Group 1 - The year 2025 marks the conclusion of the deepening reform actions for state-owned enterprises, with multiple regions intensifying policies to support mergers and acquisitions of state-owned enterprises [1] - Nanjing Tourism Group is set to integrate with Nanjing Cultural Investment Holding Group and Nanjing Sports Industry Group to create a comprehensive development and operation platform for cultural tourism and sports in Nanjing [1] - The Nanjing municipal government has issued measures to promote high-quality development of mergers and acquisitions, focusing on optimizing equity structure and enhancing operational efficiency [1] Group 2 - Nanjing Tourism Group is advancing a capital injection plan into Nanjing Commercial Tourism Co., which includes acquiring 100% equity of Nanjing Huangpu Grand Hotel through a combination of share issuance and cash payment [2] - The strategic restructuring of Nanjing Commercial Tourism's controlling shareholder aligns with national directives for deepening state-owned enterprise reforms, aiming to enhance the integration of tourism, culture, and sports sectors [2] - The restructuring is expected to significantly influence Nanjing Commercial Tourism's future strategic positioning and business expansion, allowing for the exploration of synergies across industries [2] Group 3 - In addition to the cultural tourism sector, there have been frequent mergers and acquisitions in energy, high-end equipment, and electronic information sectors this year [3] - Inner Mongolia Electric Power Investment Co. announced plans to restructure assets by acquiring 100% equity of Baiyin Hua Coal Power Co. to optimize resource allocation in the region [3] - China Shipbuilding Industry Co. is merging with China Shipbuilding Heavy Industry Co., with the merger approved by the Shanghai Stock Exchange's review committee [3] Group 4 - In the electronic information sector, Guotou Zhonglu Juice Co. plans to acquire 100% equity of China Electronic Engineering Design Institute through share issuance, expanding its business scope beyond juice production [4] - The year 2025 is critical for the deepening reform of state-owned enterprises, emphasizing the need for clear restructuring objectives and effective coordination mechanisms [4]

比如，百亿级乃至千亿级大规模重大资产重组频现。前述中国船舶吸收合并中国重工即为典型案例，合 并后总资产将超过4000亿元。 再比如，随着监管一再强调鼓励加快上市公司向新质生产力转型步伐，在新增并购重组计划的上市公司 中，涉及半导体，以及计算机、通信和其他电子设备制造业领域的企业数量颇多。典型如华大九天定增 收购芯和半导体100%股权、富乐德定增收购富乐华100%股权、国科微定增收购中芯宁波94.366%股权 等。 另一个值得关注的信号是，在6月18日发布的科创板"1+6"新政中，监管支持上市公司聚焦做优做强主 业，吸收合并上市不满3年的科创板上市公司。在受访人士看来，这或将加速新上市企业的并购重组脚 步。 日前，中国船舶吸收合并中国重工100%股权获上交所审核通过。这是两大超千亿级旗舰造船上市公司 的合并，也是A股有史以来规模最大的上市公司吸收合并。 此次重组完成后，存续公司中国船舶将成为全球最大造船上市公司，资产规模、营业收入规模、手持订 单数均领跑全球。 并购重组，已然成为监管重点鼓励方向。从近期上市公司公告来看，无论是央企国企还是民营企业，并 购重组热情均颇为高涨。 日前，中国船舶吸收合并中国重工100 ...

Core Viewpoint - The supplementary legal opinion letter regarding the share swap absorption merger of China Shipbuilding Industry Co., Ltd. and China Shipbuilding Heavy Industry Co., Ltd. has been issued following the approval from the Shanghai Stock Exchange's M&A Review Committee [2][5]. Group 1: Transaction Approval and Authorization - The transaction has received approval from the M&A Review Committee, confirming that it meets restructuring conditions and information disclosure requirements [2][5]. - Additional approvals and authorizations are still required according to relevant laws and regulations, including the Company Law and Securities Law [2][4]. Group 2: Information Disclosure - China Heavy Industry has disclosed relevant information regarding the transaction, including the draft merger report and independent financial advisor reports [4][5]. - The company received a notice of acceptance from the Shanghai Stock Exchange regarding its application for asset acquisition on May 8, 2025 [4]. Group 3: Conclusion Opinions - The law firm concludes that the transaction is legally valid and can be implemented after obtaining the necessary approvals [3][5].

