The two major Chinese listed shipbuilding companies - China State Shipbuilding Corporation Limited (CSSC) and China Shipbuilding Industry Company Limited (CSIC) - have reached a new phase in their landmark absorption merger.

On the evening of September 3, 2025, CSSC announced that the record date for the share swap in this transaction was September 4, 2025. After the close of the market on the record date, all CSIC shares held by registered CSIC shareholders will be converted into CSSC shares at a ratio of 1:0.1339, meaning every share of CSIC can be exchanged for 0.1339 shares of CSSC.

On September 5, 2025, CSIC's A-shares were officially delisted, marking the conclusion of the largest absorption merger deal in the history of the A-share listed companies. Following the merger, CSSC's total assets will exceed RMB 400 billion, annual revenue over RMB 130 billion, and a global market share of 18% in order backlog, marking it the world's largest listed shipbuilding enterprise.

Upon completion of this transaction, CSSC, as the surviving entity, will significantly reduce competition in the same industry, and further consolidate and highlight its core business operations. The surviving company will integrate the resources of both sides, optimize the industrial layout of the shipbuilding sector, leverage the synergy effect, effectively enhance the core functions and core competitiveness of the surviving company, comprehensively promote the development of the shipbuilding industry towards high-end, green, intelligent, digital and standardized directions, and build a world-class shipbuilding enterprise with international competitiveness.

(Source: www.eeo.com.cn)