June 02, 2015

CNR and CSR finalise merger to become CRRC

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CRRC's first chairman Mr Cui Dianguo. CRRC's first chairman Mr Cui Dianguo.

THE merger of China's two rolling stock manufacturers, CNR and CSR, was finalised on June 1 to form CRRC Corporation Limited, the world's largest train builder.

The CRRC board of directors held its first meeting on June 1, chaired by Mr Cui Dianguo, the former CNR chairman while CNR's president, Mr Xi Guohua, becomes president of CRRC. Former CSR chairman Mr Zheng Changhong and president Mr Liu Hualong become vice-chairmen of CRRC.

CRRC was granted its business license on June 1, and inherited all the businesses and assets of both CNR and CSR which now cease to exist as legal entities. CRRC is a listed company with A + H shares, although trading in CRRC shares has yet to start.

The total value of the combined assets of CNR and CSR in 2014 was Yuan 299.7bn ($US 48.3bn), and the two companies had a combined turnover of Yuan 224bn last year. CNR made a net profit of Yuan 4.49bn in 2014 compared with CSR's net profit of Yuan 5.31bn.

CRRC is headquartered in Beijing, and has 175,700 employees.


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