Acquiring Undertaking:	Wanli Stone (Hong Kong) Resources & Technology Limited, Hong Kong Prosperity Wanli Resources Limited, and Beijing Fengcheng Enterprise Management Co., Limited	Date Received:	Friday, 09 Oct 2026
Target Undertaking:	Zhonghe Resources (Namibia) Development (Pty) Ltd	Determination:
Type of Merger:	Conglomerate	Analyst:	Isidor Kanyangela

Description of Activities

Description of transaction: The transaction concerns the proposed joint acquisition of an equity interest in Zhonghe Resources (Namibia) Development (Pty) Ltd by Wanli Stone (Hong Kong) Resources & Technology Limited (“Wanli Stone HK”), Hong Kong Prosperity Wanli Resources Limited (“Prosperity Wanli”), and Beijing Fengcheng Enterprise Management Co., Limited (“Beijing Fengcheng”).

Acquiring group: The first primary acquiring undertaking is Wanli Stone (Hong Kong) Resources & Technology Limited, a private company incorporated in China and controlled by Xiamen Wanli Stone Stock Co., Ltd (“Wanli Stone Stock”) through a voting rights entrustment arrangement with Xiamen Hafu Mining Co., Ltd (“Hafu Mining”). Wanli Stone Stock is ultimately controlled by Mr. Hu Jingpei, a Chinese citizen. Wanli Stone HK has no subsidiaries or associated companies. The acquiring group is principally engaged in stone trading and processing, investment and project development, consulting, and the trading of construction materials and other goods. It is submitted that the group has no direct or indirect presence in Namibia through business operations, turnover or asset ownership. 

The second primary acquiring undertaking is Hong Kong Prosperity Wanli Resources Limited, a private company incorporated in China. Prosperity Wanli is controlled by Yangpu Oubolong Trading Co., Ltd (“Yangpu Oubolong”). All entities in the ownership and control chain are incorporated in the People’s Republic of China. Prosperity Wanli has no subsidiaries or associated companies. The second acquiring group’s business activities principally comprise metal trading, project development, consulting, materials research, sale of industrial product, manufacturing and energy-related activities. It is submitted that this acquiring group has no direct or indirect presence in Namibia through business operations, turnover generating activities, or asset ownership.

 The third acquiring undertaking is Beijing Fengcheng Enterprise Management Co., Limited, a private company incorporated in the People’s Republic of China, wholly own and controlled by a certain Zhang Xing, a natural person and Chinese citizen. Beijing Fengcheng does not control any entity, but hold equity interest in Shanxi Jinzhuoyue Investment Co., Ltd and Shaanxi Xigongda Construction Engineering Co., Ltd. The third acquiring group is engaged in enterprise management and consulting, information technology, artificial intelligence, software development, technical services, trading and related business support activities. It is submitted that the third acquiring group has no direct or indirect presence in Namibia through business operations, turnover generating activities, or asset ownership.

Target undertaking: The target undertaking is Zhonghe Resources (Namibia) Development (Pty) Ltd, a private company incorporated in Namibia, which is controlled by China National Uranium Corporation Limited. It is submitted that the target undertaking does not control any entity and it is engaged in mineral exploration, geological investigation, resource evaluation and mineral project development activities in Namibia. 

Relevant market: The relevant market for the transaction is the global market for the supply of uranium.

Merger Determination

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