Posted on July 9, 2025
The Shanghai Stock Exchange has reportedly approved the merger of China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), setting the stage for the creation of the world’s largest shipbuilding conglomerate.
Under the terms of the agreement announced in 2024, CSSC will issue new A-shares to CSIC shareholders. The transaction, valued at 115.2 billion yuan (USD 16 billion), represents more than half of each company’s total assets.
Following the completion of the merger, CSIC will delist from the exchange, with CSSC absorbing all of its assets, liabilities, contracts, and employees. According to maritime analyst Alphaliner, the combined entity will become the world’s largest shipbuilder with assets of approximately RMB 400 billion (USD 56 billion) and annual revenue around RMB 130 billion.
The planned merger continues China’s shipbuilding consolidation following the 2019 merger of China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC) into China State Shipbuilding Group, which controls both CSSC and CSIC.
In 2024, the combined companies secured 257 ships (28.61 million deadweight tons), representing nearly 17% of global orders per Clarksons data.
Post-merger, China State Shipbuilding Group will maintain approximately 49% ownership of the combined company, which will retain the CSSC name.
While the Shanghai Stock Exchange mergers and acquisitions committee has approved the merger, additional regulatory clearances remain pending before the transaction can be finalized.
