Beijing approves shipbuilding merger between CSSC and CSIC

China’s State Council has approved the merger country’s two largest shipbuilders, China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC).

With approval of the merger the Chinese Communist Party announced the top management team of the new shipbuilding group with Lei Fanpei, former chairman and party secretary of CSSC appointed as the chairman and party secretary of the merged entity.

Yang Jincheng, former general manager and deputy party secretary of CSSC was appointed as the general manager and deputy party secretary; and Wu Yongjie, former general manager and deputy party secretary of CSIC was appointed as the director and deputy party secretary of the new group.

In July this year, CSSC and CSIC confirmed the long-rumored merger in a stock exchange filings. The two had been undergoing a series of management changes and assets restructuring in recent which were thought to be the preparations for the final merger.

Read More: Chinese shipbuilders CSIC and CSSC confirm merger

The two companies were part of one group until 1999 when they were separated into two. CSSC covers business in South China while CSIC covers business in north China.

 

Posted 28 October 2019

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Katherine Si

Author Bio ▼

China Correspondent With extensive experiences in writing, research and social media promotion, China-based Katherine focuses on shipping and transport sectors. She had worked for maritime industry since 2008 and had been well connected with local industry players.

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