China Heavy Industry's stock swap implementation and equity registration date is September 4th, with a stock swap ratio of 1:0.1339 with China Cssc Holdings Limited.
On the evening of September 3rd, China Heavy Industry and China Cssc Holdings Limited announced that China Heavy Industry plans to terminate its listing starting September 5th. The stock swap implementation and equity registration date is September 4th, with a swap ratio of 1:0.1339, meaning every 1 share of China Heavy Industry stock will be converted to 0.1339 shares of China Cssc Holdings Limited stock.
The aforementioned transaction, which has been in progress for a year, is about to enter the implementation phase. On September 3, 2024, both China Heavy Industry and China Cssc Holdings Limited announced that China Cssc Holdings Limited plans to absorb and merge China Heavy Industry through a stock swap.
Upon completion of the transaction, China Cssc Holdings Limited will become the "world's largest listed shipbuilding company." As of June 30, 2025, the combined total assets of China Heavy Industry and China Cssc Holdings Limited reached 403.442 billion yuan.
**Stock Swap Ratio Confirmed at 1:0.1339** **China Heavy Industry Plans to Terminate Listing Starting September 5th**
The announcement shows that China Cssc Holdings Limited plans to absorb and merge China Heavy Industry by issuing A-shares to all stock swap shareholders of China Heavy Industry. China Cssc Holdings Limited serves as the absorbing party, while China Heavy Industry is the absorbed party.
After ex-rights and ex-dividend adjustments, China Cssc Holdings Limited's swap price is 37.59 yuan per share, while China Heavy Industry's swap price is 5.032 yuan per share.
Based on this calculation, the stock swap ratio for the transaction is determined to be 1:0.1339, meaning every 1 share of China Heavy Industry stock will be converted to 0.1339 shares of China Cssc Holdings Limited stock.
The announcement indicates that China Cssc Holdings Limited shares obtained by China Heavy Industry shareholders must be whole numbers. If the number of China Heavy Industry shares held multiplied by the swap ratio results in a non-integer, shares will be distributed based on the size of decimal remainders, with 1 share issued to each shareholder in sequence until the actual swap number matches the planned issuance.
China Cssc Holdings Limited announced that the A-shares issued due to this stock swap absorption merger will apply for listing and circulation on the Shanghai Stock Exchange main board.
Meanwhile, China Heavy Industry plans to terminate its listing starting September 5th and cancel its corporate legal status. The transaction has received approval from the China Securities Regulatory Commission, and the Shanghai Stock Exchange has issued the "Decision on Terminating the Listing of China Shipbuilding Industry Corporation Limited."
As of the close on September 3rd, the total market capitalizations of China Heavy Industry and China Cssc Holdings Limited were 116.3 billion yuan and 167.8 billion yuan, respectively.
**Latest Financial Data of Transaction Parties Revealed**
The announcement shows that after the transaction is completed, China Heavy Industry will terminate its listing and cancel its corporate legal status, while China Cssc Holdings Limited will inherit and assume all assets, liabilities, businesses, personnel, contracts, and all other rights and obligations of China Heavy Industry.
Recently, both China Heavy Industry and China Cssc Holdings Limited disclosed their 2025 interim reports, allowing the public to see the latest financial data of both companies.
As of June 30, 2025, China Heavy Industry and China Cssc Holdings Limited had total assets of 221.465 billion yuan and 181.977 billion yuan respectively, with net assets of 85.656 billion yuan and 52.748 billion yuan respectively.
After completing the transaction, China Cssc Holdings Limited's total assets will reach 403.442 billion yuan, with net assets reaching 138.404 billion yuan.
In the first half of 2025, China Heavy Industry and China Cssc Holdings Limited achieved net profits attributable to shareholders of 1.745 billion yuan and 2.946 billion yuan respectively, representing year-on-year growth of 227.07% and 108.59% respectively.
Both China Heavy Industry and China Cssc Holdings Limited stated in their 2025 annual reports that in the first half of 2025, the shipbuilding industry maintained good overall development momentum.
China Heavy Industry's main businesses cover five major sectors: marine defense and marine development equipment, marine transportation equipment, deep-sea equipment and ship repair and modification, ship supporting and electromechanical equipment, and strategic emerging industries and others.
China Cssc Holdings Limited's main businesses include shipbuilding (military and civilian), ship repair, marine engineering, and electromechanical equipment.
Both China Heavy Industry and China Cssc Holdings Limited previously stated that this transaction will help further focus on national major strategies and the main responsibilities of military equipment strengthening, accelerate high-quality development of ship assembly business, standardize industry competition, and improve the operational quality of listed companies.
The ultimate controlling shareholder of both China Heavy Industry and China Cssc Holdings Limited is China State Shipbuilding Corporation Limited. According to the official website, China State Shipbuilding Corporation Limited is a large-scale state-owned key enterprise with total assets of 1,006.616 billion yuan.
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