The Chinese shipbuilding groups China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC) announced today a merger plan with the aim – they have explained in a statement to the Shanghai Stock Exchange announcing the suspension of trading of the respective equities – to further focus on main national strategies and on the main activity of building a strong defence sector, as well as for accelerate the development of shipbuilding activities of high quality. The two companies specified that The operation will not result in a change in membership controller of companies, i.e. of the Chinese state.

The merger plan concerns China CSSC Holdings Ltd. and the China Shipbuilding Industry Company Ltd., both part of the group SCCS. The transaction will take place on the basis of a share exchange signed yesterday by the two companies.

China State Shipbuilding Corporation has 205 thousand employees and, based on the latest data presented to the Shanghai Stock Exchange, the The company's market capitalization is 156.09 billion yuan ($22 billion), while China Shipbuilding Industry Co. has a market capitalization of 113.55 billion yuan ($16 billion).