On December 10, 2025, the Shenzhen Stock Exchange's Mergers and Acquisitions Review Committee officially approved the transaction plan for Hongchuang Holdings (002379) to acquire 100% equity of Hongtuo Industrial through the issuance of shares. This marks a crucial step in the implementation of this multi-billion-yuan restructuring that will reshape the global aluminum industry. The acquisition, with a transaction price of 63.518 billion yuan, sets a new record for the highest transaction amount by a private listed company in the history of the Chinese A-share market, and also sets a new record for the number of shares issued, becoming a landmark event in the industrial integration of China's private economy.

This acquisition marks a new stage in the M&A landscape for A- share listed private companies, moving from the "tens of billions" level to the "hundreds of billions" level. Driven by both policy support and industrial upgrading, private enterprises are actively leveraging the capital market to optimize resource allocation and shift from scale expansion to quality improvement. This transaction not only creates a new global leader in the aluminum industry but also demonstrates to the market the operational capabilities and strategic vision of private enterprises in major asset restructuring, injecting strong momentum into the high-quality development of China's private economy.

As the legal counsel for this transaction, Tian Yuan, with its nearly ten years of continuous support and top-notch professional capabilities, laid a solid legal foundation for the entire transaction and witnessed the integration of the entire industry chain of the global aluminum industry leader.

The capital market influence and industrial value of this transaction are undeniable. The target of the acquisition, Hongtuo Industrial, is a core asset of China Hongqiao Group, a Hong Kong-listed company. It ranks among the top three in global electrolytic aluminum production and the top in Asian alumina production. It is one of the few "chain leader enterprises" in China that integrates the production and sales of electrolytic aluminum, alumina and deep-processed aluminum products.

Upon completion of the transaction, Hongchuang Holdings will achieve a qualitative leap from a single aluminum deep processing business to a full-industry chain layout of "alumina-electrolytic aluminum-aluminum deep processing". Its total assets and operating revenue will both exceed 100 billion yuan, and its net profit will jump to the level of 10 billion yuan. It will officially join the ranks of the world's super-large aluminum producers, realize the leap from a regional competitor to a global leader, and set a new benchmark for the global aluminum industry.

Behind this multi-billion-dollar restructuring lies the continuous support and professional empowerment of the Tian Yuan team over the past decade. As early as 2017, when China Hongqiao Group launched its aluminum industry integration, Tian Yuan served as its legal counsel, deeply involved in the key transaction of acquiring Lufeng Environmental Protection (the predecessor of Hongchuang Holdings), laying a solid foundation for subsequent mergers and acquisitions. For the next eight years, from Hongchuang Holdings ' business transformation to its core asset injection planning, Tian Yuan consistently served as its legal partner throughout the entire process.

From its initial industrial layout in 2017 to the completion of its entire industrial chain in 2025, Tian Yuan has witnessed the transformation of China's leading aluminum company from resource integration to global leadership. Furthermore, with its stable and professional legal support, Tian Yuan has become a "legal guardian" for the company's long-term development. This deep cooperation spanning many years not only reflects the client's high recognition of Tian Yuan's professional capabilities but also demonstrates Tian Yuan's "long-termism" service philosophy.

The successful approval of this transaction marks a crucial step for Hongchuang Holdings towards becoming a global leader in the aluminum industry, and is also another benchmark case for Tian Yuan's deep cultivation of legal services in industrial integration and capital markets. Moving forward, Tian Yuan will continue to uphold its professional and trustworthy service philosophy, providing top-tier legal support for the capital operations and industrial upgrading of more enterprises, and helping Chinese companies achieve high-quality development in the global market.

 

This project was led by Li Yixing, a senior partner at Tian Yuan, with Gao Xia, a partner, serving as the project leader. Senior partners Liu Yan and Lu Lu, as well as lawyer Zheng Yuying, also made significant contributions to this project.