COSCO Shipping Heavy Industry Starts A-Share Listing Counselling
COSCO Shipping Heavy Industry has filed for A-share listing counselling, with CICC and China Merchants Securities appointed as counselling institutions.
On 12 September, the China Securities Regulatory Commission disclosed that COSCO Shipping Heavy Industry Co., Ltd. had completed filing for A-share listing counselling, with China International Capital Corporation and China Merchants Securities appointed as counselling institutions. The development moves COSCO Shipping Group’s long-unlisted shipbuilding and repair business into the counselling stage; the proposed board, fundraising size and offering timetable have not yet been disclosed.
The counselling filing states that COSCO Shipping Heavy Industry has registered capital of RMB3.6 billion and is 100% directly held by China COSCO Shipping Corporation Limited. The company completed its shareholding reform in June, converting from a limited-liability company into a company limited by shares.
Shipbuilding, repair and offshore capability
Formally established in December 2016 through the consolidation of shipbuilding and repair businesses under the former COSCO Group and China Shipping Group, COSCO Shipping Heavy Industry is headquartered in Shanghai. Its activities span shipbuilding, repair and conversion, offshore engineering equipment and related services.
The company operates nine medium- and large-scale shipyards and seven supporting enterprises across Nantong, Dalian, Shanghai, Guangdong, Qidong, Zhoushan, Weihai and Nanjing. Publicly available information indicates that, at the end of 2025, it had annual shipbuilding capacity of 8 million dwt and capacity to repair and convert more than 1,500 vessels a year. Its offshore business has annual capacity for 12 offshore products and 20 offshore modules, with nearly 50 offshore projects delivered to date.
Orderbook and operating scale
In 2025, COSCO Shipping Heavy Industry secured 79 new shipbuilding orders worth RMB41.3 billion and delivered 62 vessels totalling 6.31 million dwt. At year-end, its shipbuilding backlog stood at 216 vessels, or 24.77 million dwt, including 76 vessels under construction totalling 8.11 million dwt. During the year, it secured 17 new offshore projects, delivered six and held 34 in its offshore backlog; its repair and conversion business completed 1,324 vessels.
Public information puts the company’s 2024 consolidated revenue at nearly RMB40 billion, total profit at more than RMB3 billion and research expenditure at nearly RMB3.5 billion. Revenue rose 22.03% in 2025 and gross margin improved by 2.66 percentage points, implying revenue close to RMB50 billion for the year.
Listing counselling is not equivalent to an offering or listing. The timing of counselling acceptance, filing, review and any eventual issuance will determine the next steps in the company’s capital-markets process.
Sources: CSRC listing-counselling filing; COSCO Shipping Heavy Industry public information; image by Xinhua News Agency.