Shanghai: As speculation continues to grow regarding the merger of China’s two state-owned shipbuilding conglomerates, China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), CSSC has released a statement today to officially deny the merger. CSIC have also released a similar announcement today.
CSSC said the group hasn’t received any information from any government department with regard to the merger, and the company hasn’t discussed any merger intentions with CSIC or any government department.
The two shipbuilders swapped top management this week, which has generated more merger speculation within the market. However, swapping top management between state-owned enterprises is common in China – the nation’s top two lines, Cosco and China Shipping, did exactly that four years ago.