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The Plan of Merger and Acquisition of China Merchants Property Development Co., Ltd. (hereinafter referred to as “Merchants Property”) by China Merchants Shekou Industrial Zone Holdings Co., Ltd. (hereinafter referred to as “Merchants Shekou”) through A-share Offering for Shares Swap has been successfully implemented recently. And Merchants Shekou is listed in Shenzhen Stock Exchange (“SZSE”) on December 30, 2015. This is the first case of merger and acquisition of A-share and B-share of existing listed company by a non-listed company through share offering for shares swap.
Merchants Shekou and Merchants Property started merger and acquisition work from April 2015, and gained the approval from China Securities Regulatory Commission (“CSRC”) on November 27, 2015. With the full support and joint efforts of SZSE and China Securities Depository and Clearing Co., Ltd. Shenzhen Branch, relevant merger and acquisition work was pushed forward efficiently, for examples, B-share of Merchants Property was delisted on December 11, 2015 and cash option implementation was completed on December 17, 2015, A-share of Merchants Property was delisted and Merchants Shekou was listed on December 30, 2015, so as to successfully realize the overall listing of Merchants Shekou.
After the offering, the total number of RMB ordinary shares of Merchants Shekou is 7,401,797,599, and 1,899,438,240 shares from the 1,901,797,599 shares in the public offering are tradable since the listing date. As estimated by the opening reference price of 25.30 yuan per share, the aggregate market value of Merchants Shekou would be 180 billion yuan.
An officer of SZSE said, the case marks an important progress of capital market in serving and supporting state-owned enterprise reform. Capital market is an important platform for deepening state-owned enterprise reform, and state-owned enterprise reform is an important driver for the healthy development of capital market. SZSE will further implement the guiding opinions of the CPC Central Committee and State Council on deepening state-owned enterprise reform, constantly optimize the merger, acquisition and restructuring environment, vigorously push forward state-owned enterprise restructuring and listing, and promote group company for overall listing and becoming better and stronger through capital market.