Core Viewpoint - The transaction involves a share swap merger where China Shipbuilding Industry Co., Ltd. will absorb China Shipbuilding Heavy Industry Co., Ltd., aiming to enhance operational quality and competitiveness in the shipbuilding industry [8][11][19]. Summary by Relevant Sections Transaction Overview - The merger will be executed through a share swap, with China Shipbuilding issuing A-shares to all shareholders of China Heavy Industry [9][10]. - After the merger, China Heavy Industry will cease to be listed and will transfer all assets, liabilities, and operations to China Shipbuilding [11][16]. Business Impact - The merger aims to eliminate competition between the two companies, consolidate their shipbuilding operations, and enhance their core competencies [16][17]. - The combined entity will focus on high-end, green, and intelligent shipbuilding, aiming to create a world-class shipbuilding enterprise [17][21]. Financial Metrics - Post-merger, total assets for China Shipbuilding are projected to increase significantly from approximately 18.20 billion to 40.36 billion RMB, while total liabilities will rise from about 12.67 billion to 26.41 billion RMB [21]. - The merger is expected to enhance operational scale and revenue, with projected operating income increasing from approximately 7.86 billion to 13.34 billion RMB [21]. Shareholder Structure - The shareholding structure will change, with China Shipbuilding Group's stake in the merged entity decreasing from 50.42% to 49.29% [18][20]. - The merger will result in a new share exchange ratio of 1:0.1339, meaning each share of China Heavy Industry will convert to approximately 0.1339 shares of China Shipbuilding [12][19]. Strategic Goals - The merger aligns with national strategies for state-owned enterprise reform and aims to strengthen the global competitiveness of China's shipbuilding industry [8][16]. - The transaction is expected to leverage synergies between the two companies, enhancing their market position and operational efficiency [17][19].

Group 1 - The core viewpoint of the news is that the China Shipbuilding sector has seen a significant increase, with a rise of 5.23%, making it the top-performing sector on the trading day [1][2] - Within the China Shipbuilding sector, 11 stocks experienced gains, with China Shipbuilding Han Guang hitting a 20% limit up, followed by China Shipbuilding Emergency and Kunshan Intelligent, which rose by 12.17% and 8.61% respectively [1][2] - The sector attracted a net inflow of 426 million yuan from main funds, with nine stocks receiving net inflows, and seven stocks seeing inflows exceeding 10 million yuan [2][3] Group 2 - The top three stocks in terms of net fund inflow rates were China Shipbuilding Han Guang at 17.02%, China Shipbuilding Technology at 8.74%, and China Marine Defense at 7.66% [3] - The trading volume and turnover rates for the leading stocks were notable, with China Shipbuilding Han Guang showing a turnover rate of 22.03% and a net fund flow of approximately 229.99 million yuan [3][4] - Other stocks in the sector, such as China Shipbuilding Emergency and Kunshan Intelligent, also demonstrated strong performance with respective net fund inflows of 63.09 million yuan and 14.99 million yuan [3][4]

上海市锦天城律师事务所 关于中国船舶工业股份有限公司 换股吸收合并中国船舶重工股份有限公司暨关联交易 之 补充法律意见书（四） 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 | 正 | 文 | 5 | | --- | --- | --- | | 一. | | "本次交易的批准和授权"更新情况 5 | | 二. | | "信息披露"更新情况 5 | 上海市锦天城律师事务所 补充法律意见书（四） 关于中国船舶工业股份有限公司换股吸收合并 中国船舶重工股份有限公司暨关联交易之 补充法律意见书（四） 致：中国船舶工业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受中国船舶工业股份有限 公司（以下简称"中国船舶"或"吸并方"）的委托，并根据中国船舶与本所签 订的《聘请律师合同》，作为中国船舶本次换股吸收合并中国船舶重工股份有限 公司（以下简称"中国重工"）暨关联交易的专项法律顾问。 就本次交易，本所已于 2025 年 1 月 24 日出具了《上海市锦天城律师事务所 关于中国船舶 ...

