Two Chinese state-owned shipbuilders merge
Nov 29, 2019 18:00
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Two wholly state-owned Chinese shipbuilders formally integrated into a single shipbuilding giant on November 26, a union seen as helping to improve industry concentration, expand the enterprise’s scale and enhance its competitiveness. However, industry watchers canvassed by Mysteel Global on November 29 cautioned that any positive influence from the merger will not show itself in the market in the short run.
The two giants, both 100% owned by State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, are China Shipbuilding Industry Corporation (CSIC), headquartered in Beijing, and China State Shipbuilding Corporation (CSSC) in Shanghai. The new shipbuilding conglomerate continues to use CSSC as its company name, Mysteel Global noted.