China CSSC Holdings has cleared a key procedural step in its long-awaited merger with China Shipbuilding Industry Company (CSIC). With no valid dissenting-shareholder claims recorded, the RMB 115.15 billion share-swap transaction is on track to proceed, consolidating China’s two largest state-owned shipbuilding groups into a single listed entity.
Shareholder Claims and Delisting Progress
Trading in CSSC shares resumed on August 19 after the disclosure of results related to dissenting-shareholder filings. The company confirmed that no valid claims were lodged, removing a major procedural obstacle. Meanwhile, the Shanghai Stock Exchange formally accepted CSIC’s voluntary delisting application, a step that typically precedes the issuance of new CSSC shares to CSIC investors and the official closing of the merger.
Merger Terms and Strategic Impact
Under the approved plan, CSIC shareholders will exchange their holdings for CSSC shares at an adjusted ratio of 1 : 0.1339, reflecting ex-dividend adjustments. For additional protection, CSSC offered dissenting shareholders a put-option acquisition right at RMB 30.02 per share, while CSIC provided a cash election at RMB 4.03 per share. Both rights went unused. Once the swap is completed and new shares are listed, CSIC will be deregistered, and CSSC will assume all of its assets and liabilities.
The merger represents the final phase of China’s shipbuilding consolidation strategy that began with the 2019 approval of the CSSC and CSIC group-level union. By streamlining operations and eliminating overlap, the new combined entity will serve as China’s flagship A-share platform for shipbuilding, repair, and marine equipment, strengthening the country’s competitive edge in global shipbuilding markets.
Did you subscribe to our Daily newsletter?
It’s Free! Click here to Subscribe!
Source: Port News
