinghai Investment increases to 51%, enabling control over Qinghai Investment and, consequently, over Jinrui Mining.

The announcement also mentioned that as of the date of the verification opinion, Yellow River Company has no plans to adjust the main business of the listed company within the next 12 months. There are no specific arrangements to adjust the board or senior management, nor plans for significant changes in current employee hiring or dividend policies. Yellow River Company also has no plans to increase its holdings in the listed company within the next 12 months. Furthermore, there are no specific plans to sell, merge, or jointly invest in or cooperate with other parties regarding the assets and business of the listed company or its controlling subsidiaries, nor any restructuring plans for the purchase or exchange of assets.

It is worth noting that the new actual controller, State Power Investment, is a large state-owned enterprise with strong strength. It is a major shareholder holding over 5% of the shares in companies such as Power Construction Corporation of China (SZ000958), Shanghai Electric Power (SH600021), and Power Investment Energy (SZ002128).

Two core related-party transactions involving buying and selling of listed company shares in the past six months

According to the “Daily Economic News” reporter (hereinafter “DNE Reporter”), although this equity change does not involve direct shareholding adjustments, the shares held by the directly controlling shareholder (Qinghai Investment) of the listed company are highly pledged.

Specifically, Qinghai Investment holds 29.99% of Jinrui Mining (about 86.4185 million shares), of which the pledged shares account for 29.27% of the total share capital of the listed company (about 84.3603 million shares). This means over 97% of the controlling shareholder’s shares are pledged.

Additionally, within the six months prior to the disclosure of this report, there were two instances of core related-party personnel buying and selling the company’s shares. One involved Hu Zekun, son of Hu Jiandong, director of Yellow River Company, who engaged in multiple buy and sell transactions of Jinrui Mining shares from January to February 2026; the other involved Hu Shengjun, chairman of Qinghai Development Investment, who bought shares in November 2025 and sold them in January 2026.

[Images sourced from Jinrui Mining announcement]

Based on the number of transactions and average prices disclosed by Jinrui Mining, Hu Zekun’s personal profit was approximately 25,600 RMB, and Hu Shengjun’s was about 8,960 RMB, totaling approximately 34,600 RMB in combined profit (excluding transaction fees).

The DNE Reporter also noted that before the new actual controller’s announcement, Jinrui Mining’s stock price recently surged significantly in the secondary market.

Data from Eastmoney shows that from February 27 to March 6, Jinrui Mining’s stock price increased by a total of 46.53% over six trading days, including hitting a “one-word limit-up” and a “T-shaped limit-up” in the process, with a total trading volume of 5.212 billion RMB during this period. However, after the continuous rise, on March 9, Jinrui Mining hit the daily limit-down in the afternoon. The total trading volume for the day was 1.202 billion RMB, with a turnover rate of 17.95%.

After-hours trading data shows that the top five buying and selling departments on the list traded a total of 239 million RMB, with 105 million RMB in net buying and 134 million RMB in net selling, resulting in a net sell of approximately 28.64 million RMB. The top buyer was Guotai Haitong Securities Nanjing Taiping South Road branch, with a purchase amount of 40.956 million RMB, and the top seller was Guoxin Securities Beijing branch, with a sale amount of 63.497 million RMB.