又一例"A吸并B"交易即将诞生。 9月28日晚间，海联讯、杭汽轮B双双发布公告称，于2025年9月26日收到了中国证监会出具的《关于同意杭州海联讯科技股份有限公 司吸收合并杭州汽轮动力集团股份有限公司注册的批复》。 海联讯吸收合并杭汽轮B获批 根据最新发布的批复，证监会同意杭州海联讯科技股份有限公司以新增11.75亿股股份吸收合并杭州汽轮动力集团股份有限公司的注 册申请。该批复有效期为12个月。 证监会表示，本次吸收合并应当严格按照报送深圳证券交易所的有关申请文件进行，按照有关规定及时履行信息披露义务，办理相 关手续。 去年10月，两家公司共同宣布，海联讯拟换股吸收合并杭汽轮B，预计构成重大资产重组和关联交易。由于两家公司的实际控制人均 为杭州市国资委，且该交易或将成为A股公司换股吸收合并B股公司的新案例，还预计构成"蛇吞象"式重组，因此备受市场瞩目。 今年6月，深交所受理了相关申请，还就估值合理性、协同效应等方面发出问询函。今年9月初，相关重组上市事项过会。9月26日证 监会正式批准，标志着该交易进入实施阶段。 一笔"蛇吞象"的交易 资料显示，海联讯是一家从事电力信息化系统集成业务的国家高新技术企业，201 ...

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui marks a significant development in their decade-long relationship, with Xiangcai proposing a share swap to absorb Dazhihui, indicating a strategic shift in their business operations [1][2]. Summary by Sections Merger Details - On September 25, Dazhihui disclosed a restructuring report, with Xiangcai proposing a share swap at a ratio of 1:1.27, resulting in the issuance of 22.82 billion shares and an increase in Xiangcai's total share capital to 51.41 billion shares [1][2]. - Dazhihui plans to raise up to 8 billion yuan for various projects, including financial modeling and digital transformation [1]. Corporate Structure Post-Merger - Following the merger, Dazhihui will be delisted and Xiangcai will inherit all of Dazhihui's assets, liabilities, and operations, while Xiangcai's major shareholder, New Lake Holdings, will see its ownership percentage decrease from 40.37% to 22.4% [2]. - Xiangcai remains the second-largest shareholder of Dazhihui with a 9.66% stake, and the merger will not alter Xiangcai's control [2]. Historical Context - The relationship between Xiangcai and Dazhihui dates back to 2014 when Dazhihui attempted to acquire Xiangcai Securities for 8.5 billion yuan to gain a brokerage license [3][4]. - The acquisition was initially approved but was halted due to Dazhihui's regulatory issues, including financial fraud allegations [4]. Financial Performance - For the reporting period, Xiangcai achieved a total revenue of 1.144 billion yuan, a year-on-year increase of 4.63%, and a net profit of 142 million yuan, up 93.12% [5]. - Dazhihui reported a revenue of 379 million yuan, a 13.19% increase, but incurred a loss of 340 million yuan [5]. Market Comparison - Analysts suggest that the merger aims to replicate the success of Dongfang Caifu, which effectively transitioned from an internet platform to a brokerage, but current market conditions differ significantly from those in 2016 [5]. - The current brokerage environment has seen a decline in commission rates, making it challenging for Xiangcai and Dazhihui to achieve similar profitability as Dongfang Caifu did in its early years [5].

南财智讯9月26日电，湘财股份公告，湘财股份有限公司通过向大智慧全体换股股东发行A股股票的方 式换股吸收合并大智慧。本次权益变动前，信息披露义务人张长虹、张婷、张志宏未持有湘财股份的股 份；本次权益变动后，信息披露义务人及其一致行动人合计持有湘财股份8.91亿股，占换股吸收合并后 上市公司总股本的17.32%。信息披露义务人及其一致行动人承诺本次权益变动获得的股份锁定12个 月，并承诺不谋求湘财股份的控制权。本次权益变动尚需湘财股份和大智慧股东大会审议通过及中国证 监会注册。 ...

新华财经北京9月25日电 大智慧发布重组报告书草案，湘财股份拟换股吸收合并大智慧。截至换股实施 股权登记日，湘财股份持有的大智慧股份以及新湖集团持有的大智慧股份将直接予以注销，不参与换 股，湘财股份亦不就该等股份支付对价。本次吸收合并后，大智慧将终止上市，并注销法人资格；湘财 股份作为存续公司将承继及承接大智慧的全部资产、负债、业务、人员、合同、资质及其他一切权利与 义务。湘财股份的A股换股价格为7.51元／股，大智慧的A股换股价格为9.53元／股。 公告称，本次换股吸收合并中，按照换股比例1:1.27计算，湘财股份拟发行的股份数量合计为22.82亿 股。换股实施后，湘财股份的总股本拟增至51.41亿股。本次募集配套资金总额不超过80亿元，拟用于 金融大模型与证券数字化建设项目、大数据工程及服务网络建设项目、财富管理一体化项目、国际化金 融科技项目、补充流动资金及偿还债务等用途。本次交易构成重大资产重组及关联交易。 编辑：王媛媛 ...

