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| China North Railway (CNR) and China South Railway (CSR), merged to become CRRC. |
BEIJING, Sept. 28 -- The establishment of Chinese high-speed rail (HSR) maker CRRC Corporation was officially announced on Monday.
Approved by the State Council, China's cabinet, two former HSR giants, China North Railway (CNR) and China South Railway (CSR), merged to become CRRC.
The merger of CNR and CSR was first announced on Oct. 30 last year.
The new conglomerate debuted on the Shanghai Stock Exchange and Hong Kong Stock Exchange on June 8. Its price stood at 13.23 yuan (2.08 U.S. dollars) per share after Monday's A-share trading.
Cui Dianguo, CRRC's chairman, said the corporation will help accelerate high-end equipment manufacturing in China, as well as the reform of state-owned enterprises.
The corporation's general manager, Liu Hualong, said that CRRC aims to become the world's leading investment group with high-end manufacturing and diversified capital operations.
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