Guangzhou Shipbuilding International (GSI) today announced plan to acquire CSSC Huangpu Wenchong Shipbuilding Company (Huangpu Wenchong) and related shipbuilding assets held by Yangzhou Kejin.
As the only overseas capital operations platform of China State Shipbuilding Corporation (CSSC), GSI will become the first military industry-related company with dual-listing status in Hong Kong and Shanghai. Trading of GSI shares will resume on November 3rd on Hong Kong and Shanghai Stock Exchange.
Huangpu Wenchong is CSSC’s primary base for defense ships, special engineering vessels and ocean engineering equipment in southern China, as well as the very leading manufacturing hub for dredging engineering vessels and feeder container ships.
Management of GSI said, “CSSC’s solid support makes it possible for GSI to continuously consolidate industry resources through strategic M&A actions. We are committed to fully leveraging on China’s new policy for military industry assets securitization, and raising our defense and ocean engineering equipment capabilities. We believe the across-the-board development in defense, civil and ocean engineering segments will build a solid foundation for strengthening our competitiveness and profit-making capacities.”