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CSR Corporation Limited

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CSR Corporation Limited
Native name
中国南车股份有限公司
Company typeJoint stock limited liability company
IndustryLocomotive and rolling stock manufacturing
PredecessorChina South Locomotive and Rolling Stock Industry (Group) Corporation(founded 2002)
Founded28 December 2007[1]
Defunct1 June 2015
SuccessorCRRC Corporation
Headquarters
Beijing
,
China
Area served
Worldwide
Key people
Chairman, Executive director: Zhao Xiaogang
Chairman (supervisory board): Wang Yan
President: Zheng Changhong
OwnerMajority State-owned enterprise via China South Locomotive & Rolling Stock Industry (Group) Corporation
Websitewww.csrgc.com

China South Locomotive & Rolling Stock Corporation Limited (CSR) (SEHK: 1766, SSE: 601766) was a state-owned enterprise supervised by the State Council of the People's Republic of China.

In 2015, the company merged with China CNR Corporation to form CRRC Corporation.

History

A CSR Electric Multiple Unit on the Mitre Line in Argentina.

In 1986 the China National Railway Locomotive & Rolling Stock Industry Corporation (LORIC) was formed, comprising 35 production sites and 4 research centres.[2] In 2002 LORIC was separated from the ministry of Railways and China South Locomotive and Rolling Stock Industry (Group) Corporation (CSRG) was formed.[3] Its main competitor, the China North Locomotive and Rolling Stock Industry (Group) Corporation was formed in 2000.[2]

In 2002 the group manufactured the 270 km/h (170 mph) China Star high speed EMU at the Zhuzhou Electric Locomotive Works.

In 2007 the China South Locomotive & Rolling Stock Corporation Limited (CSR) was formed.[3][note 1]

The company's H shares were first traded on the Hong-Kong stock market on 21 August 2008, the company's A shares began trading on the 18 August 2008.[4] The shares also began trading on the Shanghai Stock Exchange in August; $1.57 billion was raised in the share offers.[5][6] A 40% stake in the company was offered in total on the two exchanges.[7]

Between 2004 and 2007 CSR had ~50% of the internal Chinese market for locomotives and ~80% of the market for multiple units (by volume), as well as a ~50% share in locomotive and wagon refurbishment. In the same period overseas sales accounted for ~7-8% of revenue.[8]

In April 2010 the majority shareholder and state owned holding company China South Locomotive and Rolling Stock Industry (Group) Corporation was renamed to China South Locomotive Group.[9]

On 26 December 2011, CSR announced that it had successfully tested a super high speed train that was capable of traveling at 500 km/h.[10][11]

In February 2014, CSR acquired the Argentine rolling stock manufacturer Emprendimientos Ferroviarios.[12][13]

At the end of 2014 CSR and its rival CNR announced their intention to merge, with a 1:1 share swap; the resultant company (value ~$26billion) was to be named China Railway Rolling Stock Corp (CRRC).[14][15] The two companies formally merged on 1 June 2015.[16]

In June 2016 the company along with members of the Gupta family was accused of trying to improperly influence the awarding of a R51 billion (US$6 billion) 2012 contract for CSR to deliver 600 trains to the South African Passenger Rail Agency.[17][18]

Company structure and subsidiaries

A label of CSR Meishan Company on a train
The CRH380A electric high-speed train developed by CSR and manufactured by CSR Sifang Locomotive & Rolling Stock Co., Ltd.

At the time of the restructuring and share issue in 2008 the company had 20 subsidiaries:

Manufacturing and maintenance
Research
  • CSR Zhuzhou Electric Locomotive Research Institute Co., Ltd., R&D and manufacture of electric propulsion and control, suspension and noise reducing elements, polymer composites and insulators.[19]
  • CSR Qishuyan Locomotive & Rolling Stock Technology Research Institute Co., Ltd., R&D of mechanical transmissions, brakes, shock absorbers and manufacturing techniques.[19]
Export and leasing
  • New Leap Transportation Equipment Investment & Leasing Co., Ltd., investment in, leasing, sale, and technical support of rail vehicles.[19] (Renamed CSR Investment and Leasing on 2 December 2008)[20]
Other

