Core Viewpoint - Hangzhou Qilun B (200771.SZ) announced that Hailianxun plans to absorb and merge with Hangzhou Qilun by issuing A-shares to all shareholders through a stock swap [1] Group 1: Merger Details - The China Securities Regulatory Commission (CSRC) approved the merger on September 26, 2025, allowing Hailianxun to issue 1,174,904,765 new shares to absorb Hangzhou Qilun [1] - The approval is valid for 12 months from the date of issuance [1] Group 2: Compliance and Obligations - The merger must be conducted in strict accordance with the application documents submitted to the Shenzhen Stock Exchange [1] - The companies involved are required to fulfill their information disclosure obligations in accordance with relevant regulations [1] - Any significant issues or major events that require disclosure must be reported to the Shenzhen Stock Exchange in a timely manner [1]

Core Viewpoint - The merger between Hangzhou Steam Turbine (杭汽轮) and Hailianxun (海联讯) has received approval from the China Securities Regulatory Commission, marking a significant step in Hangzhou Steam Turbine's transition from B-share to A-share market, which is expected to reshape the competitive landscape in the energy sector through business synergies in industrial turbine machinery and power information services [1] Group 1: Business Synergy and Financial Performance - The merger will create a "one main, one auxiliary" business structure, with Hangzhou Steam Turbine's industrial turbine machinery as the core and Hailianxun's power information services as the complement, targeting deep collaboration in the digital transformation of the energy industry [2] - Hangzhou Steam Turbine reported a revenue of 2.447 billion yuan and a net profit of 153 million yuan in the first half of 2025, with a gross margin of 26.27%, an increase of 6.86 percentage points year-on-year [2] - The company's overseas revenue surged by 66.39%, increasing its share from 6.04% to 10.72%, indicating the effectiveness of its global expansion strategy [2] Group 2: Technological and Market Positioning - Hangzhou Steam Turbine has established a comprehensive R&D system for industrial turbines below 150MW and power generation turbines below 200MW, enhancing its capabilities in high-end equipment manufacturing [2] - Hailianxun has over 20 years of experience in power information services, with projects in low-voltage line renovations and substation expansions, benefiting from the increasing investment in China's power grid, projected to reach 608.3 billion yuan in 2024, a 15.26% increase year-on-year [3] Group 3: Strategic Advantages Post-Merger - The merger will create synergies in three dimensions: integration of Hangzhou Steam Turbine's core equipment with Hailianxun's monitoring systems, leveraging Hailianxun's data for operational support, and shared customer resources due to low overlap [3] - The merger is expected to enhance Hangzhou Steam Turbine's service revenue, reflecting its transition from a manufacturing-focused company to a service-oriented enterprise [3] Group 4: Market Transition and Capital Dynamics - The merger addresses the challenges faced by Hangzhou Steam Turbine in the B-share market, where the average discount rate exceeds 60%, limiting its financing capabilities since its B-share listing in 1998 [4] - Transitioning to the A-share market is anticipated to improve liquidity, with A-share daily trading volume approximately 50 times that of B-shares, allowing for a valuation adjustment towards industry averages [4] - The A-share market offers diverse financing options, which will support Hangzhou Steam Turbine's strategic initiatives in technology development and capacity expansion [4] Group 5: Future Strategic Directions - Post-merger, the new company will focus on three strategic directions: enhancing R&D for gas turbine technology, expanding brand presence in international markets, and developing comprehensive smart energy solutions [6] - The merger is expected to optimize the overall profitability structure of the company, leveraging Hailianxun's high-margin business in power information services [6] Group 6: Market Recognition and Reform Implications - The merger has received broad support from shareholders, with 87.57% approval at Hangzhou Steam Turbine's shareholder meeting, indicating strong market confidence [6] - This merger could serve as a benchmark for B-share reform, addressing historical issues while creating new growth opportunities through business collaboration [7]

Group 1 - The company Hailianxun (300277) announced on September 28 that it plans to merge with Hangqilun B (200771) through a share exchange by issuing A-shares to all shareholders of Hangqilun B [1] - On September 26, the company received approval from the China Securities Regulatory Commission for the registration of this merger [1]

