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The current economic adjustment period has created favorable conditions for corporate mergers and acquisitions. Resource assets have become a hot topic among investors, not only in the A-share market but also in the Hong Kong stock exchange. In response to the proposed acquisition of Meijin Group last October, China Environmental Protection Energy announced on May 6 that Beijing Huaxi Jinghao had signed a letter of intent with several shareholders of Jingding Julong Technology Services Group Co., Ltd. to acquire a 51% stake in Crystal Ding Julong.
This move signals that if the acquisition of Meijin Group is finalized, China Environmental Protection Energy will strengthen its position in the energy-saving, environmental protection, and mineral resource sectors. On October 24 of last year, the company announced it had entered into a memorandum of understanding to acquire Meijin Group, which operates across energy conversion, new energy development, and mineral resource transformation.
Established in 1993, China Environmental Protection Energy initially focused on producing and selling laminates and printed circuit boards. Its stock performance was relatively stable until it acquired a significant mineral resource asset, which marked a turning point in its business strategy. Meijin Group specializes in energy-saving and environmental protection industries, as well as the transformation of mineral resources.
The recent proposal to acquire Jingding Julong highlights the group’s interest in high-quality mineral and energy assets. Founded in February 2010 in Dornogovi County, Inner Mongolia, Jingding Julong is one of the largest companies in the region, engaged in mineral development and fluorosilicone chemical manufacturing. With total assets of 3 billion yuan and a profit of 350 million yuan in 2012, the company includes the Inner Mongolia Crystal Ding Julong Chemical Co., Ltd., known for its anhydrous hydrofluoric acid production. The plant, which started operations in September 2011, generates daily output worth 500,000 yuan and annual sales revenue of 180 million yuan.
According to reports, global mining and metals M&A activity declined in 2012. Ernst & Young noted that 941 transactions were completed globally, totaling $104 billion — a 7% drop in volume and 36% decrease in value compared to 2011. China accounted for 147 deals worth $21.7 billion, making up 21% of global mining and metals transactions.
Industry insiders suggest that while M&A activity in mining is expected to rise, large-scale deals remain unlikely. One reason is the uncertainty surrounding global economic growth and commodity prices, which makes it difficult for buyers to secure financing. Additionally, there's a wide gap between buyer and seller expectations regarding asset valuations. As a result, smaller transactions valued between $500 million and $600 million are becoming more attractive to both parties.
Paul Donnelly, head of investment banking at JPMorgan South East Asia’s minerals metals division, noted that Asian investors are focusing on acquiring equity stakes in iron ore and coal assets. He explained that under current valuation conditions, asset owners are reluctant to sell controlling interests but still need funds for project development. This trend reflects a cautious yet strategic approach to resource investments in uncertain markets.