CRRC Group

CRRC Group Corporation, known as CRRC Group, is a Chinese state-owned holding company, direct parent company of CRRC and 32 other subsidiaries; if including second-tier subsidiaries, the holding company is the head of 112 legal entities (as in 2016).[3]

CRRC Group
state-owned enterprise
IndustryManufacturing, real estate
Predecessor
  • CNR Group
  • CSR Group
Founded2015
FounderSASAC
Headquarters
Beijing
,
China
Area served
China, export worldwide
Key people
Liu Hualong (Chairman & Party Committee Secretary)[1]
Products
  • locomotive
  • rolling stock
  • real estate
Revenue CN¥233.093 billion (2016)
CN¥014.382 billion (2016)
CN¥005.715 billion (2016)
Total assets CN¥358.871 billion (2016)
Total equity CN¥063.259 billion (2016)
OwnerChinese Government (100%)
ParentSASAC
Subsidiaries
CRRC(55.92%)
South Huiton(42.64%)
full list
Chinese name
Simplified Chinese中国中车集团有限公司
Traditional Chinese中國中車集團有限公司
Alternative Chinese name
Simplified Chinese中车集团
Traditional Chinese中車集團
Websitecrrcgc.cc
Footnotes / references
in consolidated financial statement[2]

History

The predecessors of the holding company: CNR Group and CSR Group, were formed in 2002 by splitting China National Railway Locomotive & Rolling Stock Industry Corporation (LORIC), a corporation under the Ministry of Railways.[4]:70

The control of CNR Group and CSR Group were also transferred from the Ministry of Railways to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) in the same year,[4]:70 became duopoly in locomotives and rolling stock manufacturing. In 2000s, CNR, CSR, Zhuzhou Times New Material Technology (2002)[5] and Zhuzhou CSR Times Electric (2006)[4] were spin-off from the groups as listed companies.

In 2015, as part of the reform of the whole railway industry, which saw the closure of the Ministry of Railways and spin-off the China Railway as operator and purchaser, the National Railway Administration as regulator, the two duopoly also merged back into one holding company under the SASAC, by CNR Group absorbing CSR Group, and renamed into CRRC Group; their two main listed subsidiaries were also merged to form CRRC (excluding CRRC Times Electric and Times Material Technology).

In 2017, CRRC Group was reincorporated from "Industrial Enterprises Owned by the Whole People" (Chinese: 全民所有制工业企业) to state-owned limited company (国有独资公司), renaming from 中国中车集团公司 to 中国中车集团有限公司.[6]

Business overview

The main activity of CRRC Group is holding company, as well as equity investments via CSR Investment Management, CRRC Group Capital Holdings and CRRC Industrial Investment.[7] Most of the other subsidiaries were the original legal entities of the factories that under CNR and CSR Groups, which after the initial public offering of the two listed flagship subsidiaries, as sub-holding companies for auxiliary assets that were not listed. However, CRRC Group also contained a shipbuilding subsidiary CNR Ship & Ocean Engineering Development, which was an investment vehicle of CNR Group.

CRRC Group also engaged in real estate development in Taiyuan,[8] on top of the old factory of CRRC Taiyuan. CRRC Group paid CN¥1.711 billion to bid back the land lease from the local government.[9]

CRRC Industrial Investment were the parent company of South Huiton (42.64%) and Ziyang CRRC Electrical Technology for 51%. The shares of the latter were purchased from CRRC's CRRC Ziyang for about CN¥448 million.[10]

Subsidiaries
As of 31 December 2016[2]

Only 33 direct subsidiaries were listed:

