China's two shipbuilding giants plan merger


(Photo: VCG)

BEIJING, July 2 (Xinhua) -- China's two largest shipbuilders are planning for a merger, according to information disclosed Monday by their listed arms.

China Shipbuilding Industry Corporation and China State Shipbuilding Corporation Limited are planning for a strategic reorganization, according to filings disclosed by the two giants' eight listed subsidiaries.

The plan's details are not decided yet and will be subject to approvals from related authorities, the filings said.

Both companies are centrally administered state-owned enterprises (SOE).

China has stepped up SOE reforms in recent years, encouraging industrial mergers to improve operation efficiency and boost competitiveness.