China State Shipbuilding Corporation's listed subsidiary China CSSC Holdings Limited plans to hand 51% stakes of Shanghai Jiangnan-Changxing Shipbuilding (SCS) over to Hudong-Zhonghua Shipbuilding through its fully-owned Shanghai Waigaoqiao Shipbuilding (SWS), it announced in its regulatory filing on January 21.

Also, SWS is to acquire 36% stakes of Shanghai Jiangnan-Changxing Heavy Industry, owned by Jiangnan Shipyard.

If the plan progresses as planned, SCS is owned by Hudong-Zhonghua (51% shares), SWS (14%) and Baosteel Group (35%).

While Changxing Heavy Industry would be owned by SWS (36%), Jiangnan Shipyard (29%) and Baosteel (35).

CSSC group announced that it would put spurs into business restructuring after completing equity transition between affiliated companies.