Group 1 - The company plans to merge with Hangzhou Turbine Power Group Co., Ltd. by issuing A-shares to all shareholders of Hangzhou Turbine [1] - The merger has received approval from the China Securities Regulatory Commission on September 26, 2025 [1]

Core Viewpoint - The company plans to absorb and merge with Hangzhou Turbine Power Group Co., Ltd. through a share exchange by issuing A-shares to all shareholders of Hangzhou Turbine [1] Group 1 - The company received approval from the China Securities Regulatory Commission for the merger on September 26, 2025 [1]

编辑 杨娟娟 新京报贝壳财经讯 9月28日，海联讯发布公告称，公司收到中国证监会出具的《关于同意杭州海联讯科 技股份有限公司吸收合并杭州汽轮动力集团股份有限公司注册的批复》。批复主要内容包括同意海联讯 以新增11.75亿股股份吸收合并杭汽轮，有效期为12个月，并要求公司严格按照报送深圳证券交易所的 有关申请文件进行，及时履行信息披露义务，办理相关手续。 ...

Group 1 - The core point of the news is that Hailianxun has received approval from the CSRC to absorb and merge Hangqilun through the issuance of 1,174,904,765 new shares, which is valid for 12 months from the date of issuance [1] - Hailianxun primarily engages in power information construction and provides related technical and consulting services, while Hangqilun specializes in designing and manufacturing industrial turbines and gas turbines [1] - After the merger, the surviving company will inherit all assets, liabilities, businesses, personnel, contracts, and other rights and obligations of Hangqilun, forming a business structure focused on industrial turbine machinery with supplementary power information services [1] Group 2 - CITIC Securities views this transaction as a rare "A absorbs B" case and the first instance of a listed company absorbing and merging another listed company, reflecting strong support from the "Six Merger Guidelines" for integration among listed companies [2] - The merger will create a business structure where industrial turbine machinery is the main focus, complemented by power information system integration, enhancing the core competitiveness and sustainable profitability of the surviving company [2] - The "Six Merger Guidelines" aim to facilitate the integration of capital and technology towards high-quality enterprises and innovative sectors, promoting resource flow and supporting the real economy [2] Group 3 - The restructuring of Hangqilun and Hailianxun through a share swap is a significant step in implementing the central government's reform directives, aimed at improving the industrial layout of state-owned listed companies and enhancing asset quality and operational efficiency [3] - This transaction responds positively to the encouragement from the State Council and the CSRC for mergers and acquisitions, enhancing the investment value of listed companies by improving asset quality and operational efficiency [3] - Over the past year, the "Six Merger Guidelines" have invigorated the merger and acquisition market, establishing the capital market as a primary channel for corporate mergers and acquisitions, particularly in technology innovation and new productive forces [3]

证券代码：300277 证券简称：海联讯 公告编号：2025-061 杭州海联讯科技股份有限公司 关于公司换股吸收合并 杭州汽轮动力集团股份有限公司获得 中国证券监督管理委员会同意注册批复的公告 "一、同意杭州海联讯科技股份有限公司以新增 1,174,904,765 股股份吸收 合并杭州汽轮动力集团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深圳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。 六、你们在实施过程中，如发生法律、法规要求披露的重大事项或遇重大问 题，应当及时报告深圳证券交易所并按有关规定处理。" 公司董事会将根据中国证监会批复和相关法律法规的要求以及公司股东会 的授权，在规定期限内办理本次交易所涉及的相关事宜，并及时履行信息披露义 务。有关信息均以公司指定信息披露媒体发布的公告为准。敬请广大投资者关注 后续公告并注意投资风险。 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 杭州海联讯科 ...

海联讯(300277.SZ)公告称，公司收到中国证监会出具的《关于同意杭州海联讯科技股份有限公司吸收 合并杭州汽轮动力集团股份有限公司注册的批复》。批复主要内容包括同意海联讯以新增1,174,904,765 股股份吸收合并杭汽轮，有效期为12个月，并要求公司严格按照报送深圳证券交易所的有关申请文件进 行，及时履行信息披露义务，办理相关手续。 ...

证券日报网讯海联讯（300277）9月16日在互动平台回答投资者提问时表示，公司仍将按照创业板股票 的涨跌幅限制比例，即20%执行。 ...