HUDONG Heavy Machinery Co said it has changed its name to China State Shipbuilding Co to better reflect its core business operations.

The change has been approved by the Shanghai Stock Exchange and took effect since yesterday, according to a stock exchange filing on Tuesday. The company's ticker code remains unchanged.

The Shanghai-based ship engine maker earlier received regulatory approval to acquire 12 billion yuan (US$1.6 billion) worth of shipbuilding assets via a share placement from its parent, China State Shipbuilding Corp.

China's shipbuilding industry, dominated by China State Shipbuilding Corp and China Shipbuilding Industry Corp, overtook Japan last year to become the world's second largest by orders, according to UK ship broker Clarkson Plc. South Korea is the world's largest.