China Railway Construction Corporation Limited
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Public | |
Traded as | SEHK: 1186 SSE: 601186 |
Industry | Construction |
Founded | 1948 1990 (holding company)[1] 2007 (listed company)[1] |
Headquarters | Beijing, China |
Area served
|
Worldwide |
Key people
|
Chairman: Fengchao Meng |
Products | Railways |
Services | Railway infrastructure |
Revenue | CN¥592 billion (2014)[2] |
CN¥14 billion (2014)[2] | |
CN¥12 billion (2014) [2] | |
Owner | Chinese Government General Public |
Number of employees
|
249,624 (2014) [2] |
Parent | China Railway Construction Corporation (61.3%) |
Subsidiaries | CCECC (100%) |
Website | China Railway Construction Corporation Ltd. |
China Railway Construction Corporation Limited | |||||||
Simplified Chinese | 中国铁建股份有限公司 | ||||||
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Traditional Chinese | 中國鐵建股份有限公司 | ||||||
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China Railway Construction Corporation Limited (abbreviated CRCC) is a state-owned construction enterprise that is the second largest construction and engineering company in the world by revenue in 2014[3] and second highest in accounts payable by market cap as of 2015.[4]
The limited company was incorporated in 2007 in order to float the assets of "China Railway Construction Corporation" [Group] (CRCCG, simplified Chinese: 中国铁道建筑总公司; traditional Chinese: 中國鐵道建築總公司, or the holding company) in Shanghai and Hong Kong stock exchange.
Contents
Corporate structure
CRCC is under the supervision of the State Council of the People's Republic of China. Since February 2008, A shares and H shares of CRCC are listed on the Shanghai and Hong Kong stock exchanges.
The financial report of the parent company (holding company) is not disclosed. As both parent and subsidiary share the same English name (they have different names in Chinese), the business activities of the holding company was often incorrectly mixed up with the publicly floated limited liability subsidiary by the media.
Subsidiaries
- China Railway Bureau Groups numbered 11 through 25 (the Bureau Groups numbering 1 through 10 belong to competitor China Railway Engineering Corporation)
- China Railway Construction Bridge Engineering Bureau Group Co., Ltd. (former 13th Bureau)
- China Civil Engineering Construction Corporation (CCECC)
- China Railway Construction Group Ltd.
- China Railway Electrification Bureau Group Co., Ltd.
- China Railway Real Estate Group Co., Ltd.
- China Railway Goods and Materials Co., Ltd.
- Kunming China Railway Large Maintenance Machinery Co., Ltd.
- China Railway Construction Investment Co., Ltd.
- CRCC Finance Company Limited
- China Railway Urban Construction Group Co., Ltd.
History
Founding
Formerly the railway arm of the People's Liberation Army (found 1948 and became part of Ministry of Railways from 1982). Along with China Railway Engineering Corporation, both railway construction super conglomerates were under the Ministry until 2000.
In 2003, China Civil Engineering Construction Corporation, another former entity of Ministry of Railways, was assigned to China Railway Construction Corporation as its subsidiary.
IPO
In preparation for listing, China Railway Construction Corporation Limited was incorporated in 2007 as a limited company which received most of the assets of the parent company.[5] 5 Build–operate–transfer projects were not included, namely Chongqing Tiefa Suiyu Highway, Nanjing Yangtze River Tunnel, Beijing Tongda Jingcheng Highway, Xianyang Zhongtie Road and Bridge and Guangdong Chaojie Highway. Later on in 2015 CRCC bought Chongqing Tiefa Suiyu Highway from the parent company, while 20% was retained by Chongqing Expressway Co., Ltd.[6]
The company premiered on the Shanghai and Hong Kong in February 2008, raising USD 5.7 billion, making the second largest IPO of that year. The performance was poorer than expected because of poor investment atmosphere from United States subprime mortgage crisis and China's economic macro-control.
