China’s State Council has approved the merger of China’s two largest state-owned shipbuilding conglomerates, China State Shipbuilding Corporation Limited (CSSC) and China Shipbuilding Industry Corporation (CSIC), as announced by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council.
After two shipbuilders being merged into one corporation, it will be administered by SASAC.
The merger in question will create a shipbuilding giant with a combined revenue of up to RMB 1.0 trillion ($141.5 billion).
As previously reported by SteelOrbis, CSSC and CSIC were established in 1999 in Shanghai and Beijing, respectively, with registered capitals of RMB 32.0 billion and 63.0 billion. Both of them are 100 percent-controlled by the SASAC of China’s State Council.