The company owned ~46% of the shares in "South Huiton", a freight wagon manufacturer, and palm fibre processing company.[21] CSR (Hong Kong) Co. Ltd. based in Hong Kong was formed as 100% subsidiary in 2008.[22][23]

Joint ventures

Manufacturing and products

The main factories for the manufacture of locomotives are installed in Zhuzhou (electric locomotives), Ziyang, Luoyang, Xiangfan (diesel locomotives), Qishuyan, and Chengdu (the latter two also producing carriages). Carriages are built in factories in Nanjing, Zhuzhou, Beijing, Meishan, Wuchang, Tongling, Shijiazhuang, Wuhan and Guiyang. The company has two research institutes in Zhuzhou and Qishuyan.

Models

CSR SDD8 FCA (Ferrovia Centro-Atlântica) nº9564. Brazil.
Passenger car built for Luanda Railway in Angola.
CSR SDD7 locomotive and coaches for San Martín line of Argentina.

Main models manufactured:

  • Electric locomotives:
    • Type TM1
    • Type KZ4A high-speed
    • Type DJ2 "Olympic star"
    • SS series, including SS3, SS4, SS6, SS8, SS9 and their varieties
    • AC4000 test bed
    • Type HXD1 "Harmony": Orders have been placed for 1710 units and production capacity has been increased to 800 units per year.[24]
  • EMUs
    • High-speed train "China Star"
    • High-speed train "Central China Star"
  • Diesel locomotives
    • Qishuyan-built diesels for Guinea
    • Type DF4B, DF4C, DF4D and varieties
    • Type DF5B
    • Type DF8B and varieties
    • Type DF11 and DF11G for passenger trains
    • Type DF12 Shunter
    • Diesel-hydraulic locomotives DFH 3 and DFH 5
    • Yard shunters GK & GKD series, in several gauges ranging from 762 to 1435 mm.
  • DMUs
    • Type DDJ1

The firm also built subway trains, particularly for networks in Shanghai Metro and Beijing Metro.

Exports

Sri Lanka Railways Class S12 trainset, manufactured by CSR.
  • In October 2008, China Southern Locomotive won a contract worth nearly $100 million from Kazakhstan, its third contract since entering that country's market in 2002.[25]
  • CSR supplies diesel-multiple units to Sri Lanka Railways. In 2008, CSR began exporting short-haul DMUs to Sri Lanka, for use on commuter-rail services. As of 2011, long-haul units are currently on order.[26]
  • CSR also won a contract worth $391 million from Turkey to produce 324 vehicles for the Ankara Metro. It is envisaged that 75 of the 324 wagons will have at least 30% domestically manufacturer content while the remaining wagons will have 51%.[27]
  • On 22 October 2012, South Africa awarded a tender for 95 electric locomotives to CSR Zhuzhou Electric Locomotive works. The plan is part of a R4 trillion (US$462 billion) infrastructure improvement project in the country.[28]
  • In 2013, Argentine state-owned company Trenes Argentinos announced that CSR electric multiple units had been acquired for metropolitan services of Buenos Aires. That included 300 cars for Roca Line,[29][30] and 709 cars for Sarmiento and Mitre lines.[31][32]

A joint venture between CSRC and Australian-based United Group manufactured MTR with 21 Phase IV LRV cars delivered in 2009.

