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Yintai Group transfers its controlling stake in Yintai Gold to create synergy and promote the high-quality development of the gold industry
Release Date:January 20,2023
Release Media:1764

On January 20, Yintai Gold Co., Ltd. (stock code: 000975) (hereinafter referred to as "Yintai Gold") announced that its actual controller Mr. Shen Guojun and China Yintai Holdings Co., Ltd. (hereinafter referred to as "Yintai Group") had entered into a Share Transfer Agreement and a Supplemental Agreement to the Share Transfer Agreement with Shandong Gold Mining Co., Ltd. (hereinafter referred to as "Shandong Gold") for the transfer of the combined stake of 20.93% in Yintai Gold held by Mr. Shen and China Yintai Holdings Co., Ltd. to Shandong Gold. Upon the full and successful completion of the transfer, Shandong Gold will become the controlling shareholder of Yintai Gold, and the State-owned Assets Supervision and Administration Commission of Shandong Provincial People's Government will become the actual controller of Yintai Gold.

The deal was conducted in accordance with the principles of fairness, justice, and openness, with both parties optimistic about Yintai Gold’s asset quality and development prospects and making the positive and prudent decision after full consideration of their own development strategies.

Science City Development Public Co., Ltd. was renamed Yintai Resources Co., Ltd. in 2013 following strategic restructuring by Yintai Group, and it was later renamed Yintai Gold Co., Ltd.

After nearly a decade of development, Yintai Gold has grown into one of the important business segments of Yintai Group. It possesses high-quality assets and rich reserves of high-grade mineral resources. It enjoys broad exploration prospects and is strong in professional talents and technology. It has become a listed company with significant influence in China’s precious metal industry. According to China Gold Association, Yintai Gold ranks fifth among listed Chinese gold enterprises in terms of mineral gold output, and it is also one of the gold mining enterprises with higher gross profit margins in the country.

Yintai Gold is focusing on the strategic positioning of "a gold-based high-quality mine investment operator", and strives to expand its business through continuous extensional development and establish a firm foothold as a major player in the gold industry.

As a large state-owned enterprise in Shandong Province, Shandong Gold leads in gold production, resource reserves, economic benefits, and technical strength, and is one of the leading enterprises in the domestic gold industry. Yintai Group believes that with industry and resource empowerment by Shandong Gold, Yintai Gold will achieve complementary advantages with Shandong Gold, and the two companies will jointly leverage synergies in business, resources, and production management. Yintai Gold will continue to grow bigger and stronger, bringing tangible returns to shareholders and promoting the high-quality development of the domestic gold industry.

Going forward, Yintai Group will adhere to its development strategy of focusing on its core businesses while engaging in pioneering and innovation. It will remain committed to its original aspirations and actively engage in the fields of commercial retail, commercial real estate development and operation management, and social welfare, doing its part to boost the high-quality development of China's economy.