COSCO Shipping Heavy Industry Files for A-Share IPO Guidance With CICC and China Merchants Securities

COSCO Shipping Heavy Industry Co. , Ltd. received registration for IPO guidance on September 12, 2026, and plans an A-share initial public offering, with China International Capital Corporation and China Merchants Securities serving as joint advisers. The company is a large heavy-industry enterprise integrating the construction, repair and conversion of ships and offshore engineering equipment with supporting services. Its origins trace back to the Hongxiangxing Machinery and Shipyard established in Shanghai in 1924. It was formed in 2016 through the restructuring and integration of three ship repair and construction enterprises under the former China Ocean Shipping (Group) Company and China Shipping (Group) Company, and is headquartered in Shanghai. Its business scope covers four main segments: shipbuilding, offshore engineering, repair and conversion, and supporting operations. It owns nine large and medium-sized shipyards and seven supporting enterprises, with operations in Nantong, Dalian, Shanghai, Guangdong, Qidong, Zhoushan, Weihai and Nanjing, and has delivered nearly 1,000 vessels of various types.

Business registration information shows that China COSCO Shipping Corporation Limited is the sole shareholder of COSCO Shipping Heavy Industry, directly holding 100% of its shares. In June 2026, COSCO Shipping Heavy Industry completed its conversion into a joint-stock company. In the same month, the company's registered capital was reduced from RMB 27.466 billion to RMB 3.6 billion. COSCO Shipping Heavy Industry's shipbuilding capacity now ranks second nationwide, while its repair scale and conversion capacity rank first in the world. As of the end of 2025, it had annual capacity to build 8 million deadweight tonnes of commercial vessels and to repair and convert more than 1,500 vessels a year. In offshore engineering equipment, it can undertake 12 offshore engineering products and 20 offshore engineering modules annually, has delivered nearly 50 offshore engineering projects, and covers multiple fields from shallow to deep water.

In 2024, COSCO Shipping Heavy Industry's consolidated operating revenue was nearly RMB 40 billion, with total profit exceeding RMB 3 billion. Strategic emerging industries contributed about one quarter of operating revenue and total profit. Research investment in 2024 was nearly RMB 3.5 billion, with research and development intensity of 8.87%, 1.35 percentage points above the average level of major domestic shipbuilders. In 2025, the company's operating revenue rose 22.03% year on year, and its gross profit margin increased 2.66 percentage points year on year. On orders, COSCO Shipping Heavy Industry won 79 new shipbuilding orders in 2025 worth RMB 41.3 billion, and completed and delivered 62 vessels totalling 6.31 million deadweight tonnes during the year.

As of the end of 2025, the company's shipbuilding order backlog reached 216 vessels, or 24.77 million deadweight tonnes, with 76 vessels under construction totalling 8.11 million deadweight tonnes. Measured in compensated gross tonnage, COSCO Shipping Heavy Industry ranked fifth globally in new orders signed in 2025 and sixth worldwide in order backlog in 2025. In 2025, the company won 17 new offshore engineering projects and completed and delivered six. At the end of the year, it held an order backlog of 34 projects and had 14 projects under construction. Its repair and conversion business completed 1,324 vessels during the year.