Core Viewpoint - China Shipbuilding Industry Corporation (CSIC) has successfully obtained the registration approval from the China Securities Regulatory Commission (CSRC) for the absorption merger of China Shipbuilding (600150) and China State Shipbuilding Corporation (601989), marking the first approved absorption merger project since the revision of the Major Asset Restructuring Management Measures for Listed Companies in May 2025 [1] Summary by Categories - **Merger and Acquisition Details** - The absorption merger project was accepted on May 8 and took approximately two months to achieve registration effectiveness [1] - **Regulatory Context** - This merger is significant as it is the first to pass the review and registration process following the amendments to the regulatory framework governing major asset restructurings for listed companies [1]

Core Viewpoint - China Shipbuilding Industry Co., Ltd. plans to absorb and merge with China Shipbuilding Heavy Industry Co., Ltd. through a share exchange, with the approval from the China Securities Regulatory Commission (CSRC) for the registration of this merger [1][2]. Group 1 - The merger involves the issuance of 3,053,192,530 new A-shares by China Shipbuilding to the shareholders of China Shipbuilding Heavy Industry as part of the absorption process [1][2]. - The CSRC's approval is valid for 12 months from the date of issuance, during which the company must comply with relevant regulations and complete necessary procedures for the merger [2]. - The company is required to fulfill its information disclosure obligations in a timely manner and report any significant issues to the Shanghai Stock Exchange as per legal requirements [2].

Core Viewpoint - The merger between China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Corporation aims to enhance operational quality, core competitiveness, and shareholder value through the integration of their shipbuilding and repair businesses, aligning with national policies for state-owned enterprise reform [10][12][17]. Summary by Sections Merger Details - The merger will be executed through a share swap, where China Shipbuilding will issue A-shares to the shareholders of China Shipbuilding Heavy Industry [10][11]. - The exchange ratio is set at 1 share of China Shipbuilding Heavy Industry for 0.1335 shares of China Shipbuilding, based on the adjusted share prices after dividend distributions [12][13]. Business Impact - Post-merger, China Shipbuilding will inherit all assets, liabilities, and operations of China Shipbuilding Heavy Industry, eliminating direct competition between the two entities [17]. - The merger is expected to optimize resource allocation, enhance production efficiency, and strengthen the competitive position of the combined entity in the global shipbuilding market [18]. Financial Implications - The merger will result in a significant increase in total shares outstanding, with China Shipbuilding's total share capital rising from 447,242.88 million shares to 752,562.13 million shares post-merger [19][20]. - The financial performance indicators of China Shipbuilding are anticipated to improve as a result of the merger, leveraging synergies and enhancing operational capabilities [20]. Shareholder Structure - The controlling shareholder structure will remain unchanged, with China Shipbuilding Group continuing to hold a significant stake in the merged entity [20]. - The merger will lead to a redistribution of shareholding percentages among existing shareholders, with China Shipbuilding Group's stake decreasing from 44.47% to approximately 26.71% post-merger [19][20].

Group 1 - The China Securities Regulatory Commission approved the share swap merger of China Shipbuilding (600150.SH) and China Shipbuilding Industry Corporation (601989.SH), marking the first completed merger project under the new restructuring regulations [1] - This merger is the largest absorption merger in A-share history and will create a combined entity with total assets exceeding 400 billion yuan and annual revenue surpassing 130 billion yuan [2] - The merger aims to eliminate competition between the two companies in the shipbuilding sector and enhance their strategic capabilities and value [2] Group 2 - The global shipbuilding industry is currently experiencing a structural recovery, driven by the aging fleet and increasing demand for new vessels, particularly in the context of green and low-carbon initiatives [3] - The merged entity will integrate high-quality assets from China Shipbuilding Industry Corporation and leverage its advantages in ship design and manufacturing, enhancing research and manufacturing capabilities [3] - The merger will optimize the industrial layout of the shipbuilding sector, improve resource allocation, and strengthen the competitive edge in high-end ship manufacturing [3] Group 3 - Since the implementation of the new merger policies, nearly 70% of restructuring transactions in the Shanghai market have been focused on industrial mergers or major shareholder injections, indicating a trend towards resource optimization and industrial upgrading [4] - The merger of China Shipbuilding and China Shipbuilding Industry Corporation serves as a typical case supporting national strategic initiatives in the context of the new policies [4]

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 暨关联交易报告书摘要 | 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 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 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，由董事会代承诺人向证 券交易 ...

| 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 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 中国船舶工业股份有限公司 中国船舶重工股份有限公司 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易日内将暂停转让的书 ...

中信建投证券股份有限公司 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 独立财务顾问 二〇二五年七月 中信建投证券股份有限公司 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 声明和承诺 中信建投证券股份有限公司（以下简称"中信建投证券"或"本独立财务顾问"） 受中国船舶重工股份有限公司（以下简称"中国重工"）委托，担任本次中国船舶工业 股份有限公司换股吸收合并中国重工暨关联交易的中国重工独立财务顾问，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 ...

证券代码：601989 证券简称：中国重工 公告编号：临 2025-044 结合中国证监会出具关于本次交易的批复等实际情况，公司对《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）》（以下简称"重组报告书注册稿"）的部分内容进行了补充和 修订，形成了《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》。相较重组报告书注册稿，本次修订的主要情况如下： 中国船舶重工股份有限公司 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报告书修订说明的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国船舶工业股份有限公司（以下简称"中国船舶"）拟以向中国船舶重工 股份有限公司（以下简称"中国重工"或"公司"）全体换股股东发行A股股票 的方式换股吸收合并中国重工（以下简称"本次交易"），中国船舶为吸收合并 方，中国重工为被吸收合并方。 2025年7月18日，中国证券监督管理委员会（以下简称"中国证监会"）出 具了《关于同意中国船舶 ...

证券代码：601989 证券简称：中国重工 公告编号：临 2025-043 2025 年 7 月 18 日，中国证券监督管理委员会出具了《关于同意中国船舶工 业股份有限公司吸收合并中国船舶重工股份有限公司注册的批复》（证监许可 〔2025〕1501 号）（以下简称"中国证监会批复"）。 中国证监会批复的主要内 容如下： "一、同意中国船舶工业股份有限公司以新增 3,053,192,530 股股份吸收合 并中国船舶重工股份有限公司的注册申请。 二、你们本次吸收合并应当严格按照报送上海证券交易所的有关申请文件 进行。 三、你们应当按照有关规定及时履行信息披露义务。 四、你们应当按照有关规定办理本次吸收合并的相关手续。 五、本批复自下发之日起 12 个月内有效。 中国船舶重工股份有限公司 关于中国船舶工业股份有限公司吸收合并中国船舶重工股 份有限公司暨关联交易事项获得中国证券监督管理委员会 同意注册批复的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国船舶工业股份有限公司（以下简称"中国船舶"）拟以向中国船舶重工 股份有限公 ...

证监会同意中国船舶工业股份有限公司以新增30.53亿股股份吸收合并中国船舶重工股份有限公司的注 册申请。 ...