On September 4th, China State Shipbuilding Limited (hereinafter referred to as “CSSC”) and China Shipbuilding Industry Company limited (hereinafter referred to as”CSIC”) simultaneously issued announcements, marking the official conclusion of their year-long integration. Following the merger, CSIC’s total assets will exceed RMB 400 billion, making it the world’s largest listed shipbuilding company.
The announcement disclosed that the record date for the share swap in this transaction is September 4, 2025. After the close of the market on the record date, all CSIC shares held by registered CSIC shareholders will be converted into CSSC shares at a ratio of 1:0.1339, that is, every CSIC share will be converted into 0.1339 CSSC shares.
The announcement clarified that CSIC’s A-shares will officially be delisted on September 5, 2025. After that date, the CSIC shares held by former CSIC shareholders will no longer appear in their stock accounts, and the corresponding market value will be temporarily removed from their total account market capitalization. Once the share exchange is complete and the listing procedures for the newly acquired shares are complete, the CSIC shares acquired will automatically appear in the shareholder’s account, and the corresponding market value will be restored.
Upon completion of this transaction, CSIC will be delisted and its legal entity status cancelled. All of its assets, liabilities, businesses, personnel, contracts, and other rights and obligations will be inherited and taken over by the surviving entity, CSSC. CSSC will apply to list the additional A shares issued as a result of the merger on the main board of the Shanghai Stock Exchange.
According to public information, CSIC and CSSC are two A-share listed companies under China CSSC Holdings Limited. CSIC, established in March 2008 and listed in December 2009, is a ship R&D, design, and manufacturing company with five main business segments: marine defense and development equipment, marine transportation equipment, deep-sea equipment, and ship repair and conversion. CSSC, the core military and civilian arm of China CSSC Holdings Limited, specializes in shipbuilding (military and civilian), ship repair, offshoree engineering and electromechanical equipment.
In September 2024, CSSC announced that it and CSIC were planning a share-for-share merger, with CSSC issuing A-shares to all CSIC shareholders. On January 7, 2025, CSSC and CSIC announced that the State-owned Assets Supervision and Administration Commission of the State Council and other relevant authorities had issued approval in principle for the overall transaction plan.
The reorganized CSSC will integrate CSIC’s high-quality assets such as Dalian Shipbuilding Industry Corporation (DSIC), Wuchang Shipbuilding Industry, and Beihai Shipbuilding, deeply integrate CSIC’s business advantages in ship R&D, design, and manufacturing, promote the coordinated optimization of the two parties’ ship repair and supporting businesses, and further enhance the overall R&D and manufacturing capabilities.
According to the latest first-half 2025 performance reports released by both companies, the restructured CSSC will see its total assets exceed RMB 400 billion and annual revenue surpass RMB 130 billion. It will lead the world in terms of asset scale, revenue scale, and order backlog.