Two Chinese State-Owned Shipbuilding Giants Plan Merger

Dow Jones2024-09-03

By Sherry Qin

Chinese shipbuilding conglomerate China CSSC Holdings plans to absorb and merge with smaller peer China Shipbuilding Industry in a share-swap deal.

China CSSC will issue its A-shares to stockholders of China Shipbuilding Industry in exchange for the shares they hold, the company said in an exchange filing early Tuesday. Details of the share conversion plan have yet to be determined.

The merger aims to "accelerate the high-quality development of the ship assembly business, standardize competition in the industry and improve the operational quality of listed companies," China CSSC said.

China CSSC reported revenue of 36.02 billion yuan (US$5.06 billion) in the first half of the year, while China Shipbuilding's revenue reached 22.10 billion yuan during the period.

Trading of shares in both China CSSC and China Shipbuilding Industry will be halted from Tuesday, likely for a maximum of 10 trading days.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

September 02, 2024 20:50 ET (00:50 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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