Zheng Quan Shi Bao Wang·2025-07-18 12:09Group 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]