Jing Ji Guan Cha Wang·2025-09-04 06:18Core Viewpoint - The merger between China Shipbuilding Industry Co., Ltd. and China Shipbuilding Heavy Industry Co., Ltd. has officially taken place, creating the world's largest publicly listed shipbuilding company with total assets exceeding 403.44 billion yuan and annual revenue surpassing 130 billion yuan [1][5]. Group 1: Merger Details - The share exchange ratio for the merger is set at 1:0.1339, meaning each share of China Heavy Industry will convert into 0.1339 shares of China Shipbuilding [1][2]. - The trading of China Heavy Industry's A-shares will officially cease on September 5, marking the completion of the merger [1][3]. - The merger transaction is valued at 115.15 billion yuan, making it the largest absorption merger in the A-share market in nearly a decade [5]. Group 2: Company Profiles - China Heavy Industry, established in March 2008 and listed in December 2009, is the largest shipbuilding and marine engineering equipment enterprise in China, covering a complete industry chain from design to construction [4]. - China Shipbuilding is the core military and civilian product company of the China Shipbuilding Group, with strong capabilities in high-end ship design and construction, as well as marine engineering equipment [4]. Group 3: Strategic Implications - The merger will eliminate competition between the two companies and enhance their core business focus, optimizing the shipbuilding sector's industrial layout [5]. - The combined entity aims to leverage synergies from both companies to enhance research and manufacturing capabilities, driving the shipbuilding industry towards higher-end, greener, smarter, and more standardized development [5].