Top rail-car mak­ers plan to merge: re­port

China Daily (Canada) - - NEWSCAPSULE -

China is plan­ning to merge its big­gest rail-car mak­ers, China CNR and CSR Corp, to more­ef­fec­tively com­pete for ma­jor global train projects, the China Se­cu­ri­ties Jour­nal re­ported.

The state-owned firms halted trad­ing on Mon­day and is­sued a state­ment say­ing they would re­solve “ma­jor is­sues” as soon as pos­si­ble. Trad­ing would re­sume within five work­ing days, they added.

Last month, CNR and CSR dis­missed re­ports that the gov­ern­ment was look­ing to merge the firms to cre­ate a gi­ant that can bet­ter com­pete with for­eign ri­vals. Chi­nese fi­nan­cial news mag­a­zine Caixin has re­ported that the na­tion is look­ing at a merger to fa­cil­i­tate ex­ports of high-speed rail tech­nol­ogy.

CSR was founded in 2007. The company was listed on both the Shang­hai and Hong Kong stock ex­changes in 2008. CNR was founded a year later in 2008 and was listed in the Shang­hai mar­kets in 2009.(

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