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CSR Corporation Limited

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Not to be confused with CSR Group Corporation, the parent company.
CSR Corporation Limited
FormerlyChina South Locomotive & Rolling Stock Corporation Limited
Company typepublic
Industrymanufacturing
Predecessormajor assets of CSR Group
FoundedDecember 28, 2007; 16 years ago (2007-12-28)[1]
DefunctJune 1, 2015; 9 years ago (2015-06-01)
FateMerged with China CNR to form CRRC in 2015
SuccessorCRRC
Headquarters
Beijing
,
China
Area served
China
Asia
Products
ParentCSR Group

CSR Corporation Limited (CSR), formerly known as China South Locomotive & Rolling Stock Corp was a Chinese manufacturer of locomotive and rolling stock.

In 2015, the company merged with China CNR to form CRRC.

History

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A CSR Electric Multiple Unit on the Mitre Line in Argentina

In 2007 the China South Locomotive & Rolling Stock Corporation Limited (CSR) was formed.[2] as a special purpose vehicle for potential initial public offering for the major assets of state-owned CSR Group. Some auxiliary assets were left in the group and remained unlisted.

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.[3] The shares also began trading on the Shanghai Stock Exchange in August; $1.57 billion was raised in the share offers.[4][5] A 40% stake in the company was offered in total on the two exchanges.[6]

On 26 December 2011, CSR announced that it had successfully tested a super high speed train that was capable of traveling at 500 km/h.[7]

In February 2014, CSR acquired the Argentine rolling stock manufacturer Emprendimientos Ferroviarios.[8][9]

Merger

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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 CRRC.[10][11] The two companies formally merged on 1 June 2015.[12]

Company structure and subsidiaries

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A label of CSR Meishan Company on a train
The CRH380A electric high-speed train developed by CSR and manufactured by Sifang Locomotive and Rolling Stock Company

At the time of the restructuring and share issue in 2008 the company had 20 subsidiaries:

Manufacturing and maintenance
Research
  • 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.[13]
  • CSR Qishuyan Locomotive & Rolling Stock Technology Research Institute Co., Ltd., R&D of mechanical transmissions, brakes, shock absorbers and manufacturing techniques.[13]
Export and leasing
  • New Leap Transportation Equipment Investment & Leasing Co., Ltd., investment in, leasing, sale, and technical support of rail vehicles.[13] (Renamed CSR Investment and Leasing on 2 December 2008)[14]
Other
  • CSR (Hong Kong) Co. Ltd. based in Hong Kong was formed as 100% subsidiary in 2008.[15]

Joint ventures

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Manufacturing and products

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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.

Models

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CSR SDD8 FCA (Ferrovia Centro-Atlântica) nº9564. Brazil.
Passenger car built for Luanda Railway in Angola.
CSR SDD7 locomotive and coaches for San Martín line of Argentina.

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.[16]
  • EMUs
    • 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.
  • DMUs
    • Type DDJ1

The firm also built subway trains, particularly for networks in Shanghai Metro and Beijing Metro.

Exports

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Sri Lanka Railways Class S12 trainset, manufactured by CSR.
  • 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.[17]
  • 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.[18]
  • 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%.[19]
  • 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.[20]
  • 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,[21][22] and 709 cars for Sarmiento and Mitre lines.[23][24]
  • Baghdad–Basra high-speed rail line[25]

A joint venture between CSRC and Australian-based United Group manufactured MTR with 21 Phase IV LRV cars delivered in 2009.