International markets
CRCC is dedicated to becoming a global construction company. The effort to achieve this status was apparent in the 2000s when by end of the decade, the company had 209 projects in 35 countries, mostly in Africa.[7] Its five major overseas markets then were Algeria, Nigeria, Libya, Angola and Saudi Arabia.
In the succeeding decade, CRCC has branched to more overseas markets and moved up the value chain into overseas high speed rail construction. The company's work in new markets seemed to gather speed in Europe with the announcement of a deal to construct a stadium for F.C. Internazionale Milano as part of an acquisition by a Chinese investor in the club but the acquisition did not go through and so apparently the stadium deal tied to it.[8][9]
Projects
Domestic
CRCC has built much of the transportation infrastructure in China including high speed rail, subways, and expressways.
- Beijing–Shanghai High-Speed Railway, construction began in April 2008 and commercial serviced started in June 2011.
Asia
- Bangladesh The Dhaka Elevated Expressway, the first elevated expressway of Bangladesh, is to be constructed by CRCC in a $1.062 billion contract signed with the Italthai Industrial Group.[10]
Middle East and North Africa
- Algeria A consortium of CRCC and CITIC constructed the Central and Western sections of the Algeria East–West Highway in a contract worth $6.25 billion.[11]
- Egypt Track upgrade contract for $600m won by the China Civil Engineering Construction Corporation unit in April 2015.[12]
- Libya CRCC wins $2.6b bid in 2008 for west-to-east coastal railway 352 km from Khoms to Sirte and a south-to-north railway 800 km long for iron ore transport from the southern city Sabha to Misrata.
- Saudi Arabia CRCC wins 6.7 billion Saudi riyal contract in 2009 to build the first 18 km of the metro in Mecca.[13] However, due to net loss of the project, the state-owned parent company subsidized the listed company to cover the loss.[14]
- Turkey A consortium of CRCC and China National Machinery Import and Export Corporation with two Turkish construction firms constructed the Ankara-Istanbul high-speed railway, which opened in 2014.[15]
Africa
- Angola CRCC built a 1344 km railway line in Angola that opened in 2015 for a contract value of $1.83 bn.[16]
- Mali CRCC signed a $1.5 bn deal with the government of Mali to improve its railway system. [17]
- Nigeria The China Civil Engineering Construction Corporation unit signed a $3.5bn contract with the Ogun State in April 2015 to construct a railway line through the state.
- Senegal CRCC signed a $1.26 bn deal with the government of Senegal for work on 644.6 km of the rail line from Dakar to the Malian border. [18]
Other business areas
The main business activity of the company is in construction and engineering but it is also engaged in real estate development and copper mining.
Corporate social responsibility
A team from CRCC in March 2013 joined in the rescue efforts after the worst building collapse in Tanzanian history. The team was praised by the national newspaper for giving the rescue operation Dar es Salaam focus and an urgent pace.[19]
References
- ↑ 1.0 1.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 2.0 2.1 2.2 2.3 2014 annual report
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- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ 與中鐵建總公司的關係RELATIONSHIP WITH CRCCG Filing in Hong Kong Stock Exchange (Chinese) (English)
- ↑ Connected Transaction Acquisition of Equity Interest in Chongqing Tiefa Suiyu
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ F.C. Internazionale Milano S.p.A. bilancio (financial report and accounts) on 30 June 2013, PDF purchased from Italian C.C.I.A.A.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
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- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Connected Transaction: Signing of the Agreement on the Arrangement of Matters in Relation to the Mecca Light Rail Project and Resumption of Trading CRCC c/o hkexnews.hk
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
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External links
- Articles with Chinese-language external links
- Pages using infobox company with unsupported parameters
- Articles containing simplified Chinese-language text
- Articles containing traditional Chinese-language text
- SSE 50 companies
- Government-owned companies of China
- Construction and civil engineering companies of China
- Real estate companies of China
- Warrants issued in Hong Kong Stock Exchange
- Companies established in 2007
- Railway construction companies of China