Zhuzhou CRRC Times Electric

Zhuzhou CRRC Times Electric Co., Ltd., commonly known as CRRC Times Electric, is a Chinese rail-transport equipment manufacturer headquartered in Zhuzhou, Hunan Province. The company is associated with CRRC, the state-owned Chinese rail-equipment group created through the combination of the former CSR and CNR groups. Its principal business is the design and manufacture of electrical and electronic systems used in locomotives, electric multiple units and urban rail-transit vehicles. The company's most important activity is traction technology. Its traction systems convert and control electrical power so that railway vehicles can accelerate, operate efficiently and recover energy during braking. According to the referenced company description, traction-related products account for approximately 70% of total sales. The business also covers auxiliary power equipment, train-control and monitoring technologies, sensors, power electronics and other systems used in railway applications. This gives the company a position in the equipment layer of the rail industry rather than primarily as a builder of complete passenger trains. The company's industrial background reaches back to the creation of the Zhuzhou Electric Locomotive Research Institute by China's Ministry of Railways in 1959. The institute later became the CRRC Zhuzhou Institute, a major research and engineering organization within the CRRC group. Several businesses associated with the institute provided the operating foundations for the listed company. Zhuzhou Times Electronic Technology Co., Ltd. was established in 1992, while the institute's Ningbo branch was also established in the early 1990s. These assets were reorganized into Zhuzhou CSR Times Electric Co., Ltd. in 2005, when CSR Group injected Times Electronic, the Ningbo operation and other assets into a newly incorporated joint-stock company. Times Electric listed on the Hong Kong Stock Exchange in December 2006. The listing created a separately traded vehicle for the rail-electrical-equipment business while leaving it connected to the broader state-owned railway-industrial structure. In 2015, CSR Group and CNR Group were merged to form CRRC Group, and their listed railway companies were combined into CRRC Corporation Limited. As part of that wider reorganization, Zhuzhou CSR Times Electric adopted the name Zhuzhou CRRC Times Electric on 10 March 2016. It remained a separate listed company rather than being privatized or absorbed through a share-for-share merger. The company also participates in industrial partnerships. Siemens Traction Equipment Ltd. is a joint venture in which Siemens holds 50%, Zhuzhou CRRC Times Electric holds 30% and CRRC Zhuzhou Locomotive holds 20%. The venture produces AC-drive electric locomotives and traction components, linking Times Electric's domestic rail-equipment base with Siemens technology and international industrial cooperation. Ownership reflects the company's position within China's state-controlled rail-equipment sector. The largest shareholder is ultimately the Chinese central government through the State-owned Assets Supervision and Administration Commission and CRRC Group. The company's share capital includes mainland domestic shares and Hong Kong-listed H shares. In the ownership information cited for January 2017, CRRC-related entities and other government-linked shareholders controlled a majority of the domestic shares, while several international investment managers and Singapore's GIC were identified among significant H-share investors. Times Electric became a constituent of the Hang Seng China Enterprises Index on 5 September 2016. Its continuing strategic role is tied to the modernization, electrification and technological development of China's rail and urban-transit networks, while its product and engineering capabilities also support selected overseas markets.

The institutional history behind Zhuzhou CRRC Times Electric begins with the Zhuzhou Electric Locomotive Research Institute, established by China's Ministry of Railways in 1959. The institute developed into an important center for railway electrical engineering and later became CRRC Zhuzhou Institute Co., Ltd., a subsidiary of CRRC Corporation Limited. Its research, engineering and industrial assets supplied the technical and organizational foundation for the later listed company. During the early 1990s, the institute established or operated several businesses that would eventually be placed within Times Electric. Zhuzhou Times Electronic Technology Co., Ltd. was founded on 28 December 1992. The institute also established a Ningbo branch on 4 February 1992. These operations contributed electronics, sensing and related railway-technology capabilities to the group. In 2002, the institute was jointly controlled through the predecessor CSR and CNR structures, following the transfer of oversight of China's railway-equipment duopoly from the Ministry of Railways to the State-owned Assets Supervision and Administration Commission. On 26 September 2005, Zhuzhou CSR Times Electric Co., Ltd. was incorporated as a joint-stock company. CSR Group contributed Times Electronic, the Ningbo branch and other assets as share capital. The Ningbo business was subsequently reorganized in 2006 as Ningbo CSR Times Sensor Technology Co., Ltd., later known as Ningbo CRRC Times Transducer Technology Co., Ltd. This reorganization separated and formalized a group of railway-electronics activities under the Times Electric corporate platform. The company entered the public market in December 2006 through a listing on the Hong Kong Stock Exchange. It remained a distinct listed enterprise while operating within the broader CSR group. Its core business developed around traction systems and other electrical equipment for locomotives, electric multiple units and urban rail vehicles. Traction equipment became the company's dominant commercial area, representing roughly 70% of sales in the cited description. The company's role is therefore principally as a supplier of vehicle electrical systems, power-conversion equipment and associated electronics. A major change came in 2015, when CSR Group and CNR Group were combined to form CRRC Group. Their listed operating companies, CSR Corporation Limited and China CNR Corporation Limited, were also merged into CRRC Corporation Limited. On 10 March 2016, the listed subsidiary changed its name from Zhuzhou CSR Times Electric to Zhuzhou CRRC Times Electric. Unlike the two principal listed rolling-stock companies, Times Electric stayed separately listed and was not privatized or merged through a share swap. The post-reorganization ownership structure retained strong state control. CRRC Zhuzhou Institute became the principal direct parent, while the ultimate controlling interest was associated with the Chinese central government through SASAC and CRRC Group. Information cited for 2016 and early 2017 described a capital structure comprising domestic A shares and Hong Kong-traded H shares. CRRC-linked entities and other government-associated shareholders held a majority of the domestic shares. Several international investment managers and Singapore's GIC were identified among notable H-share holders. Times Electric also expanded its industrial relationships through Siemens Traction Equipment Ltd. The joint venture is owned 50% by Siemens, 30% by Zhuzhou CRRC Times Electric and 20% by CRRC Zhuzhou Locomotive. It produces AC-drive electric locomotives and traction components, illustrating the company's participation in technology cooperation beyond its wholly controlled or directly branded product activities. The company became a Hang Seng China Enterprises Index constituent on 5 September 2016. Its ongoing business remains centered on railway traction, power electronics, auxiliary systems, sensors and related electrical technologies for Chinese and selected international rail markets.

