Snowsky Salt Industry Group Co., Ltd. researches, develops, produces, and sells salt and salt chemical products in China. Its edible packaged salt offerings include well, lake, and sea salts, along with basic iodized and non-iodized refined salts, pickling salts, eco-friendly edible salts, seaweed iodized salts, seaweed iodized low-sodium salts, rock crystal salts, and freshwater salts. The company also manufactures plastic and electrical equipment, provides information consulting, technical, and advertising services, and engages in housing and non-residential real estate rental. In addition, it manufactures basic chemical raw materials, produces and sells metallic materials, and sells high-purity elements and compounds and new functional metallic materials. Formerly known as Hunan Salt Industry Co., Ltd., the company was founded in 2011 and is headquartered in Changsha, China.
Snow Sky Salt Industry 600929 revises lithium battery restructuring plan two days later; counterparty Liu Gejun placed under investigation
Hunan provincial state-owned enterprise Snow Sky Salt Industry, stock code 600929, disclosed a restructuring plan on September 12, proposing to acquire 100 percent equity in Hebei Kuntian New Energy Company Limited through the issuance of shares and payment of cash, formally entering the lithium battery anode materials sector. On September 15, the company's share price hit the daily limit down. Just two days later, on September 14, the company issued a correction announcement stating that counterparty Liu Gejun had been placed under investigation by the China Securities Regulatory Commission on March 20, 2026, for suspected personal insider trading. The investigation does not involve trading in Snow Sky Salt Industry shares and is unrelated to this transaction. The pricing for the share issuance to purchase assets is 4.70 yuan per share, with subscribers including no more than 35 designated investors, including the controlling shareholder Hunan Salt Industry Group. There are 54 counterparties in total, and Liu Gejun is the second largest natural person shareholder of Hebei Kuntian, holding 35,185,800 shares, accounting for 9.7738 percent, and bearing the obligation to make up losses during the transition period. Unaudited financial data disclosed in the plan shows that Hebei Kuntian's net profit in 2024 and 2025 was negative 66.1727 million yuan and negative 32.5868 million yuan respectively, and it turned profitable in the first half of 2026, achieving net profit of 120 million yuan. Lawyer Xu Feng, director of Shanghai Jiucheng Law Firm, said that the initial restructuring plan did not disclose the investigation matter, and it was only supplemented through a correction announcement on September 14, which constitutes a major omission of prior information and a violation of information disclosure rules. Snow Sky Salt Industry achieved net profit of 77.0172 million yuan in 2025, down 74.59 percent year on year. In the first half of 2026, it achieved revenue of 2.658 billion yuan, down 2.89 percent year on year, and net profit of 79.18 million yuan, down 9.23 percent year on year. As of now, the audit and evaluation work related to this transaction has not been completed, and the appraised value of the target assets and the transaction price have not yet been determined.
Electrification & Mobility › Battery Components & Materials Capital
600929.CG · Regulation · Negative Its lithium battery restructuring plan omitted counterparty Liu Gejun's CSRC insider-trading investigation, a major information-disclosure violation that sent shares limit-down.
Hebei Kuntian New Energy Co., Ltd. · Regulation · Negative The acquisition target's second-largest natural-person shareholder Liu Gejun is under CSRC investigation for suspected insider trading, clouding the deal.
Hunan Salt Industry Group Co., Ltd. · Capital · Neutral Named only as a subscriber to the share issuance in the restructuring, with no independent development affecting it.
