Early in February, China COSCO Holdings Company Limited, Wuhan Iron and Steel Co., Ltd., China Shipbuilding Industry Corporation (respectively referred to as COSCO, WISCO, and CSSC for short) announced successively the news of public transfer of their state-owned shares free of charge. After equity swaps, the three companies which belong to the upstream and downstream of the same industry chain have formed a new internal market. A totally new industry chain restructuring path is gradually emerging.