Shipbuilder prepares for big shake-up

Two subsidiaries of China State Shipbuilding Corp, the primary contractor for China's naval force, halted stock trading on the Shanghai Stock Exchange on Wednesday as their parent company prepares a major asset reorganization, the group said on its website.

The announcement said that whether the reforms take place would be decided in the next 10 trading days.

CSSC Holdings Ltd and CSSC Offshore and Marine Engineering Co Ltd both acted upon the notices from their parent company about the potential asset reform by suspending their stock trading.