The China Shipbuilding Industry Corporation (CSIC) was one of the two largest shipbuilding conglomerates in China, the other was the China State Shipbuilding Corporation (CSSC). In 2019, CSIC was merged into CSSC.
Ships, submarines, diesel engines, storage batteries, large steel structure fabrications, port machinery, turbochargers, tobacco machinery, gas meters and automation distribution systems
CSIC's subsidiary, China Shipbuilding Industry Company Limited (CSICL), was listed on the Shanghai Stock Exchange in 2008. Its trade arm is China Shipbuilding & Offshore International Co. Ltd (CSOC).[2]
CSIC developed 10 main product sections: shipbuilding, marine engineering, diesel engines, storage batteries, large steel structure fabrications, port machinery, turbochargers, tobacco machinery, gas meters, and automation distribution systems.
The main business scope of CSIC included management of all state owned assets of the corporation and its subsidiaries, domestic and overseas investment and financing, undertaking scientific research and production of military products,[3] mainly of warships, design, production and repair of domestic and overseas civil vessels, marine equipment and other non-ship products, various forms of economic and technological co-operation, overseas turnkey project contracting, labour export, projects of production with foreign materials, engineering project contracting, engineering construction, building construction and installation, and other business authorized.
China State Shipbuilding Corporation (CSSC) carried out fundamental institutional restructuring. Ship building and repair enterprises and related equipment manufacturers formerly owned by CSSC in areas of Dalian, Tianjin, Wuhan, Kunming and Xi’an, together with majority of the institutes under China Ship Research & Development Academy, formed China Shipbuilding Industry Corporation (CSIC), which was founded on 1 July 1999 in Beijing.[citation needed] This was part of the overall State Council initiative of 1 July 1999, under which the Chinese government split the top five Defense and Technology Corporations into ten new enterprises. These corporations are all large state-owned enterprises (SOEs) under direct supervision of the State Council. These SOEs include the China State Shipbuilding Corporation (CSSC) and the China Shipbuilding Industry Corporation (CSIC).
Merger with China State Shipbuilding Corporation
On 26 November 2019, the shipbuilding conglomerate merged with China State Shipbuilding Corporation again to form new China State Shipbuilding Corporation. The new entity was the world's largest shipbuilder with 20% global market share and US$110billion in assets.[4] The main factor behind the merger between the two shipbuilding behemoths was corruption within CSIC's structure. [5]