Group 1 - The core point of the news is that China Merchants Energy Shipping announced its subsidiary, Sinotrans Container Lines, plans to acquire a stake in Antong Holdings for up to 1.8 billion yuan through various methods including block trading and agreement transfers [1] - Sinotrans Container Lines has already acquired 0.79% of Antong Holdings from Dongfang Asset for 106 million yuan and plans to acquire an additional 1.96% from Sinochem Asset Management for 265 million yuan and 5.14% from China Merchants Port and Guoxin Securities Asset Management for 696 million yuan [1] - Following the completion of these transactions, Sinotrans Container Lines will hold 7.89% of Antong Holdings, making it the largest shareholder when combined with its concerted action partners [1] Group 2 - On the secondary market, Antong Holdings' stock price rose approximately 5%, with a latest market capitalization of 12.91 billion yuan [2] - The business operations of Sinotrans Container Lines and Antong Holdings are highly synergistic, both focusing on container shipping, with Sinotrans covering foreign trade markets and Antong specializing in domestic coastal routes [2] - Antong Holdings reported revenues of 7.549 billion yuan for 2024 and 2.042 billion yuan for Q1 2025, with net profits of 610 million yuan and 241 million yuan respectively, indicating potential for improved profitability for China Merchants Energy Shipping post-integration [2]

Core Viewpoint - The restructuring and spin-off plan of China Merchants Energy Shipping Company has been terminated, leading to a slight increase in its stock price by 0.17%, while the stock price of Antong Holdings dropped by 5.03% [1]. Group 1: Announcement Details - On May 27, both China Merchants Energy Shipping and Antong Holdings announced the termination of their restructuring plan, which involved the spin-off of subsidiaries China Merchants Jinling and China Merchants Roll-on Roll-off through a share issuance by Antong Holdings [2]. - The reason for the termination was attributed to the lack of consensus on transaction terms among the parties involved and changes in market conditions and the actual situation of the target companies since the initial planning [2]. - 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 [2]. Group 2: Impact on Operations - China Merchants Energy Shipping indicated that the termination of the spin-off is not expected to negatively affect shareholder interests or the company's existing operations and financial status [2]. - Both companies affirmed that their strategic planning and operational activities would remain unaffected by the termination of the restructuring [2]. - A representative from Antong Holdings confirmed that the termination would not impact the cooperative relationship with China Merchants, which has been ongoing [3]. Group 3: Background Information - Prior to the termination announcement, investors had inquired about the restructuring progress, including issues related to valuation and market management [5]. - The spin-off was intended to create a focused public platform for container shipping logistics for China Merchants Energy Shipping [5]. - Antong Holdings has established a comprehensive business network covering coastal and inland areas, with a total container throughput exceeding 13.7 million TEU in 2023, ranking among the top in several domestic ports [5].