Chinese Navy, Inc.: State-owned China shipbuilding group seeks investors

Chinese high-speed trimaran Littoral Combat Ship.

Chinese high-speed trimaran Littoral Combat Ship.

The PLA’s Navy, not really short of state funds, has entered the private capital market to raise nearly $1.5 billion to build its surface warships. The state-owned and Navy-operated China Shipbuilding Industry group said in a statement that it planned to sell 2.2 billion shares to investors inside China. The company is the leading recipient of China’s huge defense spending, which is underreported and already the world’s second largest. The company is designated as China’s aircraft carrier builder, with top-priority funding from the state.

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