杭汽轮：携手海联讯推进资产重组，复牌在即共启资本市场新征程

Group 1 - The merger between Hailianxun and Hangqilun B marks a significant asset restructuring phase, with Hailianxun issuing A-shares to exchange for Hangqilun B-shares at a price of 9.56 yuan per share, representing a 34.46% premium over the average price of the previous 20 trading days [1] - The merger plan includes exit mechanisms for dissenting shareholders, allowing them to exercise cash options at 7.77 HKD per share for Hangqilun and 9.56 yuan per share for Hailianxun, ensuring protection of their interests and facilitating the transaction [1] - This restructuring aligns with the Chinese government's push for state-owned enterprise reform and aims to enhance the quality of listed companies and promote healthy capital market development [1] Group 2 - Hangqilun, listed on the B-share market since 1998, has faced limitations in capital operations due to restricted financing capabilities, but the merger will provide access to broader A-share financing channels, enhancing its competitive platform [2] - The merger is expected to create synergies between Hangqilun's core business in industrial turbines and Hailianxun's power information services, establishing a dual business structure that enhances scale and integration capabilities [2] - Hangqilun is a leading player in the industrial turbine sector, with products widely used across various industries, including petrochemicals, power, and environmental protection, positioning it as a key player in large industrial installations [2] Group 3 - The turbine market in China is projected to reach $5.4 billion by 2029, with a compound annual growth rate (CAGR) of 2.3%, driven by increasing demand for reliable and efficient power sources in various industrial sectors [3] - Hangqilun maintains a strong market position and is actively expanding internationally, having gained important certifications in regions like the Middle East and Southeast Asia, which enhances its global recognition [3] - The merger allows Hangqilun to transition from B-share to A-share, providing new growth opportunities and enabling both companies to leverage shared resources and complementary strengths for greater business collaboration [3]