Two of three listed subsidiaries operated by the China State Shipbuilding Corporation (CSSC) suspended trading on Chinese stock exchanges on 27 September, signalling a potential merger between China’s shipbuilding giants.
The subsidiaries, CSSC Holdings Ltd and CSSC Offshore and Marine Engineering Co Ltd, said to the Shanghai Stock Exchange in separate filings that they have halted trading as they may be involved in “major asset restructuring” undertaken by CSSC in the near future.
Both companies said the move was guided directly by CSSC, although the shares of the group’s other listed subsidiary, CSSC Science and Technology Co Ltd, continued to trade on 28 September.
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