CNR shares jump on US subway deal
Print Edition
SHARES of China CNR Corp surged in Shanghai yesterday after the state-owned trainmaker said it had won a multi-billion-yuan contract to make trains for the oldest subway network in the United States.
CNR’s stock jumped 5.3 percent to 6.39 yuan (US$1.04) on a day when the benchmark Shanghai Composite Index fell more than 1 percent with investors betting that the company was likely to win more overseas orders after making its debut in North America.
CNR said in a stock exchange filing that the Massachusetts Department of Transportation in the US had picked its bid for the Boston metro cards procurement project on Wednesday. The firm will supply carriages for the red and orange lines of the Boston Subway, which is worth about 3.5 billion yuan.
The trainmaker beat competitors including Bombardier Inc, Hyundai Rotem Co, Kawasaki Rail Car and CSR Qingdao Sifang with a US$556.6 million bid to supply cars for the greater Boston area, according to an article posted on the website of the Massachusetts Department of Transportation.
The contract was for 284 subway cars with an option for a further 58 cars.
According to transportation authority, CNR plans to build a new manufacturing facility for final assembly of the vehicles in Boston, which will serve as the company’s US headquarters. The facility will include over 150,000 square feet of manufacturing and office space.
China has built over 12,000 kilometers of track at home for high-speed train in less than a decade, and CNR is one of the biggest high-speed train makers in the country. Last week CNR signed a contract in Thailand for a 115-meter gauge railway passenger cars project.
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