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.
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