Core Viewpoint - The restructuring and spin-off plan of China Merchants Energy (招商轮船) has been terminated, leading to a slight increase in its stock price by 0.17%, while Antong Holdings (安通控股) saw a decline of 5.03% in its stock price [1][3]. Group 1 - The termination of the restructuring was due to a lack of consensus on transaction terms among the parties involved and changes in market conditions since the initial planning [1][3]. - Antong Holdings stated that the termination would not have a significant adverse impact on its operational and financial status, nor would it harm the interests of the company and minority shareholders [1][3]. - China Merchants Energy indicated that the termination is not expected to negatively affect shareholder interests or the company's existing operations and financial status [1][3]. Group 2 - Prior to the announcement of the termination, investors had inquired about the progress of the restructuring on the interactive platform, including questions about the valuation of the restructuring targets and market management post-failure [3]. - Antong Holdings had previously responded that it was actively advancing related work and would comply with relevant legal and regulatory disclosure requirements [3]. - The spin-off was intended to create a focused public platform for container shipping and logistics for China Merchants Energy [3]. Group 3 - Antong Holdings has established a business network covering "along the river, along the coast, and deep inland," with a total container throughput exceeding 13.7 million TEU in 2023 across national ports, ranking among the top three in several domestic ports [4]. - If the transaction had been completed, Antong Holdings would have had dual capital operation platforms for "irregular shipping (oil and gas transportation + dry bulk transportation)" and "liner shipping (container transportation + roll-on/roll-off)" [4].