Sou Hu Cai Jing·2025-08-05 01:16Core Viewpoint - The merger between China Shipbuilding and China Heavy Industry has made significant progress, with the initiation of dissenting shareholders' cash option procedures [1][3] Group 1: Dissenting Shareholders' Rights - The exercise price for dissenting shareholders of China Shipbuilding is set at 30.02 CNY per share, while for China Heavy Industry, it is 4.03 CNY per share [3] - The declaration period for dissenting shareholders of China Shipbuilding is from August 13 to August 15, with specific hours for submission [3] - China Heavy Industry's dissenting shareholders can declare from August 13, 9:00 to 15:00 [3] - As of August 4, China Heavy Industry's closing price was 4.68 CNY per share, representing a 16.13% premium over the cash option exercise price [3] - China Shipbuilding's closing price on August 4 was 34.04 CNY per share, reflecting a 13.39% premium over the acquisition request exercise price [3] Group 2: Suspension and Merger Progress - China Shipbuilding will resume trading on the day the results of the dissenting shareholders' acquisition request are announced, while China Heavy Industry will remain suspended until delisting [4] - The merger transaction has received regulatory approval, with the China Securities Regulatory Commission consenting to the share exchange merger plan on July 18 [4] - This merger is considered the largest absorption merger in the history of A-share listed companies [4] - Post-merger, the total assets of the restructured China Shipbuilding are expected to exceed 400 billion CNY, with annual revenue surpassing 130 billion CNY [4] - The merger aims to eliminate competition between the two companies, optimize the shipbuilding sector's resource allocation, and enhance core competitiveness through synergies [4]