财联社记者注意到，在公告前一天的10月25日，海联讯收盘价为12.02元/股。而公司8月27日的收盘价是6.11元/股，1. Shenzhen Hirisun Technology Incorporated shareholders plan to absorb and merge Hangzhou Steam Turbine B-share listed company Hangzhou Steam Turbine through a stock exchange; 2. This transaction is expected to constitute a major asset restructuring, with both companies' stocks suspended from trading from the opening of the market on October 28. 3. Both Shenzhen Hirisun Technology Incorporated and Hangzhou Steam Turbine's stock prices showed significant fluctuations before the announcement, rising earlier than the market by mid-September with the former's share price nearly doubling.
October 27th, Financial Union Society (Reporter Chen Kang) announced tonight Shenzhen Hirisun Technology Incorporated (300277.SZ) plans a major asset restructuring strategy of "A absorbs B." The company's controlling shareholder Hangzhou State-Owned Capital Investment Operation Limited Company (referred to as Hangzhou Capital), and also the indirect controlling shareholder of B-share listed company Hangzhou Steam Turbine Power Group Limited Company (referred to as Hangzhou Steam Turbine), plans to absorb Hangzhou Steam Turbine B-share (200771.SZ) through a stock exchange.
According to the announcement, Shenzhen Hirisun Technology Incorporated will issue A-shares to all shareholders of Hangzhou Steam Turbine. At that time, Hangzhou Steam Turbine's shares held by all shareholders will be converted into Shenzhen Hirisun Technology Incorporated's A-shares according to the exchange ratio. After this transaction is completed, Hangzhou Steam Turbine will delist and cancel its legal qualifications.
The Financial Union Society journalist noted that on the day before the announcement, on October 25th, Shenzhen Hirisun Technology Incorporated's closing price was 12.02 yuan/share. The closing price on August 27th was 6.11 yuan/share, nearly doubling in two months. Notably, on September 12th, Shenzhen Hirisun Technology Incorporated's share price started to rise significantly, and from September 19th, Hangzhou Steam Turbine also showed an upward trend, both starting earlier than the start of the market's current rise on September 24th.
According to the announcement, Shenzhen Hirisun Technology Incorporated's operation includes information system integration services, information technology consulting services, software development sales, etc., while Hangzhou Steam Turbine's operation includes the design, manufacture, and sale of rotary and reciprocating machinery equipment, auxiliary equipment, and spare parts such as steam turbines, gas turbines, and more. The two companies are not in the same industry.
In the Shanghai and Shenzhen markets, cases of "A absorbs B" are relatively rare: the earliest was in 2013 when Zhejiang Zheneng Electric Power exchanged shares to absorb and merge Eastern Electricity B; in 2016, Shanghai Chengtou Holding (600649.SH) absorbed and merged Yangchen B through a stock exchange; in 2020, Dongbei B's controlling shareholder Dongbei Group (601956.SH) issued A-shares to all shareholders except Dongbei Group, absorbing and merging Dongbei B shares through a stock exchange; in 2021, Yuehua Packaging B successfully delisted and exchanged Guangdong Guanhao High-Tech (600433.SH), marking the first case of A-share absorption and merger of B-shares across exchanges domestically.
In the above cases, the exchange ratios were as follows: Eastern Electricity B and Zhejiang Zheneng Electric Power at 1:0.886, Yangchen B and Shanghai Chengtou Holding at 1:1, Dongbei B and Dongbei Group at 1:1.8, Yuehua Packaging B and Guangdong Guanhao High-Tech at 1:1.1188.
B-shares are formally known as Renminbi Special Shares, denominated in Renminbi, and are subscribed and traded in foreign currencies on the Shanghai and Shenzhen Stock Exchanges. According to data from the China Securities Association, as of August 31 this year, there are a total of 5,358 listed companies in the domestic stock market, with only 9 B-share companies. Faced with poor liquidity and the loss of normal financing functions, B-share companies are actively transitioning, mainly through converting to A-shares, H-shares, repurchasing, merging AB shares, with the conversion to A-shares being the main route.
