Chinese shipbuilding giants complete merger

It’s official. Earlier today, China Shipbuilding Industry Corporation and China State Shipbuilding Corporation Limited, were officially merged into one corporation — China Shipbuilding Group — earlier today.

China Shipbuilding Goup is now the world’s largest shipbuilding group with total assets of 790 billion yuan (about $112.29 billion) and 310,000 employees.

Combined revenue is estimated to be up to 1 trillion yuan (US$141.5 billion), according to Asian media reports.

The merger was approved by the State Council’s State-owned Assets Supervision and Administration Commission.

According to Chinese state-controlled media, the new group says it “will uphold the national strategies about building strong marine and manufacturing industries, boosting science and technology, developing the military into a world-class force, and transforming the company itself into a top-tier enterprise” and “ will strive to become a top-class shipbuilder with competitive edge in the global market.”