“全球最大上市船企”，来了

Core Viewpoint - China Shipbuilding Industry Corporation (CSIC) is set to absorb China Shipbuilding Heavy Industry Company (CSHC) through a share swap, with the exchange ratio established at 1:0.1339, effective from September 5, 2024, leading to CSHC's termination of listing and the creation of the world's largest publicly listed shipbuilding company [1][4][11]. Group 1: Transaction Details - The share swap ratio is confirmed as 1:0.1339, meaning each share of CSHC will convert into 0.1339 shares of CSIC [2][3]. - The transaction has received approval from the China Securities Regulatory Commission, and the Shanghai Stock Exchange has issued a decision regarding the termination of CSHC's listing [4]. - Following the completion of the transaction, CSHC will cease to exist as a listed entity and will transfer all assets, liabilities, and rights to CSIC [6]. Group 2: Financial Data - As of June 30, 2025, the total assets of CSHC and CSIC are reported at 2214.65 billion and 1819.77 billion respectively, with net assets of 856.56 billion and 527.48 billion [7]. - After the merger, CSIC's total assets will reach 4034.42 billion, and net assets will amount to 1384.04 billion [11]. - For the first half of 2025, the net profit attributable to shareholders for CSHC and CSIC is reported at 17.45 billion and 29.46 billion, reflecting year-on-year growth of 227.07% and 108.59% respectively [11]. Group 3: Business Focus - CSHC's primary operations include shipbuilding (military and civilian), ship repair, marine engineering, and electromechanical equipment [12][13]. - The merger aims to enhance focus on national strategic priorities, accelerate high-quality development in shipbuilding, and improve operational quality of the listed companies [13]. - Both companies are ultimately controlled by China Shipbuilding Group Co., Ltd., a major state-owned enterprise with total assets of 10066.16 billion [13].