State stumbling block?

The restructuring of China State Shipbuilding Corporation (CSSC) has been further complicated by the need to seek permission from two state watchdogs.

The state yard group wants to inject southern Chinese shipyards into Hong Kong-listed unit Guangzhou Shipyard International (GSI), whose shares have been suspended since April while it pursues the move.

GSI said on Thursday CSSC was required to consult the state-owned assets supervision and administration authority and the national defence technology administration authority over the proposal.

It said the matter was "still under discussion, and there are still uncertainties." The shares will remain suspended.

Other CSSC group yards include Guangzhou Wenchong, Xijiang Shipbuilding, Jiangnan Shipyard and Hudong-Zhonghua Shipbuilding.

In January, GSI took over Longxue Shipyard.

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