Zhuzhou CRRC Times Electric Co. Ltd., abbreviated as TEC, is a Chinese train manufacturer. It is headquartered in

Zhuzhou Zhuzhou ( zh, c=株洲, p=Zhūzhōu, ), formerly Jianning (建宁), is a prefecture-level city of Hunan Province, China, straddling the Xiang River southeast of the provincial capital, Changsha, and bordering Jiangxi province to the east. It is ...

, Hunan Province. The company is a prominent maker of traction systems for locomotives, electric multiple units and urban transit train applications, which generates of the company's total sales. Despite both CRRC Times Electric and intermediate parent company

CRRC CRRC Corporation Limited (known as CRRC) is a Chinese state-owned and publicly traded rolling stock manufacturer. It is the world's largest rolling stock manufacturer in terms of revenue, eclipsing its major competitors of Alstom and Siemens. ...

were listed companies, the ultimate largest shareholder was the Central Government of China, via

SASAC The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the State Council of the People's Republic of China. It was founded in 2003 through the consolidation of various other indus ...

and

CRRC Group CRRC Group Corporation, known as CRRC Group, is a Chinese state-owned holding company, direct parent company of CRRC and 32 other subsidiaries; if including second-tier subsidiaries, the holding company is the head of 112 legal entities (as in 20 ...

. Since 5 September 2016 CRRC Times Electric is a constituent of

Hang Seng China Enterprises Index Hang Seng China Enterprises Index is a stock market index of The Stock Exchange of Hong Kong for H shares, red chip stocks, and P chips. H share is a class of ordinary share of the mainland China incorporated company that only traded outside t ...

History

Predecessors

The parent company of the predecessors and current direct parent entity of Zhuzhou CRRC Times Electric, Zhuzhou Electric Locomotive Research Institute, was found in 1959 by the Ministry of Railways. (now known as , formerly CSR Zhuzhou Electric Locomotive Research Institute Co., Ltd., abb. CRRC ZELRI; subsidiary of listed company

). In 2002, Zhuzhou Electric Locomotive Research Institute was 51% owned by

CSR Group CSR Group Corporation formerly known as China South Locomotive and Rolling Stock Industry (Group) Corporation (abbreviation: CSRG), was a Chinese locomotive and rolling stock manufacturer. In 2007, the major assets of the group was spin-off and ...

and

CNR Group China Northern Locomotive & Rolling Stock Industry (Group) Corporation commonly known as CNR Group was a Chinese locomotive and rolling stock manufacturer, and later holding company of China CNR. CNR Group merged with CSR Group in 2015 to form CRR ...

, the duopoly of the Chinese market. The ratio was set immediately after the controls of the duopoly were transferred from the Ministry of Railways to

State-owned Assets Supervision and Administration Commission The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the State Council of the People's Republic of China. It was founded in 2003 through the consolidation of various other indus ...

(SASAC). Both SASAC and the ministry were entities of the

State Council of the People's Republic of China The State Council of the People's Republic of China, also known as the Central People's Government, is the chief administrative authority and national cabinet. It is constitutionally the highest administrative organ of the country and the e ...

. The institute had founded Zhuzhou Times Electronic Technology Co., Ltd. (, "Times Electronic" for short) on 28 December 1992, which became a subsidiary of Zhuzhou CSR Times Electric in 2005, for 90%

share capital A corporation's share capital, commonly referred to as capital stock in the United States, is the portion of a corporation's equity that has been derived by the issue of shares in the corporation to a shareholder, usually for cash. ''Share ...

. Another subsidiary of the institute, "Zhuzhou Electric Locomotive Research Institute,

Ningbo Ningbo is a sub-provincial city in northeastern Zhejiang province, People's Republic of China. It comprises six urban districts, two satellite county-level cities, and two rural counties, including several islands in Hangzhou Bay and the Eas ...

Branch", was found on 4 February 1992. The Ningbo Branch became a wholly owned subsidiary of Zhuzhou CSR Times Electric also in 2005.

Zhuzhou CRRC Times Electric

On 26 September 2005 Zhuzhou CSR Times Electric Co., Ltd. was incorporated as "company limited by shares" (; function similar to

public limited company A public limited company (legally abbreviated to PLC or plc) is a type of public company under United Kingdom company law, some Commonwealth of Nations, Commonwealth jurisdictions, and Republic of Ireland, Ireland. It is a limited liability co ...

