On February 18th, China CSSC Holdings Limited (CSSC) and China Shipbuilding Industry Company limited (CSIC) simultaneously released the “Resolution Announcement of the First Extraordinary General Meeting of Shareholders in 2025.”
The announcement stated that the relevant proposals, including the merger and acquisition transaction plan, were approved with overwhelming votes during the shareholders’ meeting. This marks the completion of all corporate governance procedures for this major asset restructuring project, representing a critical step forward in the restructuring of the two industry giants.
According to the announcement, the merger and reorganization has been approved by the State Council State-owned Assets Supervision and Administration Commission and other competent authorities, agreeing in principle to the overall plan of the transaction. The successful convening of this shareholders’ meeting means that this major asset reorganization project will fully enter the administrative approval stage, and the pace of merger and reorganization will be further accelerated.
CSSC will submit the application documents to the stock exchange within three working days after the shareholders’ general meeting has made a resolution on the major asset reorganization, and complete a series of administrative examination and approval procedures including stock exchange review and registration with the China Securities Regulatory Commission.
CSSC indicated that it will fulfill the relevant administrative approval procedures for the merger and reorganization in accordance with the regulatory requirements, and will actively respond to the inquiries and announce the progress in a timely manner, so as to lay a solid foundation for the two parties to accelerate the comprehensive integration and build a world-class shipbuilding enterprise with international competitiveness.
Notably, CSSC and CSIC launched the absorption merger and reorganization on September 2, 2024, with an estimated total transaction price of over RMB 110 billion. The transaction is the largest reorganization project ever in the A-share capital market up to now, and also the largest corporate merger case in the global shipbuilding industry in terms of transaction amount up to now.
After this reorganization, the new CSSC’s total assets, net assets, operating income, and the scale of orders in hand will be significantly improved and global leadership, with a revenue scale of more than RMB 120 billion. With the continuous optimization of the structure of new orders and the rapid growth of orders for high value-added vessels, CSSC’s core competitiveness has been significantly enhanced.
After the transaction is completed, the new CSSC will become the world’s largest flagship shipbuilding listed company with the largest number of ship orders in hand.