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Will CSSC and CSIC's merger increase their global shipbuilding market share by the end of 2024?
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China State Shipbuilding Corporation•CSSC•China Shipbuilding Industry Corporation•CSIC•China•Beijing
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Official market share data released by industry reports or financial analysts
Story
China's CSSC and CSIC Merge to Form World's Largest Shipbuilder with CNY270 Billion Market Cap
Sep 5, 2024, 05:34 PM
China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), two of China's largest state-owned shipbuilders, announced a merger to form the world's largest shipbuilder. The combined entity will have a market cap of nearly CNY270 billion (USD38 billion), total assets of nearly 400 billion yuan (USD56 billion), and annual sales of over 100 billion yuan. The merger, executed through a share swap, aims to reduce competition, better serve the military, and address global vessel shortages. This consolidation is part of Beijing's strategy to strengthen its shipbuilding industry amid rising protectionism.
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