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Limited seats available, first come first served. Let us join together for the sustainable cause! [Click to register] Source: China Fund News [Lead] *ST Weiling (rights protection) largest shareholder plans to change to Shannan Antimony Gold. China Fund News reporter Xia Tian. On the evening of October 18, *ST Weiling (stock code: 002667) issued an announcement stating that 10 million shares (3.84% of total share capital) held by the company's controlling shareholder Shanghai Lingyi New Materials Co., Ltd. (hereinafter referred to as Shanghai Lingyi) were publicly auctioned on the JD.com judicial auction platform on October 16, and were ultimately won by Tibet Shannan Antimony Gold Resources Co., Ltd. (hereinafter referred to as Shannan Antimony Gold) for 260.82 million yuan.
After the transfer registration of this auction is completed, Shannan Antimony Gold's shareholding will rise to 28.7864 million shares, accounting for 11.05% of total share capital, jumping to become the company's largest shareholder; Shanghai Lingyi's shareholding ratio will drop from 12.10% to 7.16%. Shannan Antimony Gold is a wholly-owned subsidiary of Xingye Yinxi (stock code: 000426). This means that after the termination of the agreement transfer and the failure of the tender offer to meet expectations, through judicial auction "curve increase in holdings," Xingye Yinxi finally secured the position of largest shareholder of *ST Weiling.
Largest Shareholder Set for Change
According to the announcement by *ST Weiling, the 10 million shares auctioned this time accounted for 3.84% of the company's total share capital and were publicly bid on the JD.com judicial auction platform from October 15 to 16 by the Chenzhou Intermediate People's Court of Hunan Province, with Shannan Antimony Gold ultimately winning at 260.82 million yuan. This was already the second judicial auction of shares held by Shanghai Lingyi within a week. On October 10, 2.85 million shares held by Shanghai Lingyi were auctioned first, also won by Shannan Antimony Gold for more than 73 million yuan, with an average transaction price of nearly 26 yuan per share. After the transfer registration of the two batches totaling 12.85 million shares is completed, Shanghai Lingyi's shareholding will drop from 31.5213 million shares to 18.6713 million shares, while Shannan Antimony Gold will overtake with 28.7864 million shares.
*ST Weiling noted that this auction still involves subsequent steps such as payment of the remaining balance, the court issuing a transaction ruling, and equity transfer, and there is uncertainty; according to regulations, the bidder may not reduce the transferred shares within six months after the transfer. The company also stated that it will disclose changes in control in a timely manner in accordance with the relevant provisions of Article 84 of the "Measures for the Administration of Takeover of Listed Companies" regarding the determination of control rights, combined with subsequent progress.
It is worth mentioning that on the eve of the auction results being announced, *ST Weiling's stock price fluctuated violently: on October 16, it closed down 10% at 25.73 yuan per share, with a total market value of approximately 6.7 billion yuan, and it appeared on the Dragon and Tiger List due to a daily decline deviation of 7%.
Xingye Yinxi Aims for Control
Shannan Antimony Gold is a wholly-owned subsidiary of A-share mining company Xingye Yinxi, whose controlling shareholder is Inner Mongolia Xingye Group, and whose actual controller is the well-known Inner Mongolia entrepreneur Ji Xingye. Xingye Yinxi is mainly engaged in the mining, selection, and smelting of non-ferrous metals and precious metals. It is Asia's largest silver company and China's second-largest tin mine company. In the first half of this year, it achieved revenue of 4.282 billion yuan and net profit attributable to the parent company of 2.263 billion yuan, increases of 73.13% and 184.42% year-on-year respectively.
Looking back at the entire acquisition process, Xingye Yinxi's pursuit of *ST Weiling can be described as "three attempts, determined to win." The first attempt was an agreement transfer. On November 28, 2025, Shanghai Lingyi, shareholder Wen Ping, and Shannan Antimony Gold signed a "Share Transfer Agreement," under which Shannan Antimony Gold planned to acquire a total of 20.2338 million shares (7.7646% of total share capital) held by the two parties at 15.21 yuan per share, for a total price of approximately 308 million yuan; at the same time, Shanghai Lingyi promised to waive voting rights on its remaining shares, and the second-largest shareholder Yang Yongzhu also promised to waive voting rights on 15.8523 million shares held. Shannan Antimony Gold would nominate all five directors and reorganize the board of directors, thereby obtaining control of the listed company. However, this transaction came with strict delivery conditions: ST Weiling's 2025 annual financial report must receive a standard unqualified opinion, and revenue after deductions must be no less than 300 million yuan, and it must not be subject to delisting risk warning. Reality did not cooperate—*ST Weiling's 2025 financial report was issued with a qualified opinion, and the company was subject to delisting risk warning in May 2026 due to negative net assets. The delivery conditions fell through, and Shannan Antimony Gold terminated the agreement in June.
