CSIC completes propulsion restructuring

CSIC completes propulsion restructuring

Shanghai-listed Fengfan Limited, an affiliated company of China State Shipbuilding Corporation (CSIC), has announced that it has completed a restructuring and changed its name to China State Shipbuilding Group Power Company.

Fengfan announced a plan in September 2015 to issue RMB13.9bn ($2.16bn) worth of new shares to its parent CSIC to acquire stakes in all of the propulsion related companies of the group including marine diesel engine manufacturers and design companies.

Fengfan was mainly engaged in storage battery production and the new China State Shipbuilding Group Power Company has become the integrated propulsion platform of CSIC.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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