China CSSC Holdings Limited (SHSE:600150) signed a framework agreement to acquire an additional 36.3% stake in Shanghai Waigaoqiao Shipbuilding Co., Ltd. from a group of sellers on February 12, 2018. China CSSC Holdings Limited signed an agreement to acquire 36.3% stake in Shanghai Waigaoqiao Shipbuilding Co., Ltd. from a group of sellers for CNY 4.8 billion on February 26, 2018. Under the terms of transaction, China CSSC Holdings Limited will issue shares as consideration. In a related transaction, China CSSC Holdings Limited agreed to acquire 12.1% stake in Chengxi Shipyard Co., Ltd. from Huarong Ruitong Equity Investment Management Co., Ltd., New China Life Insurance Company Ltd., China Structural Reform Fund Co., Ltd., China Pacific Property Insurance Co., Ltd., China Life Insurance Company Limited, and PICC Property and Casualty Company Limited for CNY 625 million.

As of December 31, 2017, Shanghai Waigaoqiao Shipbuilding Co., Ltd. reported total assets of CNY 3.3 billion and owners' equity of CNY 3.6 billion. For the year ended December 31, 2017, Shanghai Waigaoqiao Shipbuilding Co., Ltd. reported total revenue of CNY 9.4 billion, operating loss of CNY 3.4 billion and net loss of CNY 2.8 billion. The transaction is subject to approval from Board and shareholders of China CSSC Holdings Limited, the State-owned Assets Supervision and Administration Commission of the State Council, China Securities Regulatory Commission, State-Owned Departments' filing of the assessment reports of Shanghai Waigaoqiao Shipbuilding and other relevant regulatory departments. The Board of China CSSC Holdings Limited approved the transaction. The internal decision making institutions of China State Shipbuilding Corporation and the sellers approved the transaction. SASAC's Agreement in Principle has been received for the transaction and National Defense Science and Industry Bureau's Military Matters Review and Approval has been obtained. The transaction was approved by the board of directors of China CSSC Holdings Limited on the 2nd meeting of the 7th directorate held on April 4, 2019. As on October 25, 2019, the transaction has received approval in principle from , the State-owned Assets Supervision and Administration Commission of the State Council.

Zhang Youjun, Wang Ling, Zhu Yexin, Guo Dan, Shi Mengdan, He Yang, Chen Fengbo, Zhu Hongyi, Zhang Yihe, Bao Dandan, Sun Shou'an, Yu Haiyue, Rong Xiaolong, Qi Zeyu, Cai Yangzhen, Xu Wenlu, Zhu Sihao, Hu An, Xue Wanbao, Yao Yiyu, and Ling Weihao of CITIC Securities Company Limited acted as financial advisor for China CSSC Holdings Limited. Gu Gongyun, Sun Yitao, Qian Zhengying and Yang Hui of AllBright Law Offices acted as legal advisors to China CSSC Holdings Limited. Wu Weixing, Hu Yonghua, Yang Xin, Xu Feng, Xu Zongliang, Xiao Zuguang and Shan Guoming of Wuyige Certified Public Accountants LLP acted as financial advisors to China CSSC Holdings Limited. Gu Gongyun of Shanghai Jintiancheng Law Firm acted as legal advisor to China CSSC Holdings Limited. Wang Xiaomin, Qian Feng and Yang Liming of Shanghai Orient Appraisal Co., Ltd. acted as asset managers for China CSSC Holdings Limited.

China CSSC Holdings Limited completed the acquisition of 36.3% stake in Shanghai Waigaoqiao Shipbuilding Co., Ltd. from a group of sellers on March 24, 2020.