China Communications Construction Company

China Communications Construction Company, Ltd. (CCCC) is a majority state-owned, publicly traded, multinational engineering and construction company primarily engaged in the design, construction and operation of infrastructure assets, including highways, bridges, tunnels, railways (especially high-speed rail), subways, airports, oil platforms, and marine ports. CCCC has been a contractor for numerous Belt and Road Initiative projects.[1][2]

China Communications Construction
State-owned enterprise
Traded as
ISINCNE1000002F5 
IndustryEngineering and Construction
Founded2005
Headquarters85 De Sheng Men Wai Street, Xicheng District,
Beijing
,
People's Republic of China
Area served
Worldwide
Key people
  • Liu Qitao, Chairman
  • Song HaiLiang, President
  • Peng Bihong, Chief Financial Officer
Services
  • Infrastructure Design and Engineering
  • Road and Bridge Construction
  • Railway Construction
  • Transit Construction
  • Port Construction
  • Dredging
  • Oil Platform Design and Construction
  • P3 Investment
RevenueUS$70 billion
OwnerState-owned Assets Supervision and Administration Commission of the State Council (63.8%)
Number of employees
118,000
SubsidiariesChina Road and Bridge Corporation
China Harbour Engineering
John Holland Group
Websiteen.ccccltd.cn
China Communications Construction Co., Ltd.
Simplified Chinese中国交通建设股份有限公司
China Communications Construction
Simplified Chinese中国交通建设
Traditional Chinese中國交通建設
Second alternative Chinese name
Simplified Chinese中交建
Traditional Chinese中交建

History

CCCC's predecessors can be traced back to the Qing Dynasty, when the Junpu Engineering Bureau was established in 1905.[3] The company was officially formed in 2005 by the merger of China Road and Bridge Corporation (CRBC) and China Harbour Engineering Company (CHEC), which focus on transportation infrastructure and marine infrastructure, respectively. In 2006, the company listed shares on the Hong Kong Stock Exchange, followed by a listing on the Shanghai Stock Exchange in 2012.

The company has numerous subsidiaries including John Holland Group, which is an Australia-based construction company focused on infrastructure, and Friede & Goldman, which engineers offshore vessels for the oil and gas industry.

In 2009, the World Bank Group debarred CCCC for eight years due to fraud on projects in the Philippines.[2][4] In 2010, one of CCCC's subsidiaries, China Habour Engineering Company, won the contract to build the Magampura Mahinda Rajapaksa Port.[1]

CCCC is active in dredging projects in areas under dispute in the South China Sea, highway-building in Xinjiang, and building naval logistics installations at Gwadar Port.[5][6][7]

Shareholders

CCCC is a "blue chip" stock (part of the CSI 300 Index). State-owned Assets Supervision and Administration Commission of the State Council (SASAC) holds 63.8% of the company's shares.[8] Other shareholders include multiple affiliates of (or funds managed by) Merrill Lynch, BlackRock and JPMorgan Chase.[8]

Projects

See also

References
  1. Prasso, Sheridan (September 19, 2018). "A Chinese Company Reshaping the World Leaves a Troubled Trail: CCCC, Belt and Road's biggest builder, is besieged by allegations of fraud, corruption, and environmental damage". Bloomberg Businessweek. Archived from the original on June 1, 2020. Retrieved July 15, 2020.
  2. Roy Chaudhury, Dipanjan (August 23, 2019). "World Bank bans Chinese companies again for financial crimes". The Economic Times. Archived from the original on August 23, 2019. Retrieved July 15, 2020.
  3. Alon, Ilan. A Guide to the Top 100 Companies in China. World Scientific. ISBN 978-981-4291-46-0.
  4. "World Bank Applies 2009 Debarment to China Communications Construction Company Limited for Fraud in Philippines Roads Project". World Bank. July 29, 2011. Archived from the original on June 19, 2020. Retrieved 2020-07-15.
  5. Long, Drake (14 July 2020). "Senior US Official Hints at Sanctions on Chinese Firms in South China Sea". Radio Free Asia. Archived from the original on 15 July 2020. Retrieved 15 July 2020.
  6. "Construction of highway running through Taklimakan Desert enters final rush in NW China's Xinjiang". Xinhua News Agency. May 19, 2020. Retrieved 2020-07-16.
  7. "Work progressing on possible Chinese naval base in Pakistan?". The Week. June 3, 2020. Archived from the original on July 1, 2020. Retrieved July 15, 2020.
  8. China Communications Construction Co. Ltd. Annual Report 2016. p. 57.
  9. "PM launches mining work of Karnaphuli Tunnel in Chittagong". Dhaka Tribune. 2019-02-24. Retrieved 2020-08-08.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.