New | China’s largest train maker CRRC Corp announces 12.2 billion yuan in contracts

CRRC Corp, the merged new entity of China’s two largest train makers, on Thursday announced recent contracts worth 12.2 billion yuan (HK$15 billion), alongside another 4.84 billion yuan deal to supply metro trains to Hong Kong.

It has 90 per cent of the domestic market for the production of railway locomotives, bullet trains, passenger trains and metro vehicles. The impetus for the merger of China CNR Corp and CSR Corp was the quest for a deeper push into overseas markets.

Among the eight newly-announced deals, only one is for export worth about 440 million yuan, according to the statement on the Shanghai Stock Exchange.

The company aims to more than double the proportion of exports in its revenues to 15 per cent from 7 per cent last year.