Shipbuilding firms merge 
2019-07-03
China State Shipbuilding Corporation and China Shipbuilding Industry Corporation are preparing for reorganization after announcing their merger on Monday.
The detailed plan for the merger is not fixed yet.
The CSSC is one of the two largest shipbuilding conglomerates in China, the other being CSIC. Both of them are headquartered in Beijing and owned by the State-owned Assets Supervision and Administration Commission.
However, CSSC handles shipbuilding activities in the east and south of China, while CSIC deals with those in the north and west of the country.
The CSSC has three listed companies: China State Shipbuilding Co Ltd, CSSC Offshore & Marine Engineering (Group) Co Ltd and CSSC Science &Technology Co Ltd.
The CSIC owns five listed companies such as China Shipbuilding Industry Co Ltd and China Shipbuilding Industry Power Co Ltd.
Last year, CSSC reported a revenue of 114.4 billion yuan (US$165.8 million) and a net profit of 2.4 billion yuan, while its counterpart at  CSIC reported 305 billion yuan and 6.9 billion yuan, respectively.
On the Fortune Global 500 list, CSSC and CSIC are ranked 393th and 245th, respectively.
