CHANGZHOU, China, Nov. 29, 2017 /PRNewswire/ -- China's Shanghai and Shenzhen stock exchanges simultaneously announced that China Railway Hi-Tech Industry Corporation Limited and Changzhou Tiansheng New Materials plan to set up a joint venture, China Railway New Rail Transit Vehicle Co., and locate the JV's main production facility in Changzhou Natioanal Hi-tech District, Jiangsu province.
China Railway Hi-Tech Industry is a subsidiary of China Railway Group Limited, is one of the world's top 500 companies. The parent now has a number of key member groups under its wing, including China Railway Shanhaiguan Bridge Group and China Railway Engineering Service. China Railway Group Limited is now China's largest and the world's second largest manufacturer of tunnel boring machines (TBMs) in terms of market share.
Changzhou Tiansheng New Materials, listed on Shenzhen Stock Exchange's GEM board, is not only a well-known Chinese firm dedicated to the production of new macromolecule materials, but also is a Chinese high-tech firm mainly engaged in the design of complete rail transit vehicles as well as in the R&D and production of core components for the vehicles, with strong competences in the design of the vehicles as well as of the lightweight new materials that go into their design. The specialized competences extend to the assembly of and parts supply for the vehicles.
The JV will manufacture a wide range of rail transit vehicles especially designed for urban environments, including straddle-type and suspended monorail trains, magnetic suspension (maglev) trains, tram vehicles, high-speed commuter trains, rubber-tyred metro vehicles and systems, smart virtual rail systems and subway trains.
The JV is expected to become the first Chinese manufacturer of new urban rail transit vehicles that will be owned by both the Chinese central government and private investors. Backed by the Chinese government, the JV is also expected to become a leading manufacturer in China's new urban rail transit industry, with the ability to offer a wide range of rail transit vehicles and a complete portfolio of engineering equipments, backed by strong competences in R&D and the design of new products as well as in marketing and financing. The creation of the JV meets one of Changzhou's key goals, which is to become a leading supplier of "last mile" transit vehicles.
SOURCE Changzhou National Hi-Tech District