Zhuzhou CRRC Times Electric

Zhuzhou CRRC Times Electric Co. Ltd.

Company type	Public
Industry	Railway vehicles, Traction systems
Founded	1992 (as Zhuzhou Times Electronic Technology Co., Ltd.)
Headquarters	Zhuzhou , China
Area served	Worldwide
Products	Traction systems for locomotives, electric multiple units, urban transit trains
Owner	Chinese Central Government (via SASAC and CRRC Group)
Parent	CRRC

Zhuzhou CRRC Times Electric Co. Ltd. (TEC), based in Zhuzhou, Hunan Province, China, is a manufacturer focused on railway vehicles. The enterprise primarily produces traction systems utilized in locomotives, electric multiple units, and urban transit trains, which contribute to approximately 70% of its overall revenue.

While both CRRC Times Electric and its intermediate parent company, CRRC, are publicly traded, the ultimate controlling shareholder is the Chinese Central Government through the SASAC and CRRC Group.

Since 5 September 2016, CRRC Times Electric has been included in the Hang Seng China Enterprises Index.

Origins

The predecessor of Zhuzhou CRRC Times Electric, known as Zhuzhou Electric Locomotive Research Institute, was founded in 1959 by the Ministry of Railways (currently operating as CRRC Zhuzhou Institute Co., Ltd., a subsidiary under the publicly listed CRRC).

By 2002, ownership of Zhuzhou Electric Locomotive Research Institute was split with 51% held by the duopoly CSR Group and CNR Group after management shifted from the Ministry of Railways to the State-owned Assets Supervision and Administration Commission (SASAC), both entities governed by the State Council of the People's Republic of China.

The institute established Zhuzhou Times Electronic Technology Co., Ltd. ("Times Electronic") on 28 December 1992. This company became a 90% controlled subsidiary of Zhuzhou CSR Times Electric in 2005. Additionally, "Zhuzhou Electric Locomotive Research Institute, Ningbo Branch," founded in 1992, was fully acquired by Zhuzhou CSR Times Electric that same year.

Formation of Zhuzhou CRRC Times Electric

On 26 September 2005, Zhuzhou CSR Times Electric Co., Ltd. was officially formed as a joint-stock company, with CSR Group contributing Times Electronic, the Ningbo Branch, and other assets as share capital. Subsequently, on 20 June 2006, the Ningbo branch was restructured into Ningbo CSR Times Sensor Technology Co., Ltd. (currently Ningbo CRRC Times Transducer Technology Co., Ltd.).

In December 2006, Zhuzhou CSR Times Electric debuted on the Hong Kong Stock Exchange, preceding its intermediate parent CSR Corp., Ltd.'s listing.

Following the 2015 consolidation of CSR Group and CNR Group into CRRC Group, along with merging their subsidiaries into CRRC Corp., Ltd., Zhuzhou CSR Times Electric adopted the name Zhuzhou CRRC Times Electric on 10 March 2016. It continues to operate as an independent publicly listed company without undergoing privatization or share swap mergers.

Joint venture

Siemens Traction Equipment Ltd. (STEZ) is a collaborative enterprise owned by Siemens (50%), Zhuzhou CRRC Times Electric (30%), and CRRC Zhuzhou Locomotive (20%). This joint venture specializes in manufacturing AC drive electric locomotives and associated traction components.

Shareholders

The firm's equity capital comprises both domestic (A share) and international (H share) listings.

As of 13 January 2017, subsidiaries of CRRC—primarily CRRC Zhuzhou Institute—alongside Sinomach (Sinomach Capital Holdings Co., Ltd.) and CRCC High-tech Equipment, collectively held 53.44% of A shares. These entities are all indirectly controlled by the Chinese Government through SASAC. Additionally, CRRC Zhuzhou Institute possessed a 2.91% interest in CRCC High-tech Equipment.

Regarding H shares, as of 31 December 2016, significant shareholders exceeding a 5% stake included investment firms such as Schroders, Bank of America Merrill Lynch, Fidelity International, and Singapore’s sovereign wealth fund (GIC Private Limited).