Merger between CSSC&CSIC
China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC) are preparing for reorganization as they jointly announced the merger on the evening of July 1.
The detailed plan for the merger is not fixed yet.
The China State Shipbuilding Corporation (CSSC) is one of the two largest shipbuilding conglomerates in China, the other being the China Shipbuilding Industry Corporation (CSIC).
Both of them are headquartered in Beijing, owned by the State-owned Assets Supervision and Administration Commission (SASAC), however the CSSC handles shipbuilding activities in the east and the south of China, while the China Shipbuilding Industry Corporation (CSIC) deals with those in the north and the west of the country.
The CSSC has three listed companies: China State Shipbuilding Co., Ltd, CSSC Offshore& Marine Engineering (Group) Co., Ltd and CSSC Science &Technology Co., Ltd.
The CSIC owns five listed companies such as China Shipbuilding Industry Co., Ltd, China Shipbuilding Industry Power Co., Ltd and the other.
Last year, the CSSC reported revenue of 114.4 billion yuan and net profit of 2.4 billion yuan, while its counterpart of CSIC was 305 billion yuan and 6.9 billion yuan respectively.
On Fortune Global 500 list, the CSSC and the CSIC are ranked 393th and 245th respectively.