China Shipbuilding power restructuring application accepted by exchange

China Shipbuilding Industry Group Power Co., Ltd. (SSE:600482) announced that its application for a major asset restructuring has been accepted by the Shanghai Stock Exchange. The proposed restructuring involves the issuance of convertible corporate bonds and cash payments to acquire 16.5136% equity of China Shipbuilding Diesel Engine Co., Ltd. from China Shipbuilding Industry Group Co., Ltd., and raise supporting funds from no more than 35 specific investors. According to the announcement, the Shanghai Stock Exchange has reviewed the application documents and determined that they are complete and compliant, thus accepting the application for review. The transaction is still subject to further review and approval by the Shanghai Stock Exchange and the China Securities Regulatory Commission.