China Shipbuilding (600150): plans to inject Jiangnan Shipbuilding and other assets to build the Group’s shipbuilding platform
Event March 29, China Shipbuilding announced the suspension of major asset project restructuring announcement. The proposed new target assets are the shares of Jiangnan Shipbuilding, Huangpu Wenchong and Guangchuan International. The proposed assets are the entire equity of Hudong Heavy Machinery;Later counterparties added CSSC, etc., which constituted connected transactions.
The asset restructuring proposed to use the transaction method to purchase assets and raise funds for the issuance of shares.
Brief comment on March 29, China Shipbuilding announced the suspension of major asset project restructuring, the proposed target assets are Jiangnan Shipbuilding, Huangpu Wenchong and Guangchuan International, and the proposed assets are the entire equity of Hudong Heavy Machinery;After the change, the counterparty added CSSC, etc., constituting a related party transaction.
The asset restructuring proposed to use the transaction method to purchase assets and raise funds for the issuance of shares.
We believe that this asset restructuring mainly injects profitable assets into the company and enhances its profitability.
In 2018, after two consecutive years and two years, China Shipping just turned a profit, realized star lift and cap removal, and injected profit assets such as Jiangnan Shipbuilding to promote the company’s 北京夜网 profitability.
At the same time, the Group’s asset securitization rate was increased.
After the reorganization, Chinese ships will shift from civilian ship manufacturing to military-civilian shipbuilding enterprises, and will become a shipbuilding asset platform attached to CSC.
China Shipbuilding Fixed Assets Waigaoqiao Shipbuilding and China Shipbuilding Chengxi’s main civil ship repair business are now injecting major military assets in Jiangnan Shipbuilding and Huangpu Wenchong.
Jiangnan shipbuilding business is mainly divided into two major sectors: military and civilian, military products mainly include aircraft carriers, 055 large drive, etc., while civilian products business mainly includes super-large containers and so on.
Huangpu Wenchong’s military products mainly include military auxiliary ships, and civilian 杭州桑拿养生会所 ships mainly include small container ships and offshore ships, special ships and so on.
In summary, through this asset reorganization, the platform positioning of CSC’s affiliated listed companies has become clearer. China Shipping has covered the group’s major shipbuilding assets except Hudong Zhonghua, becoming its shipbuilding asset platform.
Injecting profitable assets such as Jiangnan Shipbuilding will help improve the profitability of listed companies.
In 2016 and 2017, the net profit of Chinese ships was negative for two consecutive years, and the failure to deliver offshore products was the company’s top priority.
In 2018, the company restructured the two major shipbuilding companies, Waigaoqiao Shipbuilding and China Shipbuilding Chengxi, to basically achieve self-financing, and the company successfully turned losses into profits, achieving star picking.
Among the newly injected assets in this reorganization, Jiangnan Shipbuilding is a profitable high-quality asset, which is conducive to improving the overall profitability of the enterprise.