World's largest shipbuilder formed through merger

The biggest shipbuilder in the world, China State Shipbuilding Corporation Ltd, was established on Tuesday. The new entity is the product of a merger between China State Shipbuilding Corp and China Shipbuilding Industry Corporation.

China State Shipbuilding Corporation Ltd has a registered capital of 110 billion yuan (US$15.64 billion). Its legal representative and chairman is Lei Fanpei, former chairman of CSSC.

According to China Central Television, the newly formed entity consists of 147 scientific research institutes, business units and listed companies with 310,000 employees.

China State Shipbuilding Corporation Ltd possesses total assets valued at 790 billion yuan. It also has the largest shipbuilding and repair base in China.

The newly merged group will focus on three areas: naval weaponry research, design, production, testing and support work; the development of the domestic shipbuilding industry; and deepening reform and innovation of state-owned enterprises.