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on the evening of september 2, china shipbuilding (600150) and china heavy industry (601989) simultaneously announced that china shipbuilding intends to absorb and merge china heavy industry by issuing a shares to all shareholders of china heavy industry. on the same day, the two parties signed the "absorption merger intention agreement".

the announcement shows that this transaction constitutes a related transaction and is expected to constitute a major asset reorganization as stipulated in the "management measures for major asset restructuring of listed companies". this transaction will not lead to a change in the company's actual controller.

as this transaction is still in the planning stage and related matters are still uncertain, in order to ensure fair information disclosure, safeguard the interests of investors and avoid abnormal fluctuations in the company's stock price, in accordance with the relevant regulations of the shanghai stock exchange, china shipbuilding and china heavy industry will both be suspended from trading from the opening of the market on september 3, 2024 (tuesday). the suspension is expected to last no more than 10 trading days.

as of the close of september 2, china shipbuilding was priced at 34.9 yuan per share, with a total market value of 156.1 billion yuan; china heavy industry was priced at 4.98 yuan per share, with a total market value of 113.6 billion yuan.

public information shows that china heavy industry is a leading listed company in ship research and development, design and manufacturing. its 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, strategic emerging industries and others.

china shipbuilding's main businesses include shipbuilding (military and civilian), ship repair, marine engineering and electromechanical equipment. it is the largest, most technologically advanced and most comprehensive shipbuilding flagship listed company in china.

china heavy industry is 34.53% owned by china shipbuilding industry corporation, china shipbuilding is 44.47% owned by china state shipbuilding corporation, and both china shipbuilding industry corporation and china state shipbuilding corporation are 100% owned by china state shipbuilding corporation.

ship assembly, as the core business of china shipbuilding group's military and civilian ship business, is mainly undertaken by china shipbuilding and china heavy industry, listed companies belonging to the original two major groups.

after years of development, china shipbuilding and china heavy industry have formed a production and manufacturing system for the entire industrial chain of ship assembly, including shipbuilding, ship maintenance, and electromechanical equipment. in response to the needs of strategic tasks such as marine safety, deep-sea scientific research and resource development, they continue to launch world-leading military and civilian products.

against this background, china shipbuilding and china heavy industry have a high degree of business overlap in the field of ship assembly, constituting competition among peers.

the announcement also stated that this absorption and merger is to further focus on the country's major strategies and the main responsibilities and businesses of building equipment and strengthening the military, accelerate the high-quality development of the ship assembly business, standardize competition among peers, and improve the operating quality of listed companies.

in the first half of 2024, the shipping market will rise to a high level due to factors such as the red sea crisis. factors such as cyclical replacement of shipping capacity and green transformation of the maritime industry will continue to drive strong demand in the shipbuilding market, and the shipbuilding industry will maintain a high level of prosperity.

according to clarksons data, in the first half of 2024, a total of 1,247 new ships with a total deadweight tonnage of 77.248 million tons were sold worldwide (a year-on-year increase of 24.4%); a total of 1,282 ships with a total deadweight tonnage of 47.515 million tons were delivered (a year-on-year increase of 1.8%); as of the end of june 2024, there were 6,388 ship orders with a total deadweight tonnage of 314 million tons (a year-on-year increase of 18.5%).

in the first half of the year, the price of new ships approached the historical peak. in june 2024, the clarksons new ship price index closed at 187.2 points, up 3.8% from the beginning of the year, and only 2.3% away from the peak in 2008, the second highest since 2008. at present, global shipbuilders have a large order book, and the production schedule has been extended to 2028. factors such as rising labor costs, greater supply chain pressure, and an increase in the proportion of high-tech ships have jointly pushed up the overall construction cost. the bargaining power of shipbuilders continues to increase, and subsequent ship prices still have upward momentum.

driven by multiple favorable factors such as strong market demand, sufficient orders, and optimized product structure, the profitability of global shipbuilding companies has generally improved. at the same time, the global shipbuilding industry has more than 300 million deadweight tons of orders on hand, and the industry's production guarantee coefficient exceeds 3.5 years. the huge order scale and the increase in the proportion of high-tech ships have further increased the production load of enterprises. in addition, the insufficient labor supply and the tight supply of key equipment and green power equipment have brought great pressure to the production and delivery of ship companies.

in the first half of 2024, my country's shipbuilding industry will lead the world in three major indicators.

according to data released by the ministry of industry and information technology, my country's shipbuilding completion volume in the first half of the year was 25.02 million deadweight tons, an increase of 18.4% year-on-year; new orders were 54.22 million deadweight tons, a year-on-year increase of 43.9%; as of the end of june, the backlog of orders was 171.55 million deadweight tons, a year-on-year increase of 38.6%. according to the forecast of the china shipbuilding group economic research center, the volume of new ship orders in 2024 is expected to exceed 100 million deadweight tons.

against this background, in the first half of 2024, the performance of china shipbuilding and china heavy industry both doubled.

during the period, china shipbuilding achieved operating income of 36.017 billion yuan, a year-on-year increase of 17.99%, of which the operating income of shipbuilding, repair and marine engineering business was 34.446 billion yuan, a year-on-year increase of 22.39%; and achieved a net profit attributable to shareholders of 1.412 billion yuan, a year-on-year increase of 155.31%.

china heavy industry achieved operating income of 22.102 billion yuan, a year-on-year increase of 31.05%; and achieved net profit attributable to shareholders of the parent company of 532 million yuan, a year-on-year increase of 177.13%.