China CSSC Holdings said trading in its shares resumed on August 19 after the company published the results of dissenting-shareholder filings tied to its share-swap merger with China Shipbuilding Industry Company. No valid dissenting claims were recorded during the window, removing a key procedural hurdle.
Separately, the Shanghai Stock Exchange has accepted CSIC’s application for a voluntary delisting, a step that typically precedes the issuance of new CSSC shares to CSIC investors and the formal closing of the transaction.
Under the approved terms, CSSC will absorb CSIC via a share swap valued at RMB 115.15 billion. After ex-dividend adjustments, the exchange ratio is 1 : 0.1339—each CSIC share converts into 0.1339 CSSC shares.
For investor protection, CSSC offered dissenting shareholders a put-style acquisition right at RMB 30.02 per share, while CSIC provided a cash election at RMB 4.03 per share. CSSC’s disclosure shows zero valid exercises of the acquisition right; CSIC’s delisting request has been formally accepted by the exchange.
Next milestones include the implementation announcement for the swap and the listing of new CSSC shares, followed by the final delisting of CSIC.
CSSC (China CSSC Holdings) and CSIC are the flagship listed companies under China State Shipbuilding Corporation (CSSC Group). The group-level consolidation of the former “South Shipyard” (CSSC Group) and “North Shipyard” (CSIC Group) was approved in 2019, creating China’s state shipbuilding champion. The listed-company merger, initiated in 2024 and cleared by the China Securities Regulatory Commission in July 2025, is designed to eliminate intra-group overlap and concentrate shipbuilding, repair and marine equipment operations in a single A-share platform. Upon completion, CSIC will be deregistered and CSSC will assume all assets and liabilities.