China's two big shipbuilding groups are hurrying to outdo one another with financial deals in a dry season for newbuilding orders.
Officials at China State Shipbuilding Corp (CSSC) and China Shipbuilding Industry Corp (CSIC) deny their state-ordered merger has anything to do with a sudden burst of recent financial transactions on both sides.
But independent Chinese industry observers say the recent flurry of deals is driven by the need of top managers at each group to show their dealmaking muscle and bulk up their respective portfolios ahead of the merger.
