After the market closed on October 16, Naipu Mining Machinery (300818.SZ, share price 14.52 yuan, market value 3.186 billion yuan) disclosed a bizarre overseas lawsuit. The listed company's wholly-owned subsidiary Naipu Mining Machinery (Zambia) Co., Ltd. (hereinafter referred to as Zambia Naipu) recently received a summons and complaint from the Zambian High Court, having been sued by China Shunfeng Enterprise Group Limited (hereinafter referred to as the plaintiff, a company registered in Zambia mainly engaged in the manufacture and supply of mining and ore dressing equipment and crushing equipment), involving a land property dispute in Zambia's Copperbelt Province.
According to the announcement, Zambia Naipu signed an agreement with the plaintiff in November 2021 in Zambia's Copperbelt Province to purchase ownership of Subdivision C of Plot No. L/542/M/6. However, the plaintiff claims it holds title to the disputed land and that the plot was "fraudulently subdivided and sold" by the plaintiff's former employee without authorization.
Naipu Mining Machinery is a professional manufacturer integrating research and development, production, sales and service of heavy mining ore dressing equipment and new material wear-resistant spare parts. According to the 2026 semi-annual report, the company's products are mainly used in the ore dressing process of non-ferrous and ferrous metal mines, with customers including Zijin Mining, China Molybdenum, Jiangxi Copper Group, Erdenet Mining Corporation and other well-known mining enterprises at home and abroad.
The case dates back to 2021. According to the announcement, Zambia Naipu signed an agreement with the plaintiff in Zambia's Copperbelt Province that year to purchase ownership of Subdivision C of Plot No. L/542/M/6, paid the full land transfer fee that year, and obtained the land registration certificate. However, in its complaint, the plaintiff claims that it is the legitimate registered owner of the plot, and that Zhang Jun (a former employee of the plaintiff company, also listed as a defendant in this lawsuit) fraudulently subdivided and sold the plot without authorization. Zambia Naipu and other defendants allegedly had no right to dispose of the plot but still conspired with Zhang Jun to obtain Subdivision C through forgery and fraud. The plaintiff requests the court to revoke the title certificate held by Zambia Naipu and issue a temporary injunction against the defendants (i.e., prohibiting entry onto the plot, etc.).
Naipu Mining Machinery explicitly stated in the announcement: "Zambia Naipu and the company do not agree with the plaintiff's claims in the complaint, and the above claims do not conform to the actual situation." The company stated that Zambia Naipu has registered and obtained the land title certificate for the disputed land and legally enjoys ownership. It is currently verifying and preparing relevant historical transaction background materials such as land ownership documents, transfer documents, and authorization documents, and will hire local professional lawyers in Zambia as soon as possible to actively prepare for the defense. The company also warned that if the court supports the plaintiff's requests to revoke the title certificate, correct the land registration, or issue a temporary injunction, it may result in the subsidiary being unable to use, develop, transfer, or dispose of the relevant land assets, and there is a risk of impairment provision.
Zambia's Copperbelt Province is a core component of the world-renowned Central African Copper-Cobalt Belt. The mining area extends intermittently from northwest to southeast, stretching over 220 kilometers in length and 65 kilometers in width, rich in copper-based polymetallic minerals with abundant associated resources such as cobalt, selenium, gold, and silver. The region has attracted investment and development from numerous international mining giants.
Naipu Mining Machinery's Zambia layout began in 2020. In March of that year, the company's board of directors approved a proposal to establish Zambia Naipu as a joint venture with natural person SHI TIAN HUI with an investment of 3 million US dollars, of which the listed company would contribute 2.1 million US dollars, accounting for 70%. Later, due to policy changes, in April of the same year the company decided to switch to a wholly-owned model with a registered capital of 3 million US dollars. On March 23, 2021, Zambia Naipu was officially registered and established.
Since then, Naipu Mining Machinery has continued to increase investment in its Zambian subsidiary. In January 2022, the company added 12 million US dollars to build a production base; in August 2023, it added another 20 million US dollars, planning to build an annual output of 4,000 tons of mining wear-resistant spare parts factory to serve nearby markets such as Zambia and South Africa. According to public information, the Zambian factory was put into production in 2024. As of the 2026 semi-annual report, Zambia Naipu's asset scale reached 242 million yuan, accounting for 12.76% of the company's net assets, with a loss of 4.8095 million yuan during the reporting period.
The company has stated in announcements that Zambia Naipu is an important production base in central Africa, which will help improve the marketing system and enhance its influence in the African market.
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