Controversy

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In June 2016 the CSR along with members of the Gupta family were 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.[26][27] It was later reported that the future South African Public Protector Busisiwe Mkhwebane was also allegedly implicated in the deal when she worked as Counselor Immigration and Civic Services in South Africa's embassy in China.[28][29]

See also

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Notes

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  1. ^ CSR Yangtze Rolling Stock Co., Ltd. was formed from the assets of 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

References

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  1. ^ "About Us - The Company - Brief Introduction of the Company", www.csrgc.com, China South Locomotive and Rolling Stock Corporation Limited, 11 June 2011, archived from the original on 21 November 2010, retrieved 27 June 2012
  2. ^ History www.csrgc.com.cn
  3. ^ Baker & McKenzie Advises China South Locomotive & Rolling Stock Corporation Limited on its Global Offering – The Third Largest Hong Kong IPO Archived 2011-07-07 at the Wayback Machine, Deal Announcement, 25 August 2008, www.bakermckenzie.com
  4. ^ China South Locomotive shares surge in Shanghai IPO, 18 August 2008, www.nytimes.com
  5. ^ Zhongwang Said to Raise $1.3 Billion in Hong Kong IPO (Update1), Bei Hu, 30 April 2009, www.bloomberg.com
  6. ^ China South Locomotive May Raise $1.5 Billion in IPO (Update2), Bei Hu, 3 August 2008, www.bloomberg.com
  7. ^ China tests 500 kmh super high speed train
  8. ^ a b CSR adquiere EMFER y desembarca en la Argentina - EnElSubte, 26 February 2014.
  9. ^ a b Company Overview of Emprendimientos Ferroviarios S.A. Emfer S.A. - Bloomberg Business
  10. ^ "CNR and CSR agree merger terms", www.railwaygazette.com, 31 December 2014
  11. ^ "Rival China trainmakers merge to boost high-speed rail push abroad", www.reuters.com, 30 December 2014, archived from the original on 24 September 2015, retrieved 30 June 2017
  12. ^ Briginshaw, David (1 June 2015), "CNR and CSR finalise merger to become CRRC", www.railjournal.com
  13. ^ a b c d e f g h i j k l m n o p q r s CSR Prospectus Archived 2011-07-07 at the Wayback Machine, 8 August 2008, "Our corporate structure", pp.88-93 retrieved 9 Feb 2015
  14. ^ a b China South Locomotives & Rolling Sotkc Corporation Limited: 2008 annual report Archived November 16, 2010, at the Wayback Machine p.10
  15. ^ China South Locomotives & Rolling Stock Corporation Limited: 2008 annual report Archived November 16, 2010, at the Wayback Machine p.127
  16. ^ "Railway Gazette: Fourth order for largest electric locomotive manufacturer". Retrieved 2010-08-19.
  17. ^ "UPDATE 1-PRESS DIGEST - China - Oct 24". Reuters. Archived from the original on 2022-10-10.
  18. ^ "Dailynews". Railway gets new power sets from China. 2010-04-23. Archived from the original on 2012-03-08.
  19. ^ Ankara Metrosu 324 vagon alımı ihalesi yapıldı (in Turkish), 5 March 2012[permanent dead link]
  20. ^ "Politicsweb - This is who'll supply Transnet with 95 electric locomotives - Malusi Gigaba - Top stories". Archived from the original on 2015-02-09. Retrieved 2012-10-23.
  21. ^ "Prometen nuevos vagones para el Roca" by Mariano Obarrio, La Nación, 24 May 2013
  22. ^ "Gobierno anunció la compra de 300 vagones para el Roca" by Liliana Franco, Ambito Financiero, 23 May 2013
  23. ^ "CSR fleet enters service in Buenos Aires", Railway Gazette International, 10 June 2013
  24. ^ "Ya está en viaje la primera de las 25 formaciones para la línea Sarmiento", Telam, 7 Jan 2014
  25. ^ "After Decades of War, Iraq Adds Fleet of New Trains to Its Aging Railway". WIRED. 2014-03-24.
  26. ^ "amaBhungane - Guptas' R51bn train grab". amabhungane.co.za. Retrieved 2016-07-16.
  27. ^ SOLE, STEFAANS BRÜMMER and SAM. "The Guptas' R51bn train grab". Sunday Times. Retrieved 2016-07-16.
  28. ^ Cameron, Jackie (2019-07-31). "HSBC joins dots from Gupta-friendly public protector to Chinese rail company kickbacks". BizNews.com. Retrieved 2019-08-01.
  29. ^ "$5,000 payment to Mkhwebane flagged by HSBC bank: report". TimesLIVE. Retrieved 2019-08-01.
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