After six years, the restructuring plan of Inner Mongolia Xingye Silver&Tin Mining Co.,Ltd.'s (000426.SZ, stock price 36.18 yuan, market cap 64.243 billion yuan) controlling shareholder has concluded.
On October 9, Inner Mongolia Xingye Silver&Tin Mining announced that Inner Mongolia Xingye Gold Smelting Group Co., Ltd. (hereinafter referred to as Xingye Group, formerly "Inner Mongolia Xingye Group Co., Ltd.") received a final ruling from the Intermediate People's Court of Chifeng City, Inner Mongolia Autonomous Region on September 30, confirming the completion of its restructuring plan execution.
The announcement indicated that the completion of the controlling shareholder's restructuring plan did not result in any change of control over Inner Mongolia Xingye Silver&Tin Mining.
According to the company's announcement, controlling shareholder Xingye Group received Civil Ruling No. (2019) Nei 04 Po 2-34 from the Intermediate People's Court of Chifeng City, Inner Mongolia Autonomous Region on September 30. The ruling showed that after review, the court determined that Xingye Group, under the supervision of administrators, had completed cash settlements, debt repayment with listed company shares, trust beneficiary rights debt settlement, and escrow of unclaimed debt settlement resources. The court confirmed the completion of the "Substantial Consolidated Restructuring Plan for Inner Mongolia Xingye Gold Smelting Group Co., Ltd., Chifeng Yulong State Guest Hotel Co., Ltd., and West Ujimqin Banner Budun Yingen Mining Co., Ltd." This final ruling took effect from the date of issuance.
This restructuring began six years ago. According to previous announcements, Inner Mongolia Xingye Silver&Tin Mining first disclosed on August 23, 2019, that its controlling shareholder Xingye Group was subject to a restructuring application filed by creditor Chifeng Yubang Mining Co., Ltd. to the court, due to inability to repay due debts and obvious lack of solvency. At that time, Xingye Group held 556 million shares of the listed company, accounting for 30.27% of total share capital.
The announcement confirmed that the completion of the controlling shareholder's restructuring plan did not lead to any change in control of Inner Mongolia Xingye Silver&Tin Mining.
According to Inner Mongolia Xingye Silver&Tin Mining's 2025 interim report, Xingye Group holds 485 million shares of the company, representing a 27.33% stake, of which 215 million shares are pledged and 363 million shares are frozen.
While the controlling shareholder completed its restructuring, Inner Mongolia Xingye Silver&Tin Mining's operational performance and stock price are experiencing fluctuations. According to the company's stock price volatility announcement released on October 8, the company's stock closing prices on September 26, 29, and 30 showed cumulative deviation of 20.78% over three consecutive trading days, constituting abnormal stock trading volatility. After company self-examination and verification with the controlling shareholder, no material matters requiring disclosure were identified. The board of directors analyzed that the main reason for this stock price volatility was significant recent fluctuations in market prices of the company's main products, silver and tin.
Inner Mongolia Xingye Silver&Tin Mining's main business involves mining, beneficiation, and smelting of non-ferrous and precious metals, with primary products including silver, tin, zinc, lead, iron, copper, antimony, and gold. The company's nine key subsidiaries possess proven resources exceeding 500 million tons, including 30,600 tons of silver metal and 399,000 tons of tin metal. According to World Silver Institute statistics as of end-2023, Inner Mongolia Xingye Silver&Tin Mining ranks first in Asia and eighth globally among silver companies.
However, the company's 2025 first-half financial data revealed operational challenges. According to the 2025 interim report, the company achieved operating revenue of 2.473 billion yuan in the first half, up 12.50% year-over-year, while net profit attributable to shareholders was 796 million yuan, down 9.93% year-over-year.
Regarding the year-over-year decline in net profit, the company explained it was mainly affected by four subsidiaries: First, subsidiary Yinman Mining experienced a "March 9" accident, with mining area shutdown from March 9 and resumption on April 16. Processing surface-stored raw ore during the shutdown period led to decreased tin and silver feed grades, resulting in reduced production of main products tin and silver year-over-year. Second, subsidiary Yubang Mining suffered losses due to late spring resumption, limited underground capacity, processing of low-grade raw ore, and advancement of mining engineering preparation work, preventing full capacity utilization in the first half. Third, subsidiary Rongguan Mining faced increased non-removable waste rock in mining chambers, requiring increased mining volume to maintain feed grades, combined with iron concentrate average selling prices declining 10.69% year-over-year. Fourth, subsidiary Ganjinda Mining was affected by one month of production impact from ore processing plant crushing equipment maintenance, plus advancement of mining phase three preparation, exploration, and ventilation optimization projects, with increased excavation volumes pushing up production costs and causing year-over-year net profit decline.
These production setbacks were directly reflected in output data. In the first half of 2025, the company's mined tin production was 3,589.82 tons, down 20.64% year-over-year; mined copper was 960.74 tons, down 44.22% year-over-year; mined iron was 143,000 tons, down 14.34%. On the other hand, mined silver production increased 4.57% year-over-year during the same period, and mined zinc production grew 6.42% year-over-year.
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