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CRRC Group

{{Short description|Chinese holding company}}

{{Infobox company

| name = CRRC Group

| logo =

| logo_size = 200

| logo_alt =

| logo_caption =

| logo_padding =

| image = CRRC Fangzhuang Office (20220420125116).jpg

| image_size =

| image_alt =

| image_caption = Headquarters of CRRC Group in Fangzhuang

| type = state-owned enterprise

| industry = Manufacturing, real estate

| founded = {{start date and age|2015}}

| founder = SASAC

| predecessor = {{ubl|CNR Group|CSR Group}}

| former_name =

| hq_location =

| hq_location_city = Beijing

| hq_location_country = China

| area_served = China, export worldwide

| num_locations =

| num_locations_year =

| num_employees =

| num_employees_year =

| key_people = Liu Hualong (Chairman & Party Committee Secretary){{cite web|url=http://www.crrcgc.cc/g7024.aspx|title= 集团领导|trans-title=Leaders of the Group|access-date=11 June 2017|publisher=CRRC Group|language=Chinese}}

| brands =

| products = {{ubl|locomotive|rolling stock|real estate}}

| services =

| revenue = {{decrease}} {{CNY|link=yes|233.093 billion}}

| revenue_year = 2016

| operating_income = {{decrease}} {{CNY|{{0}}14.382 billion}}

| income_year = 2016

| net_income = {{nochange}} {{CNY|{{0|00}}5.715 billion}}

| net_income_year = 2016

| assets = {{increase}} {{CNY|358.871 billion}}

| assets_year = 2016

| equity = {{increase}} {{CNY|{{0}}63.259 billion}}

| equity_year = 2016

| owner = {{nowrap|Chinese Government (100%)}}

| subsid = {{aligned table|fullwidth=y|style=text-align: left; font-size: 100%;|CRRC|(55.92%)|South Huiton|(42.64%)|full list}}

| rating =

| website = {{url|https://www.crrcgc.cc/|crrcgc.cc}}

| footnotes = in consolidated financial statement

| module = {{Chinese|child=yes|s=中国中车集团有限公司|t=中國中車集團有限公司|p=Zhōngguó zhōngchē jítuán gōngsī|s2=中车集团|t2=中車集團|p2=zhōngchē jítuán|order=st}}

}}

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).{{cite book |last1=Tjia Yin-nor |first1=Linda |title=Explaining Railway Reform in China: A Train of Property Rights Re-arrangements |date=October 2015 |publisher=Routledge |isbn=9781136212321 |url=https://books.google.com/books?id=1IC9CgAAQBAJ}}

History

The predecessors of the holding company: CNR Group and CSR Group, were formed in 2002 by splitting {{ill|China National Railway Locomotive & Rolling Stock Industry Corporation|zh|中国铁路机车车辆工业总公司}} (LORIC), a corporation under the Ministry of Railways.{{rp|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,{{cite web|url=http://www.hkexnews.hk/listedco/listconews/SEHK/2006/1208/LTN20061208001.htm|title=Prospectuses|date=8 December 2006|access-date=10 June 2017|work=Zhuzhou CSR Times Electric|publisher=Hong Kong Stock Exchange|format=index of PDF download links}}{{rp|70}} became duopoly in locomotives and rolling stock manufacturing. In 2000s, CNR, CSR, Zhuzhou Times New Material Technology (2002){{cite web|url=http://www.sse.com.cn/assortment/stock/list/info/company/index.shtml?COMPANY_CODE=600458|title=公司概况 [600458]|access-date=11 June 2017|publisher=Shanghai Stock Exchange|language=Chinese}} and Zhuzhou CSR Times Electric (2006) 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" ({{zh|s=全民所有制工业企业}}) to state-owned limited company ({{zh|s=国有独资公司|labels=no}}), renaming from {{zh|s=中国中车集团公司|labels=no}} to {{zh|s=中国中车集团有限公司|labels=no}}.{{cite report|url=https://www.crrcgc.cc/Portals/71/Uploads/Files/2018/8-31/636712999429461304.pdf|script-title=zh:2018年半年度报告|trans-title=2018 Half-yearly report (A share)|date=2018 |publisher=CRRC Corporation Limited|language=zh-cn|page=49}}

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.{{cite news|url=http://news.xinhuanet.com/english/2016-05/06/c_135337349.htm|archive-url=https://web.archive.org/web/20160524111346/http://news.xinhuanet.com/english/2016-05/06/c_135337349.htm|url-status=dead|archive-date=May 24, 2016|title= China's CRRC Industrial Investment opens European office in Budapest |date=16 May 2016|access-date=11 June 2017|agency=Xinhua News Agency}} 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,{{cite web|url=http://news.xinhuanet.com/local/2017-04/25/c_129570726.htm|script-title=zh:中车·国际广场二期 有品质更要有生活 |date=25 April 2017|access-date=11 June 2017|work=Shanxi Late News|format=re-published by XinhuaNet|language=Chinese}} on top of the old factory of CRRC Taiyuan. CRRC Group paid {{CNY|1.711 billion}} to bid back the land lease from the local government.{{cite web|url=http://www.chinadaily.com.cn/micro-reading/dzh/2015-12-31/content_14449192.html|script-title=zh:中车置业17.11亿元摘得太原机车厂旧厂地块|date=31 December 2015|access-date=11 June 2017|work=China Daily|language=Chinese|title=China Daily Website - Connecting China Connecting the World }}

