Chongqing Chuandong Shipbuilding Industry (Chuandong Shipbuilding), a subsidiary of China State Shipbuilding Corporation (CSSC), has entered a second listing period after the initial attempt to transfer its equity failed; the minimum asking price has been reduced by nearly RMB 60 million (approximately US$8.934 million).
On September 2, the Chongqing United Assets and Equity Exchange issued an announcement regarding the transfer of a 100% equity stake in Chuandong Shipbuilding, along with associated creditor’s rights valued at RMB 595.29 million. Chuandong Shipbuilding was listed for transfer a second time starting September 3, with a listing period running from September 3 to September 9—a duration significantly shorter than the initial listing period (July 23 to August 20). The reserve price for this second listing is RMB 535.761001 million (approximately US$79.7748 million), representing a reduction of RMB 59.53 million—or nearly 10%—from the initial reserve price of RMB 595.290001 million.
The announcement states that if no prospective transferee is identified by the end of the initial listing period, the information disclosure will be extended—without altering the listing terms—in successive five-working-day cycles until a prospective transferee is found. Consortium bids are not accepted for this project. The transaction will be conducted via online competitive bidding.
According to the announcement, the transferors of Chuandong Shipbuilding (the target enterprise) are two wholly state-owned or state-controlled subsidiaries of China State Shipbuilding Corporation (CSSC). The equity transfer has undergone internal review within the group and received formal approval from CSSC; all shareholders have submitted written waivers of their right of first refusal, and the property rights are clear and free of disputes.
The announcement explicitly breaks down the valuation structure of the target enterprise: within the minimum transfer price of RMB 535,761,001, the price for the 100% equity interest in Chuandong Shipbuilding is RMB 1, while the minimum transfer price for the creditor’s rights—totaling RMB 595.29 million and comprising RMB 165.29 million owed to China State Shipbuilding Corporation (CSSC) and RMB 430 million owed to CSSC Finance—is set at RMB 535.761 million.In contrast, the initial listing for the transfer had included the entire RMB 595.29 million in creditor’s rights within the minimum transfer price.
Regarding other conditions of the transfer, the announcement explicitly emphasizes that the benefits for the target enterprise’s existing personnel—including those on internal retirement, retirees, surviving dependents, military-to-civilian transferees, “three categories” of personnel, early childhood education and vocational training staff, and veteran workers with work-related injuries—will continue to be governed by existing policies; daily management and associated costs remain the responsibility of CSSC Chongqing Shipbuilding Industry Co., Ltd., with the transferee and the target enterprise required to cooperate and assist in the relevant arrangements.
Data indicates that Chuandong Shipbuilding is located in Fuling District, Chongqing Municipality. Its predecessor was a “Third Front” military shipyard established with assistance from Jiangnan Shipyard in 1966; the company itself was formally established on September 26, 1982. With both registered and paid-in capital of RMB 1.0738759 billion, it is a state-controlled, medium-sized manufacturing enterprise and serves as a key production base for specialized vessels in the upper reaches of the Yangtze River and the Southwest region.
Chuandong Shipbuilding’s facility covers an area of 1.54 million square meters, featuring 3,000 meters of Yangtze River shoreline, six slipways capable of handling 5,000- to 10,000-ton vessels, and three outfitting berths for 10,000-ton-class ships. It operates a 100,000-square-meter indoor, intelligent shipbuilding production line and possesses the capability to independently design and build various civil specialty vessels and naval ships under 15,000 tons. Its annual production capacity reaches 12 specialty vessels and 100,000 tons of large-scale steel structural components.
The company’s primary vessel types include 3,000- to 15,000-ton stainless steel chemical tankers, various official service vessels, multi-purpose container ships, offshore engineering vessels, sightseeing boats, and next-generation luxury Yangtze River cruise ships. It ranks among the world’s leading shipbuilders in terms of the volume of small- and medium-sized stainless steel chemical tankers constructed.
According to Chuandong Shipbuilding’s 2025 audit report, as of December 31, 2025, the company recorded operating revenue of RMB 305.8757 million, an operating profit of RMB -41.7756 million, and a net profit of RMB -47.0192 million. Total assets stood at RMB 356.7940 million, total liabilities at RMB 739.7229 million, and owners’ equity at RMB -382.9289 million.
Notably, during the initial listing-for-transfer period, Chuandong Shipbuilding utilized an off-site delivery method to name and hand over an 11,300-ton stainless steel chemical tanker to China Merchants Nanjing Tanker (CMNTC) at the CSSC Chengxi Equipment Wharf.