  1. CRRC (55.92%)
  2. CNR Group Qiqihar Railway Rolling Stock (Group) Co., Ltd. (100%, CRRC Qiqihar Railway Rolling Stock was spin-off and belongs to CRRC)
  3. CRRC Group Wuhan Jiang'an Rolling Stock Works (100%, the factory was spin off and belongs to CRRC Yangtze Wuhan branch, a subsidiary of CRRC)
  4. CNR Group Tianjin Locomotive & Rolling Stock Machinery Works (100%, CRRC Tianjin Equipment was spin-off and belongs to CRRC)
  5. CRRC Group Tongling Rolling Stock Works (100%, the factory was spin off and belongs to CRRC Yangtze Tongling, a subsidiary of CRRC Yangtze)
  6. CRRC Group Harbin Rolling Stock Co., Ltd. (100%, CRRC Harbin Rolling Stock was spin-off and belongs to CRRC)
  7. CRRC Group Luoyang Locomotive Works (100%, CRRC Luoyang was spin-off and belongs to CRRC)
  8. CRRC Group Meishan Rolling Stock Works (100%, CRRC Meishan was spin-off and belongs to CRRC)
  9. CNR Group Jinan Locomotive & Rolling Stock Works (100%, CRRC Shandong was spin-off and belongs to CRRC)
  10. CRRC Group Xiangyang Locomotive Works (100%, the factory was spin-off and belongs to CRRC Luoyang, Xiangyang branch)
  11. CRRC Group Ziyang Locomotive Works (100%, CRRC Ziyang was spin-off and belongs to CRRC)
  12. CRRC Group Wuhan Wuchang Rolling Stock Works (100%, the factory was spin off and belongs to CRRC Yangtze, Wuhan branch)
  13. CNR Ship & Ocean Engineering Development Co., Ltd. (94%)
  14. CRRC Dalian Dali Railway Transportation Equipment Co., Ltd. (100%)[nb 1]
  15. CNR Group Beijing February 7 Locomotive Works (100%, CRRC Beijing Locomotive was spin-off and belongs to CRRC)
  16. CRRC Group Nanjing Puzhen Rolling Stock Works (100%, CRRC Nanjing Puzhen was spin-off and belongs to CRRC)
  17. CRRC Group Qingdao Sifang Rolling Stock Asset Management (100%, CRRC Qingdao Sifang was spin-off and belongs to CRRC)
  18. CRRC Group Taiyuan Locomotive & Rolling Stock Works (100%, CRRC Taiyuan was spin-off and belongs to CRRC)
  19. CRRC Group Shenyang Locomotive & Rolling Stock Trading Corporation (100%, CRRC Shenyang was spin-off and belongs to CRRC)
  20. CRRC Group Xi'an Rolling Stock Works (100%, CRRC Xi'an was spin-off and belongs to CRRC)
  21. CRRC Group Zhuzhou Electric Locomotive Works (100%, CRRC Zhuzhou Locomotive was spin-off and belongs to CRRC)
  22. CRRC Group Zhuzhou Rolling Stock Works (100%, the factory was spin off and belongs to CRRC Yangtze, Zhuzhou branch)
  23. CRRC Group Beijing Nankou Locomotive & Rolling Stock Machinery Works (100%, CRRC Beijing Nankou was spin-off and belongs to CRRC)
  24. Changzhou Institute of Railway Technology (100%)
  25. CRRC Group Chengdu Locomotive & Rolling Stock Works (100%, CRRC Chengdu was spin-off and belongs to CRRC)
  26. CRRC Group Shijiazhuang Rolling Stock Works (100%, CRRC Shijiazhuang was spin-off and belongs to CRRC)
  27. CRRC Group Changzhou Qishuyan Locomotive & Rolling Stock Works (100%, CRRC Qishuyan was spin-off and belongs to CRRC)
  28. CSR Group Investment Management Co., Ltd. (100%)
  29. CRRC Group Capital Holdings Co., Ltd. (100%)
  30. CRRC Industrial Investment Co., Ltd. (100%)
  31. CRRC Real Estate (100%)
  32. CNR Group Australia (100%)
  33. Chinese: 北京时代志业机车车辆有限公司 (100%, Beijing CSR Times Locomotive & Rolling Stock Machinery was spin-off and belongs to CRRC)

other notable second-tier subsidiaries (other than CRRC subsidiaries)

  • South Huiton (SZSE: 000920, 42.64%)
  • Ziyang CRRC Electrical Technology (51%)

unknown tier:

  • CRRC Financial and Securities Investment (100%)[12]

Equity investments
As of 13 January 2017

former

Notes
  1. , "Dali" company (Chinese: 大力; pinyin: Dà Lì) was found in 2007; not to be confused with "Daqi" Railway Transportation Equipment founded by CNR Group Qiqihar in 2007;[11] both NOT related to CRRC Dalian, a CRRC direct subsidiary
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References
  1. "集团领导" [Leaders of the Group] (in Chinese). CRRC Group. Retrieved 11 June 2017.
  2. "2016 Annual Report". CRRC Group (in Chinese). Shanghai Clearing House. 30 April 2017. Retrieved 11 June 2017.
  3. Tjia Yin-nor, Linda (October 2015). Explaining Railway Reform in China: A Train of Property Rights Re-arrangements. Routledge. ISBN 9781136212321.
  4. "Prospectuses" (index of PDF download links). Zhuzhou CSR Times Electric. Hong Kong Stock Exchange. 8 December 2006. Retrieved 10 June 2017.
  5. "公司概况 [600458]" (in Chinese). Shanghai Stock Exchange. Retrieved 11 June 2017.
  6. 2018年半年度报告 [2018 Half-yearly report (A share)] (PDF) (Report) (in Chinese). CRRC Corporation Limited. 2018. p. 49.
  7. "China's CRRC Industrial Investment opens European office in Budapest". Xinhua News Agency. 16 May 2016. Retrieved 11 June 2017.
  8. 中车·国际广场二期 有品质更要有生活 (re-published by XinhuaNet). Shanxi Late News (in Chinese). 25 April 2017. Retrieved 11 June 2017.
  9. 中车置业17.11亿元摘得太原机车厂旧厂地块. China Daily (in Chinese). 31 December 2015. Retrieved 11 June 2017.
  10. "Announcement on connected transaction: Transfer of Equity Interest in Ziyan Electrical" (PDF). CRRC Corp., Ltd. (Press release). Hong Kong Stock Exchange. 23 December 2016. Retrieved 11 June 2017.
  11. "公司简介" (in Chinese). CRRC Qiqihar Railway Rolling Stock. Retrieved 30 September 2017.
  12. "南车投资向中车金证无偿划转中国中车(01766)0.32%股本". 智通财经网 (in Chinese). 3 August 2017. Retrieved 28 September 2017 – via qq.com.
  13. http://www.cctfund.cn/
  14. http://www.gov.cn/xinwen/2016-09/27/content_5112412.htm
  15. "OVERSEAS REGULATORY ANNOUNCEMENT - Clarification announcement" (PDF) (Press release). CRRC. 17 August 2017. Retrieved 26 August 2017.
  16. "中国国有企业结构调整基金成立 总规模达3500亿元". China Securities Journal (in Chinese). 27 September 2016. Retrieved 26 August 2017.
  17. "非公开发行A股股票预案" (in Chinese). China United Network Communications. 21 August 2017. Archived from the original on 27 September 2017. Retrieved 25 August 2017 – via cninfo.com.cn.
  18. "2016 Annual Report" (PDF). CRRC Times Electric. Hong Kong Stock Exchange. 20 April 2017. Retrieved 10 June 2017.
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