CNR / CSR: train manufacturers rose after confirmation of their merger
Shanghai (awp / afp) – Securities trains Chinese manufacturers CNR and CSR were up sharply Wednesday at the Hong Kong stock exchanges and Shanghai, after the confirmation of their merger to create an industry giant.
In Hong Kong, the action of China CNR Corp. rose 43% to 10.94 HKD, while the rise of CSR Corp. as exceeded 32%, reaching 10.44 HKD in trade in the morning.
In Shanghai, where the two groups are also quoted, the course of action CNR has risen to 7 , 10 CNY and the CSR to 6.38 CNY, the two firms reaching the maximum increase of 10% set by the financial market.
CNR and CSR, state-controlled, produce cars and locomotives for the Chinese rail network, and their merger aims to create a giant capable of exporting Chinese technology high-speed rail.
Their reconciliation is also supposed to prevent competition too “stiff” in the domestic market had explained the end of October the official media.
The Xinhua news agency said Tuesday that the two state companies would “merge into a new company,” citing an announcement by the . new entity on the Shanghai Stock Exchange
The 21st Century Business Herald reported that the new entity would be called “China Railway Rolling Stock Group”
The merger will close parenthesis. CSR and CNR are from the same manufacturer of rail vehicles, which had emancipated in 2000 of the Ministry of Railways before splitting.
China has the world’s longest network of high-speed lines, the insolent growth and should reach 16,000 km in 2020.
Beijing is now seeking to expand its home technologies outside its borders.
The mastodon resulting from the merger could hope to compete abroad Germany’s Siemens and Canada’s Bombardier.
CNR had already obtained in October a contract to supply trains Boston Toll Network (USA) .
However, CSR suffered a setback with the recent cancellation of a tender for a bullet train project to 3.75 billion USD in Mexico, he won first time within a consortium
afp / jh
(AWP / 31.12.2014 6:25).
(AWP / 31.12.2014 6:25) ^ ->
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