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 {{CNY|448 million}}.{{cite press release|url=http://www.hkexnews.hk/listedco/listconews/sehk/2016/1223/LTN20161223738.pdf|title= Announcement on connected transaction: Transfer of Equity Interest in Ziyan Electrical|date=23 December 2016|access-date=11 June 2017|work=CRRC Corp., Ltd.|publisher=Hong Kong Stock Exchange}}

Subsidiaries

{{updated|31 December 2016}}{{cite web|url=http://www.shclearing.com/xxpl/cwbg/nb/201704/t20170430_254868.html|title=2016 Annual Report|date=30 April 2017|access-date=11 June 2017|work=CRRC Group|publisher=Shanghai Clearing House|language=Chinese|archive-date=30 September 2017|archive-url=https://web.archive.org/web/20170930175005/http://www.shclearing.com/xxpl/cwbg/nb/201704/t20170430_254868.html|url-status=dead}}

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%){{#tag:ref|, "Dali" company ({{zh|s=大力|p=Dà Lì}}) was found in 2007; not to be confused with "Daqi" Railway Transportation Equipment founded by CNR Group Qiqihar in 2007;{{cite web|url=http://www.crrcgc.cc/qqhe/g7432.aspx|title=公司简介|access-date=30 September 2017|publisher=CRRC Qiqihar Railway Rolling Stock|language=Chinese}} both NOT related to CRRC Dalian, a CRRC direct subsidiary|group="nb"}}
  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. {{zh|s=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%){{cite web|url=http://stock.qq.com/a/20170803/048739.htm|title=南车投资向中车金证无偿划转中国中车(01766)0.32%股本|date=3 August 2017|access-date=28 September 2017|work=智通财经网|language=Chinese|via=qq.com|archive-date=29 September 2017|archive-url=https://web.archive.org/web/20170929044031/http://stock.qq.com/a/20170803/048739.htm|url-status=dead}}

Equity investments

{{updated|13 January 2017}}

  • Zhuzhou Times New Material Technology (11.46%, excluding shares held by CRRC)
  • China Structural Reform Fund{{cite web |url=http://www.cctfund.cn/ |title=Home |website=cctfund.cn}}{{Cite web|url=http://www.gov.cn/xinwen/2016-09/27/content_5112412.htm|title = 中国国有企业结构调整基金26日成立，是目前国内规模最大的股权投资基金3500亿元，主攻国企调结构 _ 滚动新闻 _中国政府网}}{{cite press release|url=http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0817/LTN20170817207.pdf|title=OVERSEAS REGULATORY ANNOUNCEMENT - Clarification announcement|date=17 August 2017|access-date=26 August 2017|publisher=CRRC}}{{cite news|url=http://news.xinhuanet.com/fortune/2016-09/27/c_129300982.htm|archive-url=https://web.archive.org/web/20160927094356/http://news.xinhuanet.com/fortune/2016-09/27/c_129300982.htm|url-status=dead|archive-date=September 27, 2016|title= 中国国有企业结构调整基金成立 总规模达3500亿元 |date=27 September 2016|access-date=26 August 2017|work=China Securities Journal|language=Chinese}}
  • China Unicom A share – via a private equity fund of Aegon–Industrial Fund Management ({{zh|s=兴全基金}}){{cite web|url=http://www.cninfo.com.cn/cninfo-new/disclosure/sse/bulletin_detail/true/1203829681?announceTime=2017-08-21|title=非公开发行A股股票预案|date=21 August 2017|access-date=25 August 2017|publisher=China United Network Communications|language=Chinese|via=cninfo.com.cn|archive-url=https://web.archive.org/web/20170927202152/http://www.cninfo.com.cn/cninfo-new/disclosure/sse/bulletin_detail/true/1203829681?announceTime=2017-08-21|archive-date=27 September 2017|url-status=dead}} that subscribed by CRRC Financial and Securities Investment

former

  • Zhuzhou CRRC Times Electric (0.80% excluding held by CRRC; sold to Sinomach Capital on 13 January 2017){{cite web|url=http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0420/LTN20170420443.pdf|title=2016 Annual Report|date=20 April 2017|access-date=10 June 2017|work=CRRC Times Electric|publisher=Hong Kong Stock Exchange}}

Notes

{{Reflist|group=nb}}

References

{{reflist|30em}}

External links

  • {{official website}}

{{CRRC Group}}

{{Real estate companies of China}}

{{authority control}}

Category:Holding companies established in 2015

Category:Real estate companies established in 2015

Category:Conglomerate companies established in 2015

Category:Chinese companies established in 2015

Category:Holding companies of China

Category:Real estate companies of China

Category:Conglomerate companies of China

Category:Government-owned companies of China

Category:Companies based in Beijing

Category:Freight wagons manufacturers

Category:2015 in Beijing