CRRC Corporation Limited (known as CRRC, China Railway Rolling Stock Corporation) is a Chinese state-owned and publicly traded rolling stock manufacturer. It is the world's largest rolling stock manufacturer in terms of revenue, eclipsing its major competitors of Alstom and Siemens.[3][4][5]
It was formed on 1 June 2015 through the merger of CNR and CSR. As of 2016 it had 183,061 employees.[2] The parent company is CRRC Group, a state-owned enterprise supervised by the State-owned Assets Supervision and Administration Commission of the State Council. The State Council also owned additional shares via China Securities Finance and Central Huijin Investment.
History
Merger
CNR Group and CSR Group, were once one company, China National Railway Locomotive & Rolling Stock Industry Corporation (LORIC). The company was split up in 2002.[6]
In late 2014, CNR Group and CSR Group agreed to merge, subject to approval by the Chinese state. Under the agreement, CNR Group would formally acquire CSR Group (but CSR Corporation Limited would acquire China CNR Corporation Limited).[7][8] The combined business would each be renamed CRRC Group
Shareholders
As of 31 December 2016, CRRC was majority owned by CRRC Group directly and indirectly (via CRRC Financial and Securities Investment, for 1.64%[40]) for 55.91% of total share capital (all in A share).[2] Other state-owned entities of the central government, such as China Securities Finance (2.87%) and Central Huijin Investment (1.12%), also owned a minority stake.[2] In terms of different shares, BlackRock owned 6.13% H shares in long position (267,971,072 number of shares), or 0.98% in terms of total share capital.[2] Himalaya Capital, a Seattle based mutual fund also owned about 6.13% H shares in long position (267,904,000 number of shares).
CRRC US units
CRRC has two operating units:
- CRRC Massachusetts - operations for markets in Boston and Los Angeles
- CRRC Sifang America - focus market for Chicago
Subsidiaries
Locomotive
- CRRC Beijing Locomotive
- CRRC Datong Electric Locomotive
- CRRC Qishuyan Locomotive
- CRRC Luoyang Locomotive
- CRRC Xiangfan Locomotive
- CRRC Zhuzhou [Electric] Locomotive
- CRRC Ziyang Locomotive
Rolling Stock
- CRRC February 7 Rolling Stock
- CRRC Qiqihar Railway Rolling Stock
- CRRC Harbin Rolling Stock
Other investments
On 8 January 2016 CRRC Corporation purchased 13.06% stake of China United Insurance Holding from China Insurance Security Fund for CN¥4.455 billion.[44] It also joint-owned Zhuzhou Times New Material Technology with parent company CRRC Group.
In November 2016 the company (via CRRC Zhuzhou Locomotive) confirmed plans to buy Škoda Transportation based in the Czech Republic.[45][46] The deal eventually did not go through.
On 1 March 2024, CRRC 40% with Grupo Comporte 60% entered at Trens Intercidades Proposal with the possibility to deliver 22 inter-city trains, to be used from Luz Station to Campinas since supposedly 2030.[47]
See also
- High-speed rail in China
External links
References
- List of Directors and their Role and Function CRRC, Hong Kong Stock Exchange, 20 June 2017, retrieved 22 June 2017^
- 2016 Annual Report CRRC, 27 April 2017, retrieved 22 June 2017^
- Siemens-Alstom Deal Teeters on Brink Amid Fierce Lobbying