See also

Notes

  1. ^ The assets of China South Locomotive and Rolling Stock Industry (Group) Corporation were transferred to China South Locomotive & Rolling Stock Corporation Limited in exchange for shares in preparation for a potential share offer.
  2. ^ CSR Yangtze Rolling Stock Co., Ltd. was formed from CSR Qishuyan Locomotive & Rolling Stock Works (freight wagon assets), CSR Wuhan Jiang’an Rolling Stock Works, CSR Zhuzhou Rolling Stock Works, CSR Tongling Rolling Stock Works and CSR Wuchang Rolling Stock Works. Source: CSR Prospectus , 8 August 2008 , "Restructuring", p.85

References

  1. ^ "About Us - The Company - Brief Introduction of the Company", www.csrgc.com, China South Locomotive and Rolling Stock Corporation Limited, 11 June 2011, retrieved June 2012 {{citation}}: Check date values in: |accessdate= (help)
  2. ^ a b History www.chinacnr.com
  3. ^ a b History www.csrgc.com.cn
  4. ^ Baker & McKenzie Advises China South Locomotive & Rolling Stock Corporation Limited on its Global Offering – The Third Largest Hong Kong IPO , Deal Announcement , 25 August 2008 , www.bakermckenzie.com
  5. ^ China South Locomotive shares surge in Shanghai IPO , 18 August 2008 , www.nytimes.com
  6. ^ Zhongwang Said to Raise $1.3 Billion in Hong Kong IPO (Update1) , Bei Hu , 30 April 2009 , www.bloomberg.com
  7. ^ China South Locomotive May Raise $1.5 Billion in IPO (Update2) , Bei Hu , 3 August 2008 , www,bloomberg.com
  8. ^ CSR Prospectus , 8 August 2008 , "Overview", pp.1-3
  9. ^ 中国南车股份有限公司 关于公司第一大股东更名的公告 China South Locomotive Co., Ltd. : Largest company shareholder name change announcement , 15 April 2010 , www.csrgc.com.cn
  10. ^ China tests 500 kmh super high speed train
  11. ^ Test train can hit 500km/h
  12. ^ a b CSR adquiere EMFER y desembarca en la Argentina - EnElSubte, 26 February 2014.
  13. ^ a b Company Overview of Emprendimientos Ferroviarios S.A. Emfer S.A. - Bloomberg Business
  14. ^ "CNR and CSR agree merger terms", www.railwaygazette.com, 31 Dec 2014
  15. ^ "Rival China trainmakers merge to boost high-speed rail push abroad", www.reuters.com, 30 Dec 2014
  16. ^ Briginshaw, David (1 June 2015), "CNR and CSR finalise merger to become CRRC", www.railjournal.com
  17. ^ "amaBhungane - Guptas' R51bn train grab". amabhungane.co.za. Retrieved 2016-07-16.
  18. ^ SOLE, STEFAANS BRÜMMER and SAM. "The Guptas' R51bn train grab". Sunday Times. Retrieved 2016-07-16.
  19. ^ a b c d e f g h i j k l m n o p q r s CSR Prospectus , 8 August 2008 , "Our corporate structure", pp.88-93
  20. ^ a b China South Locomotives & Rolling Sotkc Corporation Limited: 2008 annual report Archived November 16, 2010, at the Wayback Machine p.10
  21. ^ CSR Prospectus , 8 August 2008 , "South Huiton", pp.142-144
  22. ^ China South Locomotives & Rolling Stock Corporation Limited: 2008 annual report Archived November 16, 2010, at the Wayback Machine p.127
  23. ^ CSR Prospectus, retrieved 9 Feb 2015
  24. ^ "Railway Gazette: Fourth order for largest electric locomotive manufacturer". Retrieved 2010-08-19.
  25. ^ Reuters news agency
  26. ^ "Dailynews". Railway gets new power sets from China. 2010-04-23.
  27. ^ Ankara Metrosu 324 vagon alımı ihalesi yapıldı (in Turkish), 5 March 2012
  28. ^ http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page72308?oid=334493&sn=Marketingweb+detail&pid=90389
  29. ^ "Prometen nuevos vagones para el Roca" by Mariano Obarrio, La Nación, 24 May 2013
  30. ^ "Gobierno anunció la compra de 300 vagones para el Roca" by Liliana Franco, Ambito Financiero, 23 May 2013
  31. ^ "CSR fleet enters service in Buenos Aires", Railway Gazette International, 10 June 2013
  32. ^ "Ya está en viaje la primera de las 25 formaciones para la línea Sarmiento", Telam, 7 Jan 2014
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