Chinese State Shipbuilders CSSC and CSIC Announce USD38 Billion Merger to Form World's Largest Shipbuilder

Sep 3, 2024, 09:20 AM

China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), two Chinese state-owned conglomerates, announced their merger to form the world's largest shipbuilder. The combined market cap of the entities is nearly CNY270 billion (USD38 billion). The merger aims to align with Beijing's strategy and focus on building a 'strong military.' Trading for both companies was suspended following the announcement. The merger will be executed through a share swap, and it is expected to solidify China's position as the world's largest shipbuilding country amid rising protectionism. CSSC Holdings announced the plan on Monday.