The China Securities Regulatory Commission (CSRC) has announced a series of shareholding restructurings in support of the merger between China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC).
The CSRC said on 10 January that stakes in CSSC shipbuilding subsidiaries, including Jiangnan Shipyard, Waigaoqiao Shipbuilding, and Chengxi Shipyard, will be transferred to the newly merged joint enterprise, which is named the China Shipbuilding Corporation (CSC).
The value of the transferred stock is about CNY38 billion (USD5.5 billion). The CSRC also said it had given approval for the CSC to issue new shares to raise nearly CNY4 billion for other acquisitions.
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