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| Published：2019.07.10 News Sources：Qingdao Gute Ship Supplies Co., Ltd. Views： | |||
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China Merchants will integrate the shipbuilding business of the three central enterprises
China Merchants intends to integrate the marine engineering business of CIMC and AVIC International According to Caixin.com, China Merchants Group intends to integrate the marine engineering business of CIMC and AVIC International. After the completion of the integration, the shipping and offshore operations of the three companies will be operated by China Merchants Industrial Group Co., Ltd. (China Merchants Industrial) under the China Merchants Group. In response to relevant reports, CIMC said that the authenticity of the plan cannot be confirmed at present, but the restructuring of CIMC Offshore has been advancing. AVIC International confirmed the integration. China Merchants Group took the lead in the domestic ship offshore business integration news is not announced for the first time. In April this year, it was reported that China Merchants Industrial Group, CIMC, Shandong Province, Shenzhen City and SDIC Innovation Investment Management Co., Ltd. were setting up “China Offshore Industry Group” to build a world-class marine engineering solution. The industry leader has five construction bases in North China, East China and South China, and six technical centers in Shenzhen, Yantai, Haimen, Sweden, Norway and Italy. Among them, China Merchants Industry Group and CIMC Group plan to inject assets and business related to offshore engineering, Shandong Province, Shenzhen City and SDIC Innovation as strategic investors, with cash injection. However, this time, AVIC International will become a “new member” of the integration of offshore business, and form an integrated and interactive level with the China Merchants Group. CIMC's offshore business is mainly CIMC Raffles, with three construction bases in Yantai, Haiyang and Longkou, mainly for the construction of semi-submersible drilling platforms and other marine products and special vessels. The main business of AVIC International's shipbuilding business is AVIC, which owns two shipyards, namely AVIC Dingheng Shipbuilding and AVIC Weihai Shipyard, and mainly builds high value-added special ships and chemical tankers. Both of them have coincidence with the investment business. In addition, China Merchants Industry also began to integrate shipbuilding assets last year and signed a management rights custody agreement with Sinotrans Changhang Group. Since January 12, 2019, China Merchants Industrial Co., Ltd. has been engaged in the Jinling Shipyard and Jiangdong Shipyard of Sinotrans Changhang Group. Jinling Shipyard is a high-value-added, high-tech special-purpose ship, which has formed a brand advantage featuring deep-growing ro-ro ship construction market and has become the largest manufacturer of Ro-Ro ships in China. 
In fact, the merger of China Merchants Group and CIMC's offshore business was first seen in the implementation plan of Shenzhen Qianhai Shekou Area in Shenzhen (Guangdong) Pilot Free Trade Zone in July 2015, supporting the China Merchants Group. CIMC Group integrates its offshore resources and will build Qianhai Shekou Area into the world's largest offshore equipment headquarters. In April 2017, China Merchants Industrial took over 24.53% of CIMC from China Merchants Port and became the largest shareholder of CIMC. The transfer is considered to be the share swap within the China Merchants Group. It can also be understood as the coordination and reorganization of the internal marine business of the China Merchants Group, which has further laid the foundation for the integration of the offshore industry. The main business of CIMC is container production, and the offshore business contributed only 1.7% of its revenue in 2018. Due to the continuous downturn in the offshore market in recent years, the offshore engineering business of CIMC Group has suffered long-term losses. From 2016 to 2018, the offshore business suffered losses of 213 million yuan, 1.039 billion yuan and 3.449 billion yuan respectively. China Merchants Industry and CIMC have many overlaps in the offshore business. CIMC's offshore business is CIMC Raffles, with three R&D centers in Sweden, Shanghai and Yantai, and three construction bases in Yantai, Haiyang and Longkou. The main products are deep-water semi-submersible platforms, self-elevating platforms and Other high-end offshore special ships. 
On the other hand, China Merchants Shipyard Co., Ltd., two companies under the China Merchants Group, has become an influential offshore and ship repair and modification high-end brand in the world. China Merchants Heavy Industry has also become a high-end product for China's offshore equipment and special ships. Business. In November 2015, China Merchants Heavy Industry Co., Ltd. won an order for four deepwater semi-submersible drilling aids from a Singapore company. It was once considered a challenge to CIMC Raffles' monopoly in this field. Mai Boliang, president of CIMC Group, expressed the possibility of integration of offshore business on both occasions. Mai Boliang said at the 2018 performance briefing that CIMC's offshore business was in the process of integration, but did not disclose the specific situation. In the special interview with the Securities Times last year, Mai Boliang also said that the future development of the offshore industry needs to integrate superior resources, work together, and strengthen the alliance. China's sea trade unions stand at the top of the world and there is great hope in the future. The data shows that if China Merchants Industry and CIMC Raffles merge smoothly, the construction record of jack-up rigs will reach 38, and the construction record of semi-submersible rigs will reach 14, which will be among the global offshore engineering records. The first echelon will open up a new competitive situation. AVIC International sells ship business China Merchants Group into potential investors AVIC Ships, a subsidiary of AVIC International Holdings, has continued to lose money in recent years. AVIC International Holdings has also been considering the sale of its ship business. In October 2018, AVIC International Holdings announced that it was in preliminary negotiations with potential investors to sell ship-related business matters. At that time, it was reported that China Merchants Group was a potential investor in AVIC's international shipping business, and the shipyard of AVIC International Holdings may merge with China Merchants Heavy Industry. This program has been supported by the SASAC and is part of a policy to integrate state-owned enterprises into internationally competitive groups. 
According to Clarkson's data, at present, AVIC Weihai Shipyard has a total of 8 orders and 67,000 DWTs, all of which are passenger rolling ships. Zhonghang Dingheng Shipyard has a total of 22 orders and 225,598 DWT, including one product tanker and 21 chemical tankers. In April this year, AVIC International announced the sale of AVIC Weihai Shipyard to Shenzhen China Merchants Haigong Investment Co., Ltd. The two parties signed an agreement, AVIC International transferred the 69.77% equity of AVIC Weihai Shipyard and the shareholders of Weihai Shipyard to China Merchants Offshore Investment Co., Ltd. at a price not exceeding RMB 620 million. After the completion of the transfer, AVIC Ships only has a shipyard of China Aviation Dingheng. According to informed sources, AVIC Dingheng will also be sold to the enterprises of China Merchants Industry in the future. Shenzhen China Merchants Bureau Haigong Investment Co., Ltd. is an indirect wholly-owned company of China Merchants Group. It is 100% owned by China Merchants Steamship Co., Ltd. and was established on November 15, 2013. Its main business scope is investment management. The subsidiaries of China Merchants Offshore Investment include China Merchants Cruise Manufacturing Co., Ltd., Zhejiang Youlian Repair Ship Co., Ltd. and Beijing Guohai Offshore Asset Management Co., Ltd. Similar to China Merchants and CIMC, the assets of China Airlines International Holdings' ship business are also impaired due to operating losses. As of the end of 2018, the assets and goodwill impairment losses of China Aviation Ship Holdings' ship business were 227 million yuan. Therefore, some insiders told the International Ship Network that the current operations of CIMC Raffles and AVIC vessels are not optimistic. After integration into the investment industry, the synergies generated by the three parties will reduce operating costs and improve operational dilemma. 
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