【导读】*ST松发近40亿配套融资获19名投资者认购。 见习记者 夏天 8月11日晚间，*ST松发（证券代码：603268）发布公告，宣布公司重大资产置换及发行股份购买资产并募集配套资金项目已顺利完成，近40亿元配套融 资获19名投资者认购。 重组方案落地 恒力重工资产置入 2024年9月30日，*ST松发宣布筹划重大资产重组并停牌。根据2025年4月12日披露的重大资产置换及发行股份购买资产并募集配套资金暨关联交易报告书 （草案）（上会稿），此次重组方案分为三个部分： 这一历时近一年的资本运作，标志着这家曾经的陶瓷制造企业正式转型为船舶及高端装备制造企业。此次重组不仅让*ST松发摆脱退市风险，更使其一跃 成为A股船舶制造板块的新贵标的，市场关注度迅速攀升。 一是资产置换：公司以原有陶瓷业务资产（估值约5.1亿元）与恒力集团旗下恒力重工（估值约80亿元）进行置换。 二是发行股份购买资产：公司向恒力集团等交易对方发行股份，收购恒力重工剩余股权，发行价格为10.16元/股。 三是募集配套资金：公司拟向不超过35名特定投资者非公开发行股份，募集不超过40亿元资金，用于恒力重工及恒力造船项目建设。 2025年5月14 ...

Core Viewpoint - *ST Songfa has successfully completed a major asset restructuring and financing project, raising nearly 4 billion yuan with subscriptions from 19 investors, marking its transformation from a ceramics manufacturer to a shipbuilding and high-end equipment manufacturing company [2][4]. Group 1: Asset Restructuring Details - The restructuring process, which took nearly a year, involved the exchange of the company's original ceramics business assets (valued at approximately 510 million yuan) with Hengli Heavy Industry (valued at around 8 billion yuan) [6]. - The company issued shares to acquire the remaining equity of Hengli Heavy Industry at a price of 10.16 yuan per share [7]. - The financing plan included a non-public issuance of shares to no more than 35 specific investors, aiming to raise up to 4 billion yuan for the construction of Hengli Heavy Industry and Hengli Shipbuilding projects [8]. Group 2: Market Impact and Future Prospects - The restructuring has allowed *ST Songfa to eliminate the risk of delisting and has positioned it as a new key player in the A-share shipbuilding sector, attracting significant market attention [4]. - The restructuring project is noted as the first cross-industry merger approved under the "Six Merger Rules" policy, setting a benchmark for future cases [9]. - Hengli Heavy Industry is expected to generate a net profit of 1.127 billion yuan in 2025, with a commitment from the counterparty to achieve a cumulative net profit of no less than 4.8 billion yuan from 2025 to 2027, indicating a compound annual growth rate of over 15% [9]. Group 3: Investor Participation and Stock Performance - The financing round saw participation from 19 investors, including major public funds, private equity, and industrial capital, with significant allocations to institutions like UBS AG and Citic Financial Assets, reflecting strong confidence in Hengli Heavy Industry's future [11]. - Following the announcement of the restructuring plan, *ST Songfa's stock price has surged, closing at 53.35 yuan per share on August 11, representing an increase of over 200% since the suspension of trading on September 27, 2024, with a total market capitalization reaching 46 billion yuan [13].