Qi Xiang Tengda's actual controller may be changed to Shandong Provincial State-owned Assets Supervision and Administration Commission

On the evening of November 13, Qi Xiang Tengda (002408) announced that the reorganization procedure of Qi Xiang Group, the company's controlling shareholder, has been transferred to the implementation stage
.

According to the Reorganization Plan, 80% of the equity interest in Qi Xiang Group held by Cedar Industrial Group Co.
, Ltd.
will be transferred to Shandong Energy Group New Materials Co.
, Ltd.
(hereinafter referred to as "Shanneng New Materials"),
a restructuring investor of Qi Xiang Group.
Before the change of actual controller, the actual controller of the listed company was Zhang Jin, after the change of actual controller, the controlling shareholder of the listed company will still be Qi Xiang Group, the indirect controlling shareholder of the company will be changed to Shanneng New Materials, and the actual controller will be changed to Shandong State-owned Assets Supervision and Administration Commission
.

For the "new owner", the data shows that Shanneng New Materials is a wholly-owned secondary subsidiary of Shandong Energy Group and the main investor and management body
for the development of new materials industry of Shandong Energy Group.
The group is mainly engaged in coal mining, and at the same time carries out a comprehensive enterprise group including modern high-end fine chemicals, domestic and foreign high-quality bulk mining, diversified financial industry, modern logistics trade, high-end manufacturing and other industries, and the group also controls Yankuang Energy
, a listed company.

According to the announcement, in order to comply with the relevant regulations, Shanneng New Materials should issue a comprehensive offer to all shareholders of Qi Xiang Tengda except Qi Xiang Group, and the tender offer price is 7.
14 yuan per share
.
At the same time, the announcement also pointed out that the purpose of this tender offer is not to terminate the listing status of Qi Xiang Tengda
.

In addition, except for acquiring 80% of the equity of Qi Xiang Group through this restructuring investment and then indirectly controlling the 45.
91% shares of Qi Xiang Tengda held by Qi Xiang Group and this tender offer, Shanneng New Materials has no plans to
continue to increase its holdings of the company's shares or dispose of its existing shares in the next 12 months.

As a leading enterprise in the carbon four industry, Qi Xiang Tengda has a strong voice in the global methyl ethyl ketone and maleic anhydride market
.
At the same time, the development of Qi Xiang Tengda has also been highly valued
by local governments.
In April this year, the nylon new material project of Tianchen Qixiang New Materials Co.
, Ltd.
, in which the company participated, was included in the "2022 Action Plan for High-end Chemical Industry" released by the Shandong Provincial Government as a major supporting project
for key tracking and promotion.

For this acquisition, Qi Xiang Tengda said that after Shanneng New Materials becomes the indirect controlling shareholder of the listed company, it will rely on the resource advantages of itself and its parent company Shandong Energy Group to support the listed company to steadily promote the strategic layout of the carbon three industry chain on the basis of comprehensively doing fine carbon four industrial chains, improve the production integration of midstream factories, accelerate digital transformation, lay out the refinement, high-end and scale of downstream products, and at the same time increase the expansion of overseas business of listed companies, alleviate the pressure on the domestic market, and continuously deepen its cooperation with Shanneng New Materials Shandong Energy Group's strategic synergy in the industrial sector focuses on enhancing the market competitiveness and industry influence of listed companies, and marching into world-class chemical enterprises
.