CSR Corporation Limited
|Joint stock limited liability company|
|Industry||Locomotive and rolling stock manufacturing|
|Predecessor||China South Locomotive and Rolling Stock Industry (Group) Corporation(founded 2002)|
|Founded||28 December 2007|
|Defunct||1 June 2015|
|Chairman, Executive director: Zhao Xiaogang
Chairman (supervisory board): Wang Yan
President: Zheng Changhong
|Owner||Majority State-owned enterprise via China South Locomotive & Rolling Stock Industry (Group) Corporation|
In 1986 the China National Railway Locomotive & Rolling Stock Industry Corporation (LORIC) was formed, comprising 35 production sites and 4 research centres. In 2002 LORIC was separated from the ministry of Railways and China South Locomotive and Rolling Stock Industry (Group) Corporation (CSRG) was formed. Its main competitor, the China North Locomotive and Rolling Stock Industry (Group) Corporation was formed in 2000.
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. The shares also began trading on the Shanghai Stock Exchange in August; $1.57 billion was raised in the share offers. A 40% stake in the company was offered in total on the two exchanges.
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.
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). The two companies formally merged on 1 June 2015.
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.
Company structure and subsidiaries
At the time of the restructuring and share issue in 2008 the company had 20 subsidiaries:
- Manufacturing and maintenance
- CSR Chengdu Locomotive & Rolling Stock Co., Ltd., refurbishment of locomotives and carriages, manufacture and repair of motors.
- CSR Feb. 7th Rolling Stock Co., Ltd., manufacture and maintenance of freight wagons.
- CSR Luoyang Locomotive Co., Ltd., refurbishment of locomotives.
- CSR Meishan Rolling Stock Co., Ltd., manufacture of freight wagons, brakes and castings.
- CSR Nanjing Puzhen Rolling Stock Co., Ltd., manufacture of carriages, multiple units and rapid transit vehicles.
- CSR Qishuyan Locomotive Co., Ltd., manufacture and maintenance of diesel locomotives
- CSR Shijiazhuang Rolling Stock Co., Ltd., maintenance of freight wagons, R&D of air-conditioning and refrigeration devices.
- Shijiazhuang Guoxiang Transportation Equipment Co., Ltd., 60% owned subsidiary, joint enterprise with King Machinery (Taiwan) Co., Limited.
- CSR Sifang Locomotive & Rolling Stock Co., Ltd., Manufacture of carriages and multiple units, and auxiliary products. EMU and carriage maintenance. Renamed CSR Qingdao Sifang Locomotive & Rolling Stock Co., Ltd, (CSR Sifang Co., Ltd.) on 29 December 2008.
- CSR Sifang Rolling Stock Co., Ltd., maintenance and manufacture of carriages and multiple units.
- CSR Yangtze Rolling Stock Co., Ltd.,[note 2] freight and refrigerated wagon manufacturing and maintenance, carriage and rapid transit vehicle maintenance, manufacture of axles, casting and other steel structures
- CSR Zhuzhou Electric Locomotive Co., Ltd., R&D and manufacture of electric locomotives, multiple units and rapid transit vehicles, and electric motors, transformers and related products.
- Zhuzhou CSR Times Electric Co., Ltd., development and sale of traction and auxiliary electrical power equipment and urban rail control system.
- CSR Ziyang Locomotive Co., Ltd., R&D and manufacturing of diesel and electric locomotives, and diesel and gas powered engines and sub-components.
- CSR Xiangfan Locomotive Co., Ltd., refurbishment of locomotives.
- Emprendimientos Ferroviarios, the company's subsidiary in Argentina.
- 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.
- CSR Qishuyan Locomotive & Rolling Stock Technology Research Institute Co., Ltd., R&D of mechanical transmissions, brakes, shock absorbers and manufacturing techniques.
- Export and leasing
- New Leap Transportation Equipment Investment & Leasing Co., Ltd., investment in, leasing, sale, and technical support of rail vehicles. (Renamed CSR Investment and Leasing on 2 December 2008)
The company owned ~46% of the shares in "South Huiton", a freight wagon manufacturer, and palm fibre processing company. CSR (Hong Kong) Co. Ltd. based in Hong Kong was formed as 100% subsidiary in 2008.
- Bombardier Sifang (Qingdao) Transportation Ltd., formed 1998, with CSR Sifang, 50% owned by Bombardier Inc., design and manufacture of single and double deck passenger carriages and EMUs
- Qingdao Sifang Kawasaki Rolling Stock Technology Co., Ltd., formed 2005, 50% owned by Kawasaki Heavy Industries (39%) and ITOCHU Corporation (11%), R&D and technical support for railway vehicles and import and export thereof.
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.
|This article needs to be updated. (June 2012)|
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.
- 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.
- Type DDJ1
- 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.
- 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.
- 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%.
- 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.
- 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, and 709 cars for Sarmiento and Mitre lines.
- 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.
- 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
- "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 Check date values in:
- History www.chinacnr.com
- History www.csrgc.com.cn
- 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
- China South Locomotive shares surge in Shanghai IPO , 18 August 2008 , www.nytimes.com
- Zhongwang Said to Raise $1.3 Billion in Hong Kong IPO (Update1) , Bei Hu , 30 April 2009 , www.bloomberg.com
- China South Locomotive May Raise $1.5 Billion in IPO (Update2) , Bei Hu , 3 August 2008 , www,bloomberg.com
- CSR Prospectus , 8 August 2008 , "Overview", pp.1-3
- 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
- China tests 500 kmh super high speed train
- Test train can hit 500km/h
- CSR adquiere EMFER y desembarca en la Argentina - EnElSubte, 26 February 2014.
- Company Overview of Emprendimientos Ferroviarios S.A. Emfer S.A. - Bloomberg Business
- "CNR and CSR agree merger terms", www.railwaygazette.com, 31 Dec 2014
- "Rival China trainmakers merge to boost high-speed rail push abroad", www.reuters.com, 30 Dec 2014
- Briginshaw, David (1 June 2015), "CNR and CSR finalise merger to become CRRC", www.railjournal.com
- "amaBhungane - Guptas' R51bn train grab". amabhungane.co.za. Retrieved 2016-07-16.
- SOLE, STEFAANS BRÜMMER and SAM. "The Guptas' R51bn train grab". Sunday Times. Retrieved 2016-07-16.
- CSR Prospectus , 8 August 2008 , "Our corporate structure", pp.88-93
- China South Locomotives & Rolling Sotkc Corporation Limited: 2008 annual report p.10
- CSR Prospectus , 8 August 2008 , "South Huiton", pp.142-144
- China South Locomotives & Rolling Stock Corporation Limited: 2008 annual report p.127
- CSR Prospectus, retrieved 9 Feb 2015
- "Railway Gazette: Fourth order for largest electric locomotive manufacturer". Retrieved 2010-08-19.
- Reuters news agency
- "Dailynews". Railway gets new power sets from China. 2010-04-23.
- Ankara Metrosu 324 vagon alımı ihalesi yapıldı (in Turkish), 5 March 2012
- "Prometen nuevos vagones para el Roca" by Mariano Obarrio, La Nación, 24 May 2013
- "Gobierno anunció la compra de 300 vagones para el Roca" by Liliana Franco, Ambito Financiero, 23 May 2013
- "CSR fleet enters service in Buenos Aires", Railway Gazette International, 10 June 2013
- "Ya está en viaje la primera de las 25 formaciones para la línea Sarmiento", Telam, 7 Jan 2014
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