Huaxi Nonferrous Metals plans control change and trading halt; Xuetian Salt and GRINM Semiconductor resume trading after restructuring
Huaxi Nonferrous Metals received a notice on September 11, 2026 from the State-owned Assets Supervision and Administration Commission of the Guangxi Zhuang Autonomous Region, forwarded by its indirect controlling shareholder Guangxi Key Metals Industry Development Group, stating that it is planning a major cooperation with China Minmetals Corporation. The matter may lead to a change in control of the company. Trading in the company's shares will be suspended from the market open on September 14, 2026, with the suspension expected to last no more than two trading days. On the same day, Xuetian Salt announced plans to acquire 100% of the shares of Hebei Kuntian held by 54 counterparties including Song Zhitao and Liu Gejun through a combination of share issuance and cash payment, and to raise supporting funds. Trading in the company's A-shares will resume from the market open on September 14, 2026. GRINM Semiconductor plans to acquire a combined 71.89% stake in Shandong GRINM Aisi from two counterparties, China GRINM Group and Dezhou Huida Fund, through share issuance and cash payment, and plans to acquire a 14.98% stake in Shandong GRINM Semiconductor from Dezhou Jingtai through share issuance. After the transaction, Shandong GRINM Aisi will become a wholly-owned subsidiary of the listed company, and Shandong GRINM Semiconductor will change from a majority-owned subsidiary to a wholly-owned subsidiary. The transaction is expected to constitute a major asset restructuring. Trading in the company's shares will resume from the market open on September 14, 2026. ST Zhuoran received an advance notice of administrative penalty from the Shanghai Securities Regulatory Bureau on September 11, 2026. Based on the findings, the company may have committed a major violation under the listing rules of the STAR Market of the Shanghai Stock Exchange and may be subject to mandatory delisting for major violations. The Shanghai Stock Exchange will impose an additional delisting risk warning on the company's shares. In addition, Yuanlin Co. is planning to acquire a controlling stake in Hangzhou Hualan Microelectronics Co., Ltd. through share issuance and cash payment. Trading in its shares will be suspended from September 14, 2026, with the suspension expected to last no more than ten trading days. Inspur Electronic Information plans to raise no more than 9 billion yuan through a private placement of shares to specific investors.
600929.CG · Capital · Positive Xuetian Salt (Snowsky Salt) plans to acquire 100% of Hebei Kuntian via share issuance and cash, a major asset restructuring, with trading resuming
688432.CG · Capital · Positive GRINM Semiconductor plans major asset restructuring to acquire stakes in Shandong GRINM Aisi and Shandong GRINM Semiconductor, making them wholly-owned subsidiaries
Shandong Grinm Ace Semiconductor Materials Co., Ltd. · Capital · Positive Shandong GRINM Aisi is being acquired by GRINM Semiconductor through share issuance and cash, becoming a wholly-owned subsidiary
Shandong Grinm Semiconductor Materials Co., Ltd. · Capital · Positive Shandong GRINM Semiconductor will become a wholly-owned subsidiary of GRINM Semiconductor via share issuance
Hebei Kuntian New Energy Co., Ltd. · Capital · Neutral Hebei Kuntian is the target being acquired 100% by Xuetian Salt via share issuance and cash, a restructuring event for the target.
德州景泰 · Capital · Neutral Dezhou Jingtai is selling its 14.98% stake in Shandong GRINM Semiconductor to GRINM Semiconductor via share issuance in a major asset restructuring.
Xuetian Salt to Acquire 100% of Kuntian New Energy; Trading Resumes September 14
Xuetian Salt announced on September 11 that its board of directors has approved a plan to purchase assets through the issuance of shares and cash payment, along with a related-party transaction plan to raise supporting funds. Trading of its shares will resume on September 14. Under the plan, Xuetian Salt intends to acquire 100% of the shares of Hebei Kuntian New Energy Co., Ltd. from 54 counterparties including Song Zhitao and Liu Gejun through a combination of share issuance and cash payment. It will also issue shares to no more than 35 specific investors, including Hunan Salt Group Co., Ltd., to raise supporting funds. The transaction is expected to constitute a major asset restructuring and a related-party transaction, but not a reverse merger. Audit and valuation work has not yet been completed, and the valuation and pricing of the target company have not been determined. Kuntian New Energy was founded in May 2018 and is a leading enterprise in lithium-ion battery anode materials. It was previously included in the 2026 Hurun Global Unicorn List, and according to data from the UP2026 China Energy Unicorn Enterprises, its valuation is approximately 12.922 billion yuan. Unaudited financial data shows that in 2024, 2025, and the first half of 2026, Kuntian New Energy's operating revenues were 1.29 billion yuan, 1.997 billion yuan, and 1.412 billion yuan respectively, while net profits were negative 66.1727 million yuan, negative 32.5868 million yuan, and 120 million yuan respectively. In the first half of this year, Xuetian Salt achieved revenue of 2.658 billion yuan, down 2.89% year-on-year, with net profit attributable to the parent company of 79.1813 million yuan, down 9.23% year-on-year. The company stated that after the transaction is completed, it will enter the lithium battery anode sector and strengthen its second growth curve. Due to the planning of the aforementioned transaction, trading of Xuetian Salt shares was suspended from the market open on August 31. Before the suspension, the stock price was 6.04 yuan per share, with a total market value of 9.906 billion yuan.
