Hua Xia Shi Bao·2025-08-19 11:51Core Viewpoint - China Shipbuilding Industry Co., Ltd. (China Shipbuilding) has completed a share swap merger with China Shipbuilding Heavy Industry Co., Ltd. (China Heavy Industry), leading to the latter's delisting and the consolidation of assets and liabilities under China Shipbuilding [2][3]. Group 1: Stock Performance - On August 19, China Shipbuilding resumed trading with a 6.44% increase at the opening, reaching a peak of 39.98 CNY per share before closing at 38.38 CNY, a slight decrease of 0.31% [2]. - The stock price of China Shipbuilding has increased over 30% from April 18 to the present [2]. Group 2: Merger Details - The share swap ratio is set at 1:0.1335, meaning each share of China Heavy Industry can be exchanged for 0.1335 shares of China Shipbuilding, with the swap prices determined at 37.84 CNY and 5.05 CNY per share, respectively [3]. - The total transaction value for the merger amounts to 115.15 billion CNY [3]. Group 3: Financial Performance - As of August 19, China Shipbuilding's market capitalization stands at 171.7 billion CNY [4]. - The company anticipates a net profit of 2.8 billion to 3.1 billion CNY for the first half of the year, representing a year-on-year growth of 98.25% to 119.49% [4]. - The non-recurring net profit is expected to be between 2.635 billion and 2.935 billion CNY, reflecting a growth of 119.89% to 144.93% year-on-year [4]. Group 4: Future Outlook - As of May 2025, China Shipbuilding holds 322 civil ship orders totaling 24.61 million deadweight tons, with production capacity scheduled until 2029 [4]. - The merger is expected to enhance the comprehensive competitiveness of the Chinese shipbuilding industry through synergistic effects [4].