China Shipbuilding merging with China Heavy Industry, approved by the China Securities Regulatory Commission, to create a flagship in the global shipbuilding industry.

1. The China Securities Regulatory Commission recently approved the merger plan of China Shipbuilding and China State Shipbuilding Corporation, marking a key progress in the "two ships merger". After the transaction is completed, China Shipbuilding will inherit all assets and operations of China State Shipbuilding Corporation, with total assets exceeding 400 billion yuan, revenue and net profit exceeding 300 billion yuan, making it the largest A-share merger case in history. 2. The merged listed company will become a shipbuilding industry giant leading in global asset size, revenue, and order backlog. As of July 22nd, the market capitalization of the two companies reached 155.193 billion yuan and 109.678 billion yuan respectively. This integration will effectively solve the issue of intra-industry competition within China Shipbuilding Group and improve resource allocation efficiency. 3. Analysis indicates that this merger is a typical case of specialization integration of state-owned enterprises. Since 2024, under the promotion of state-owned enterprise reform policies, there have been 18 major asset restructurings in A-share market, and the merger and horizontal integration of state-owned enterprises in "hard technology" have become the two core trends in the market.