中信证券股份有限公司 关于 中国船舶工业股份有限公司换股吸收合并 中国船舶重工股份有限公司暨关联交易 之 独立财务顾问报告 （注册稿） 独立财务顾问 签署日期：2025 年 7 月 声明和承诺 中信证券股份有限公司（以下简称"中信证券"或"本独立财务顾问"）受中国船 舶工业股份有限公司（以下简称"中国船舶"）委托，担任本次中国船舶换股吸收合并 中国船舶重工股份有限公司暨关联交易的中国船舶独立财务顾问，并制作本独立财务顾 问报告。 本独立财务顾问报告是依据《公司法》《证券法》《重组管理办法》《26 号准则》 《财务顾问办法》等法律、法规的有关规定，按照证券行业公认的业务标准、道德规范， 本着诚实信用、勤勉尽责的态度，遵循客观、公正原则，在认真审阅相关资料和充分了 解本次交易行为的基础上，发表独立财务顾问意见，旨在就本次交易行为做出独立、客 观和公正的评价，以供全体股东及有关各方参考。 一、独立财务顾问声明 （一）本独立财务顾问与本次交易各方无任何关联关系。本独立财务顾问本着客观、 公正的原则对本次交易出具独立财务顾问报告。 （二）本独立财务顾问报告所依据的文件、材料由相关各方向本独立财务顾问提供。 相关各方对所 ...

| 证券代码：600150 | 证券简称：中国船舶 | 上市地：上海证券交易所 | | --- | --- | --- | | 证券代码：601989 | 证券简称：中国重工 | 上市地：上海证券交易所 | 中国船舶工业股份有限公司 换股吸收合并中国船舶重工股份有限公司 暨关联交易报告书（草案） （注册稿） 中国船舶工业股份有限公司 中国船舶重工股份有限公司 中国（上海）自由贸易试验区浦东大道 1 号 北京市海淀区昆明湖南路 72 号 吸并方 被吸并方 吸并方独立财务顾问 被吸并方独立财务顾问 二〇二五年七月 1 中国船舶工业股份有限公司换股吸收合并中国船舶重工股份有限公司暨关联交易报告书 公司声明 一、吸收合并双方及其全体董事、高级管理人员保证本报告书及其摘要内容的真实、 准确、完整，并对其虚假记载、误导性陈述或重大遗漏负相应的法律责任。 二、吸收合并双方控股股东及全体董事、高级管理人员承诺，如就本次交易所提供 或披露的信息因涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被 中国证监会立案调查的，在案件调查结论明确之前，将暂停转让各自在吸收合并双方拥 有权益的股份，并于收到立案稽查通知的两个交 ...

关于换股吸收合并中国船舶重工股份有限公司暨关联交易 报告书（草案）（注册稿）修订说明的公告 中国船舶工业股份有限公司 证券代码：600150 证券简称：中国船舶 公告编号：2025-053 | 重组报告书章节 | | 主要修订内容 | | --- | --- | --- | | 公司声明 | | 根据中国船舶取消监事会情况更新相关表述； | | | | 更新本次交易尚需获得的批准情况。 | | 重大事项提示 | | 根据中国船舶取消监事会情况更新相关表述； | | | | 更新本次交易已获得的批准和尚需获得的批准情况。 | | 重大风险提示 | | 根据本次交易已经履行的决策程序，更新本次交易审批 风险的表述； | | | | 更新摊薄存续公司股东的即期回报和每股收益风险的 | | | | 表述。 | | 第一章 | 本次交易概况 | 根据中国船舶取消监事会情况更新相关表述； | | | | 更新本次交易已获得的批准和尚需获得的批准情况。 | | 第二章 | 吸并方基本情况 | 根据中国船舶取消监事会情况更新相关表述。 | | 第七章 性分析 | 本次交易的合规 | 根据中国船舶取消监事会情况更新相关表述。 ...

| 证券代码：600150 | 证券简称：中国船舶 | 上市地：上海证券交易所 | | --- | --- | --- | | 证券代码：601989 | 证券简称：中国重工 | 上市地：上海证券交易所 | 中国船舶工业股份有限公司 换股吸收合并中国船舶重工股份有限公司 暨关联交易报告书（草案）摘要 （注册稿） 吸并方 被吸并方 吸并方独立财务顾问 被吸并方独立财务顾问 二〇二五年七月 1 中国船舶工业股份有限公司 中国船舶重工股份有限公司 中国（上海）自由贸易试验区浦东大道 1 号 北京市海淀区昆明湖南路 72 号 公司声明 一、吸收合并双方及其全体董事、高级管理人员保证重组报告书及其摘要内 容的真实、准确、完整，并对其虚假记载、误导性陈述或重大遗漏负相应的法律 责任。 二、吸收合并双方控股股东及全体董事、高级管理人员承诺，如就本次交易 所提供或披露的信息因涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立 案侦查或者被中国证监会立案调查的，在案件调查结论明确之前，将暂停转让各 自在吸收合并双方拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂 停转让的书面申请和股票账户提交吸收合并双方董事会，由董事会 ...