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601989,申请终止上市

Core Viewpoint - China Shipbuilding Industry Corporation (CSIC) is set to absorb China Shipbuilding Heavy Industry Company (CSHC) through a share swap, leading to the voluntary termination of CSHC's A-share listing, marking a significant consolidation in the shipbuilding sector [2][4][8]. Group 1: Termination of Listing - CSHC has submitted an application for voluntary termination of its A-share listing on the Shanghai Stock Exchange as of August 14, 2025 [7]. - Following the approval of the termination application, CSHC will issue a termination announcement, and the share swap with CSIC will commence [7]. Group 2: Share Swap Details - The share swap ratio is set at 1:0.1339, meaning each share of CSHC will be exchanged for 0.1339 shares of CSIC [7][8]. - The swap prices are established at 37.59 CNY per share for CSIC and 5.032 CNY per share for CSHC [7]. Group 3: Transaction Scale and Significance - The total transaction amount for the merger is approximately 115.15 billion CNY, making it the largest absorption merger in A-share history [4][8]. - This merger is the first to be approved under the revised Major Asset Restructuring Management Measures for listed companies in May 2025 [8]. Group 4: Strategic Implications - The merger aims to consolidate resources and eliminate competition between CSIC and CSHC, enhancing their competitive edge in the shipbuilding industry [15]. - Post-merger, CSIC's total assets are expected to exceed 400 billion CNY, with revenues surpassing 130 billion CNY, positioning it as a leading global shipbuilding enterprise [15]. Group 5: Market Context - In the first half of 2025, global new ship orders totaled 19.38 million compensated gross tons (CGT), reflecting a 54% year-on-year decline, yet Chinese shipbuilders maintained a strong market presence with a 52% market share [15]. - The merger is anticipated to enhance the overall competitiveness of the Chinese shipbuilding industry amid market fluctuations [16].