Chinese shipbuilding conglomerates plan strategic reorganization

Wednesday, 03 July 2019 12:02:40 (GMT+3)   |   Shanghai
       

China’s two largest shipbuilding conglomerates, China State Shipbuilding Corporation Limited (CSSC) and China Shipbuilding Industry Corporation (CSIC), have announced that they are planning a strategic reorganization, though the details of the plans, which will require approval by the relevant authorities, have not been released yet.

This is the first official confirmation regarding the impending reorganization of CSSC and CSIC, and formally puts the merger of the two conglomerates on the agenda.

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 State-owned Asset Supervision and Administration Commission (SASAC) of China’s State Council.


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