Guo Ji Jin Rong Bao·2025-09-02 09:04Core Viewpoint - China Shipbuilding Industry Company (China Shipbuilding) will terminate the listing of its A-shares on September 5, 2025, due to a voluntary delisting, and will not enter a delisting transition period [1] Group 1: Company Overview - China Shipbuilding will issue A-shares at a price of 37.84 yuan per share to China Heavy Industry shareholders, with a swap ratio of 1 share of China Heavy Industry for 0.1339 shares of China Shipbuilding, totaling a transaction value of 115.15 billion yuan [3] - China Heavy Industry, established in 2008 and listed in December 2009, focuses on marine defense equipment, marine development equipment, marine transportation equipment, deep-sea equipment, and ship repair and modification [3] - China Shipbuilding, as the core listed company of China Shipbuilding Group, engages in military and civilian shipbuilding, ship repair, marine engineering, and electromechanical equipment [4] Group 2: Financial Performance - For the first half of 2025, China Heavy Industry reported revenue of 32.62 billion yuan, a year-on-year increase of 47.56%, and a net profit of 1.75 billion yuan, up 227.07% [4] - In the same period, China Shipbuilding achieved revenue of 40.33 billion yuan, a year-on-year increase of 11.96%, and a net profit of 2.95 billion yuan, up 108.59% [4] - The total assets of China Heavy Industry reached 221.47 billion yuan, while China Shipbuilding's total assets were 181.98 billion yuan [4] Group 3: Merger and Acquisition Details - The merger will create a new company with total assets exceeding 400 billion yuan, making it the largest publicly listed shipbuilding company globally [5] - The merger process began with the initial announcement in September of the previous year, receiving approval from the State-owned Assets Supervision and Administration Commission in January [6][7] - The merger was approved by the Shanghai Stock Exchange's M&A Committee on July 4, and the delisting application was submitted on August 14, with the final decision made on August 29 [9]