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AVIC quits shipbuilding after China Merchants’ takeover

Hong Kong-listed AVIC International has sold the rest of its shipbuilding business for about $23m to its state-owned peer. The deal has led to the withdrawal of AVIC from the market, where major Chinese shipbuilders in the public sector are merging under the government’s mandate

The acquisition comes after Beijing last month established the new China State Shipbuilding Corp by combining the former CSSC with China Shipbuilding Industry Corp

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