Electrification & Mobility › Battery Components & Materials Capital
Critical Materials & Supply Chain › Lithium Capital
600929.CG · Capital · Positive Xuetian Salt's board approved acquiring 100% of Kuntian New Energy via share issuance and cash, a major asset restructuring that moves it into lithium-ion battery anode materials.
Hebei Kuntian New Energy Co., Ltd. · Capital · Positive Kuntian New Energy is the acquisition target, to be bought 100% by Xuetian Salt through share issuance and cash.
Hunan Salt Industry Group Co., Ltd. · Capital · Neutral Hunan Salt Group is named only as an investor subscribing to the supporting fund-raising share issuance, not a subject of the deal.
Xuetian Salt to Acquire Kuntian New Energy; Shares Halted After Hitting Limit Up
Xuetian Salt announced a trading halt this evening, saying it plans to acquire control of Hebei Kuntian New Energy Co., Ltd. through a share issuance and cash payment, while also issuing shares to no more than 35 qualified investors to raise supporting funds. Trading in its A-shares will be suspended from the market open on August 31, 2026. Today, Xuetian Salt closed at the daily limit up of 6.04 yuan, up 10.02 percent, with a total market value of 9.906 billion yuan. Kuntian New Energy was founded in 2018 with registered capital of 360 million yuan. It focuses on artificial graphite anode materials for lithium-ion batteries and was included in the 2026 Hurun Global Unicorn list with a valuation of 12.922 billion yuan. The transaction is expected to constitute a major asset restructuring. After completion, the target's controlling shareholder Song Zhitao may hold more than 5 percent, making the deal a related-party transaction but not a reverse merger. The company expects the suspension to last no more than 10 trading days, with a restructuring plan to be disclosed and a resumption of trading requested by September 14, 2026 at the latest. Earlier, on August 21, Xuetian Salt reported half-year results with revenue of 2.658 billion yuan, down 2.89 percent year on year, and net profit of 79.1813 million yuan, down 9.23 percent year on year.
600929.CG · Capital · Positive Xuetian Salt plans to acquire control of Kuntian New Energy via share issuance and cash, a major asset restructuring that halted its shares after a limit-up.
Hebei Kuntian New Energy Co., Ltd. · Capital · Neutral Kuntian New Energy is the acquisition target; the deal's terms and impact on the target are not yet detailed.
Xuetian Salt Industry's 2026 interim report shows net profit of 79.18 million yuan, down 9.23% year-on-year
Xuetian Salt Industry released its 2026 interim report, with net profit attributable to the parent company of 79.18 million yuan, a decrease of 9.23% compared with the same period last year. The company's total operating revenue was 2.658 billion yuan, down 2.89% year-on-year; net cash inflow from operating activities was 254 million yuan, down 13.30% year-on-year. The latest asset-liability ratio was 33.35%, an increase of 8.29 percentage points from the same period last year; the gross margin was 22.14%, a decrease of 1.31 percentage points from the same period last year. Diluted earnings per share were 0.05 yuan, down 8.70% year-on-year.
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