星标 ★ IPO日报 精彩文章第一时间推送 9月16日，中国船舶（600150.SH）新增的股份30.53亿股正式上市。这标志着，中国船舶对中国重工的吸收合 并案正式收官。 | 今开 | 38.07 | | 最高 | 38.07 | | 成交量 | 61.59万手 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 38.51 | | 最低 | 37.23 | | 成交额 | 23.14亿 | | 换手率 | 0.82% | | 市盈(TTM) | 54.60 | | 总市值 | 2811亿 | | 分时 | 五日 | 日K | 周K | 月K | 季K | 年K | 更多v | | 38.07 | | | | | | | -1.14% | | | | | | | | | -2.10% | | 37-33- | | | | | | | =3.06% | | 09:30 | | | 11:30/13:00 | | | | 15:00 | 此次换股吸收合并中，中国船舶换股价格为37.59元/股，中国重工换股价格为5.032元/股，中国重工和中国船 ...

Group 1 - The company announced that its stock price has deviated by more than 20% over three consecutive trading days, indicating abnormal trading fluctuations [1] - The company conducted a self-examination and confirmed that its production and operational activities are normal, with no significant changes in daily operations [1] - The company is planning a merger with Haiguang Information through a share swap and is actively working on raising supporting funds for this merger [1]

吸收合并方海联讯与被吸收合并方杭汽轮的实际控制人均为杭州市国资委。 本次换股吸收合并的定价基准日为吸收合并双方首次董事会决议公告日。综合考虑历史股价、经营业 绩、市值规模等因素，根据《重组管理办法》的相关规定，经合并双方协商确定，本次换股吸收合并 中，海联讯的换股价格按照定价基准日前20个交易日的股票交易均价确定为9.56元/股。杭汽轮定价基 准日前20个交易日股票交易均价为7.77港元/股，按照杭汽轮停牌前一交易日，即2024年10月25日中国 人民银行公布的人民币兑换港元的中间价(1港元=0.91496人民币元)进行折算，折合人民币7.11元/股。 最终确定杭汽轮换股价格为在此基础上给予34.46%的溢价，杭汽轮的换股价格=杭汽轮的交易均价* (1+溢价率)=9.56元/股，每1股杭汽轮股票可以换得海联讯股票数量=杭汽轮的换股价格/海联讯的换股价 格。根据上述公式，杭汽轮与海联讯的换股比例为1:1，即每1股杭汽轮股票可以换得1股海联讯股票。 海联讯2024年度利润分配及资本公积金转增股本方案已经第六届董事会第三次会议、第六届监事会第二 次会议、2024年年度股东会审议通过，海联讯以截至2024年12月31 ...

Core Viewpoint - The acquisition of Shuguang Data Infrastructure Innovation Technology (Beijing) Co., Ltd. by Haiguang Information through a share swap merger with Zhongke Shuguang is progressing, with Haiguang Information required to issue a comprehensive tender offer to shareholders of Shuguang Data after the merger is completed [1][2]. Group 1 - Haiguang Information has signed a share swap merger agreement with Zhongke Shuguang, where Haiguang will issue A-shares to all shareholders of Zhongke Shuguang in exchange for their shares [1]. - Following the completion of the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, businesses, personnel, contracts, and rights and obligations of Zhongke Shuguang [1][2]. - The tender offer is a legal obligation resulting from the indirect acquisition of Shuguang Data by Haiguang Information, and it is not intended to terminate the listing status of Shuguang Data [1][2]. Group 2 - The completion of the acquisition is contingent upon several approvals, including board resolutions from both Haiguang Information and Zhongke Shuguang, shareholder meetings, and regulatory approvals from the State Administration for Market Regulation and the Shanghai Stock Exchange [2]. - Haiguang Information is actively advancing the necessary steps for the tender offer, but it cannot announce the full tender offer report within 60 days from the summary disclosure [2]. - The company will provide updates on the progress of the acquisition every 30 days until the full tender offer report is announced [2].

Core Viewpoint - China Shipbuilding Industry Corporation (CSIC) plans to absorb China Shipbuilding Heavy Industry Company (CSHC) through a share swap, with the share exchange ratio set at 1:0.1339, effective from September 5, 2025, when CSHC will cease to be listed [4][12][18]. Group 1: Transaction Details - The share swap will allow shareholders of CSHC to exchange each share for 0.1339 shares of CSIC [4][11]. - Following the completion of the transaction, CSHC will terminate its corporate status, and all assets and liabilities will be inherited by CSIC [18][12]. - The transaction has received approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange [12]. Group 2: Financial Data - As of June 30, 2025, CSHC and CSIC reported total assets of CNY 2214.65 billion and CNY 1819.77 billion, respectively [19]. - The net profit for CSHC and CSIC in the first half of 2025 was CNY 17.45 billion and CNY 29.46 billion, reflecting year-on-year growth of 227.07% and 108.59% [23]. - After the merger, CSIC's total assets will reach CNY 4034.42 billion, with net assets of CNY 1384.04 billion [22]. Group 3: Strategic Implications - The merger aims to enhance focus on national strategic priorities and improve the quality of operations within the shipbuilding industry [25]. - Both companies emphasize the importance of this transaction in accelerating high-quality development in shipbuilding and reducing competition within the industry [25].

Core Viewpoint - Hangzhou Qilun Power Group Co., Ltd. is undergoing a share swap merger with Hangzhou Hailianxun Technology Co., Ltd., pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1][2]. Group 1 - Hangzhou Hailianxun Technology Co., Ltd. plans to absorb Hangzhou Qilun Power Group Co., Ltd. through a share swap by issuing A-shares to all shareholders of Hangzhou Qilun [1]. - The transaction is subject to review by the Shenzhen Stock Exchange, with the specific meeting time to be announced later [1]. - The approval and registration of the transaction by the relevant authorities remain uncertain, and the company will comply with legal disclosure obligations [1].