1. 2016Rebranding as Zhuzhou CRRC Times Electric

   The company changes its name from Zhuzhou CSR Times Electric on 10 March.

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2. 2016Addition to the Hang Seng China Enterprises Index

   The company's shares become an index constituent on 5 September.

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3. 2015CSR and CNR combine to form CRRC

   The merger of the two major Chinese railway groups creates CRRC Group and leads to the consolidation of their principal listed companies.

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4. 2006Hong Kong listing

   Zhuzhou CSR Times Electric is listed on the Hong Kong Stock Exchange in December.

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5. 2005Zhuzhou CSR Times Electric is incorporated

   CSR Group contributes Times Electronic, the Ningbo branch and other assets to a new joint-stock company.

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6. 1992Key predecessor electronics and sensor operations are created

   Zhuzhou Times Electronic Technology is established in December, while the institute's Ningbo branch is established earlier in the year.

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7. 1959Zhuzhou Electric Locomotive Research Institute is established

   China's Ministry of Railways establishes the predecessor research institute that later becomes CRRC Zhuzhou Institute and supplies the institutional foundation for Times Electric.

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A major Chinese rail-transport electrical-systems and traction-equipment supplier within the CRRC ecosystem, with capabilities spanning railway power electronics, vehicle traction and related control technologies.

• Railway traction systemsRailway electrical equipment

  Traction systems are the company's central product area. They manage and convert electrical power for railway propulsion in locomotives, electric multiple units and urban rail vehicles. The systems combine power-conversion and control functions needed for acceleration, operating efficiency and vehicle-level electrical integration. The cited company description identifies traction systems as generating approximately 70% of total sales.

• AC-drive locomotive traction componentsLocomotive equipment

  AC-drive equipment supports electric locomotive propulsion by controlling the flow of power between the railway supply and traction motors. Through its Siemens Traction Equipment joint venture, the company participates in the production of AC-drive electric locomotives and associated traction components.

• Auxiliary power equipmentRailway power electronics

  Auxiliary power systems provide and regulate electricity for onboard functions other than propulsion, such as control, lighting, ventilation and other train services. They form part of the broader railway electrical-equipment portfolio associated with Times Electric.

• Railway sensors and monitoring equipmentRailway electronics1992

  The company's predecessor and affiliated operations included electronics and sensor businesses. These capabilities support the measurement, monitoring and control functions required by railway vehicles and electrical systems, including products associated with the Ningbo sensor operation.

• 2016Rebranding after the creation of CRRCStrategy

  The merger of CSR Group and CNR Group created CRRC Group and changed the identity of the company's intermediate parent structure.

  What changed. The company changed its name from Zhuzhou CSR Times Electric to Zhuzhou CRRC Times Electric on 10 March.

  Aftermath. The company retained its separate Hong Kong listing while aligning its corporate identity with the newly formed CRRC group.

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• 2005Consolidation of predecessor assets into a listed-company platformStrategy

  CSR Group sought to organize several railway-electronics and sensor-related operations associated with the Zhuzhou Electric Locomotive Research Institute into a joint-stock company.

  What changed. The group injected Times Electronic, the Ningbo branch and other assets into Zhuzhou CSR Times Electric as share capital.

  Aftermath. The restructuring created the corporate platform that later listed in Hong Kong and became CRRC Times Electric after the CSR-CNR combination.

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• 2016Company adopts the CRRC Times Electric name

  Following the formation of CRRC from the former CSR and CNR groups, Zhuzhou CSR Times Electric changed its name to Zhuzhou CRRC Times Electric.

  Leadership changeOther
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• 2016Times Electric joins the Hang Seng China Enterprises Index

  The company's shares became a constituent of the Hang Seng China Enterprises Index on 5 September 2016.

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• 2006Times Electric lists on the Hong Kong Stock Exchange

  The company completed its Hong Kong listing, establishing a separately traded rail-electrical-equipment business within the CSR group structure.

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• 2005Zhuzhou CSR Times Electric is incorporated as a joint-stock company

  CSR Group injected Times Electronic, the Ningbo institute branch and other assets into a newly incorporated company that became the corporate predecessor of CRRC Times Electric.

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1. Zhuzhou CRRC Times Electric