Shang Hai Zheng Quan Bao·2025-09-03 14:08Core Viewpoint - China Shipbuilding Industry Corporation (CSIC) is set to absorb China Shipbuilding Industry Corporation (CSIC) through a share exchange, marking a significant consolidation in the state-owned enterprise sector, with the merger expected to enhance operational efficiency and market competitiveness [2][4][10] Group 1: Merger Details - The share exchange ratio is established at 1:0.1339, meaning each share of China Ship will convert into 0.1339 shares of CSIC [5][6] - The effective date for the termination of China Ship's A-shares listing is September 5, 2025, after which shareholders will no longer see their shares reflected in their accounts until the conversion is complete [2][4] - Following the merger, CSIC will inherit all assets, liabilities, and operations of China Ship, effectively ceasing its existence as a separate entity [4][10] Group 2: Financial Implications - Post-merger, the total assets of the newly formed CSIC are projected to exceed 400 billion yuan, with annual revenue anticipated to surpass 130 billion yuan, positioning it as a leader in the global shipbuilding industry [10] - The merger is expected to eliminate competition between the two companies, allowing for a more streamlined focus on core shipbuilding operations and enhanced resource optimization [10] Group 3: Shareholder Considerations - Shareholders of China Ship will receive shares in CSIC based on the established exchange ratio, with adjustments made for any fractional shares [8] - Any existing restrictions on shares from China Ship will carry over to the new shares in CSIC, maintaining the integrity of shareholder rights [9]