On September 23, Hainan Mining (601969.SH) stated at an investor relations event that the reason why the Target Company's Independent M&A Committee recommended that all shareholders accept this tender offer, and the founding director and CEO of the company also issued a commitment letter to accept this tender offer, is primarily due to the fact that the target company's stock price has been significantly affected by multiple bearish factors since 2023, such as adjustments to dividend policies, impairment charges in producing blocks, and a decrease in reserve replacement rate due to the impact of the pandemic, leading to a lack of confidence from financial investors and experiencing a sharp decline; coupled with low liquidity, resulting in the stock price being significantly undervalued, far below the assessed value of its assets. Although the tender offer price is discounted from the net assets, it represents a premium of nearly 90% over the current market cap, taking into account the interests of the Target Company's shareholders and core management; at the same time, Rock Petroleum's rich industry experience, excellent management, and the strength of its shareholder background have all been recognized by the Target Company, and all parties are confident in the integration, synergy, and development after the acquisition is completed.