The second attempt was a tender offer. In August 2026, Shannan Antimony Gold announced a tender offer to all shareholders for 30% of shares at 18 yuan per share, intending to directly obtain control. But market response was lukewarm: as of the expiration of the offer on September 29, only 15.9364 million shares were pre-accepted, accounting for 6.12% of total share capital. Although it reached the 5% threshold for effectiveness, it was far from enough to shake the control structure. Shannan Antimony Gold paid approximately 287 million yuan for this, only gaining the status of a "shareholder holding more than 5%."
The third attempt was the judicial auction. On October 10 and October 16, Shannan Antimony Gold successively won the auction of 2.85 million shares and 10 million shares held by Shanghai Lingyi, with average transaction prices around 26 yuan per share, more than 40% higher than the 18 yuan per share offer price. With three attempts, Shannan Antimony Gold has spent a total of more than 600 million yuan. As for why it is persistent about a company "wearing stars and a hat," Xingye Yinxi clearly stated in its announcement that the acquisition is based on the needs of main business development, intended to enrich the company's non-ferrous mineral resource varieties, open up and integrate the mineral resource market in Hunan, and achieve industrial integration.
Delisting Risk Looms, Yet Stock Price Speculated
*ST Weiling was formerly Anshan Heavy Machinery, a mining machinery enterprise in Anshan, Liaoning, listed in 2012. In the second half of 2020, after Shanghai Lingyi obtained control, it promoted the company's transformation, successively acquiring Linghui Technology, Lingneng Lithium, and other assets to enter the lithium battery track; in 2023, the company relocated to Chenzhou, Hunan, relying on local lithium mine resources to layout the new energy industry. Its current main business includes mining of tungsten, tin, lead, zinc polymetallic ores, lithium ore beneficiation, basic lithium battery raw material lithium salt processing and smelting, with main products covering fluorite scheelite, tin raw ore, lepidolite, and lithium carbonate.
However, the transformation did not bring performance improvement. From 2023 to 2025, the company suffered losses for three consecutive years, with cumulative losses of approximately 950 million yuan. Among them, the company achieved revenue of 320 million yuan in 2025, a year-on-year decline of 39.88%; net profit attributable to the parent company lost 415 million yuan, and year-end net assets attributable to the parent turned negative. Because the 2025 annual financial report was issued with a qualified audit report, net assets were negative, and internal control audit was issued with an adverse opinion, the company's stock has been subject to delisting risk warning and superimposed other risk warnings since May 6, 2026, and the abbreviation was changed to "*ST Weiling."
Since the beginning of this year, the company has also faced continuous troubles: it was publicly condemned by the Shenzhen Stock Exchange for illegal disclosure of performance forecasts, entangled in multiple lawsuits, 13 bank accounts were once judicially frozen, and core executives such as the chairman and president resigned intensively. The latest financial report shows that in the first half of 2026, the company achieved total operating revenue of 272 million yuan, a year-on-year increase of 219.51%; net profit attributable to the parent company lost 19.5903 million yuan, turning from a profit of 1.0976 million yuan in the same period last year. The company explained it was mainly due to a decline in tungsten ore market prices and actively adjusting sales rhythm to retain part of the raw ore for stockpiling. As of the end of June, the company's net assets attributable to the parent were -52.7032 million yuan, and the pressure to preserve its listing shell is considerable.
In contrast to the weak fundamentals is the hot stock price. Since July, along with the recovery of lithium prices, the strengthening of the lithium mining sector, and expectations of a control battle, *ST Weiling's stock price has continued to climb, with multiple daily limit ups. From around 12 yuan in mid-July to the closing of 25.73 yuan on October 16, the stock price has doubled in three months, with gains far exceeding the broader market and industry indices during the same period. What market funds are speculating on is exactly the resource integration and shell preservation expectations after Xingye Yinxi takes over.
For investors, what needs vigilance is: although Shannan Antimony Gold will become the largest shareholder, the ownership of control is still unresolved; the delisting risk of *ST Weiling has not been eliminated by the change of shareholders, and the dilemma of negative net assets urgently needs to be resolved; and the method and cost of Xingye Yinxi's subsequent increase in holdings will also directly affect the final direction of this control battle.
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