), CSR Group injected Times Electronic, CSR Zhuzhou Institute Ningbo Branch and other assets into the company as share capital. On 20 June 2006 the Ningbo company was re-incorporated as a limited company as Ningbo CSR Times Sensor Technology Co., Ltd. (, now known as Ningbo CRRC Times Transducer Technology Co., Ltd., previously incorporated under the

Law on Industrial Enterprises Owned by the Whole People Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the art ...

in 1992) In December 2006, Zhuzhou CSR Times Electric was listed on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...

, a year before the listing of the intermediate parent company CSR Corp., Ltd. Followed by the merger of ultimate parent company CSR Group with CNR Group to form

(as well as their listed subsidiaries CSR Corp. Ltd. and China CNR Corp., Ltd. to form CRRC Corp., Ltd.) in 2015, Zhuzhou CSR Times Electric was renamed to Zhuzhou CRRC Times Electric on 10 March 2016. The company remained as a separate listed company without privatization nor merger by share swap.

Joint venture

Siemens Traction Equipment Ltd. (STEZ), is a joint venture between

Siemens Siemens AG ( ) is a German multinational technology conglomerate. It is focused on industrial automation, building automation, rail transport and health technology. Siemens is the largest engineering company in Europe, and holds the positi ...

(50%), Zhuzhou CRRC Times Electric (30%) and

CRRC Zhuzhou Locomotive CRRC Zhuzhou Locomotive Co., Ltd. is one of the electric locomotive manufacturers in China. It is one of the subsidiaries of CRRC. History Predecessor Zhuzhou Electric Locomotive Works was founded in 1936. CRRC Zhuzhou Locomotive Co., ...

(20%). It produces AC drive electric locomotives and AC locomotive traction components.

Shareholders

The share capital of the company consisted of domestic share ( A share) and share floats outside mainland China (

H share H shares () refer to the shares of companies incorporated in mainland China that are traded on the Hong Kong Stock Exchange. Many companies float their shares simultaneously on the Hong Kong market and one of the two mainland Chinese stock excha ...

). As of 13 January 2017, 53.44% shares were A shares, which were owned by subsidiaries of

(mainly CRRC Zhuzhou Institute), subsidiary of

Sinomach China National Machinery Industry Corporation (also known as Sinomach) is a Chinese conglomerate with businesses in tool making, construction equipment, agricultural equipment, and infrastructure construction. In two particular areas of constru ...

(Sinomach Capital Holdings Co., Ltd., ) and CRCC High-tech Equipment, all were indirect subsidiaries of the Chinese Government (via SASAC). Moreover, CRRC Zhuzhou Institute also owned 2.91% shares of CRCC High-tech Equipment as minority shareholder. As of 31 December 2016, the major shareholders of H shares (>5% H shares) were investment managers

Schroders Schroders plc is a British multinational asset management company headquartered in London, England. Founded in 1804, it employs over 6,000 people worldwide in 38 locations around Europe, America, Asia, Africa and the Middle East. It is traded on ...

Bank of America Merrill Lynch BofA Securities, Inc., previously Bank of America Merrill Lynch (BAML), is an American multinational investment banking division under the auspices of Bank of America. It is not to be confused with Merrill, the stock brokerage and trading pla ...

Fidelity International Fidelity International Ltd (FIL) is a company that provides investment management services including mutual funds, pension management and fund platforms to private and institutional investors. Fidelity International was originally established ...

and sovereign wealth fund of Singapore (

GIC Private Limited GIC Private Limited is a Singaporean sovereign wealth fund that manages the country's foreign reserves. Established by the Government of Singapore in 1981 as the Government of Singapore Investment Corporation, from which the acronym "GIC" is ...

References

External links

* {{authority control Companies formerly in the Hang Seng China Enterprises Index Companies listed on the Hong Kong Stock Exchange Chinese companies established in 1992 Chinese companies established in 2005 Manufacturing companies established in 2005 Times Electric Government-owned companies of China Manufacturing companies based in Hunan Electronics companies of China