China Shipbuilding Power announces asset restructuring progress

China Shipbuilding Industry Group Power Co., Ltd. (SSE:600482) announced continued progress in its asset restructuring, initially disclosed in October 2024. The company intends to acquire a 16.5136% stake in China Shipbuilding Diesel Engine Co., Ltd. from China Shipbuilding Industry Group Co., Ltd. via the issuance of convertible bonds and cash payments, as well as raising supporting funds through convertible bonds. Trading of the company's shares and convertible bonds (110807, 110808) was initially halted in October 2024 and later resumed in November following board approval of the restructuring plan. The company has since provided monthly updates on its progress, with all intermediary reports essentially finalized. The company will reconvene the board of directors to review related matters after further due diligence, auditing and valuation are completed. The company reminds investors that this transaction is still subject to regulatory approval and internal decision-making procedures.