CNR, CSR in full steam on merger track
Print Edition
SOURCES with China’s top trainmakers, China CNR Corp and CSR Corp, confirmed yesterday that the two companies will soon merge to compete globally.
Details of the merger will be available this weekend with the release of “important news” by the state-owned enterprises, according to sources familiar with the deal.
The expected merger will help export China’s high-speed railway technology by preventing cutthroat competition between the two, analysts said.
Stock trading for the two companies has been suspended in Shanghai and Hong Kong stock exchanges, pending further announcement.
The two companies are both listed in Shanghai and Hong Kong, with a combined market value of about US$30 billion based on the closing price before trading suspension.
CNR’s net profit jumped 65.1 percent year on year to 3.96 billion yuan (US$648 million) for the first nine months of this year, according to its latest quarterly results filed with the two bourses yesterday.
CNR attributed the sharp rise in profit to growing business.
In the January-September period, CNR’s operating revenues rose 9.84 percent from a year earlier to 64.2 billion yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
