1990 (holding company)
2007 (listed company)
|Chairman: Fengchao Meng|
|Revenue||CN¥680.98 billion (2017)|
|CN¥20.91 billion (2017)|
|CN¥16.92 billion (2017)|
|Total assets||CN¥821.89 billion (2017)|
|Total equity||CN¥178.65 billion (2017)|
Number of employees
|China Railway Construction Corporation Limited|
China Railway Construction Corporation Limited (abbreviated CRCC) is a listed construction enterprise based in Beijing, China, that was the second largest construction and engineering company in the world by revenue in 2014.
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. CRCCG retained some assets which was deemed not suitable to float in the stock exchange.
CRCCG is under the supervision of the State-owned Assets Supervision and Administration Commission of the State Council. Since February 2008, A shares and H shares of CRCC are listing 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 almost the same English name, one without the word "Limited" (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.
Formerly the railway arm of the People's Liberation Army (found 1948 and became part of the Ministry of Railways from 1982). Along with China Railway Engineering Corporation, both railway construction super conglomerates were under the Ministry until 2000. The company maintains links to the People's Liberation Army.
In 2003, China Civil Engineering Construction Corporation, another former entity of the Ministry of Railways, was assigned to China Railway Construction Corporation as its subsidiary.
In preparation for listing, China Railway Construction Corporation Limited was incorporated in 2007 as a joint-stock company with limited liabilities which received most of the assets of the parent company. 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.
The company premiered on the Shanghai and Hong Kong in February 2008, raising US$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.
CRCC is 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. 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 apparently neither did the stadium deal tied to it.
CRCC has built much of the transportation infrastructure in China including high speed rail, subways, and expressways.
The main business activity of the company is in construction and engineering but it is also engaged in real estate development and copper mining.
In November 2020, Donald Trump issued an executive order prohibiting any American company or individual from owning shares in companies that the United States Department of Defense has listed as having links to the People's Liberation Army, which included China Railway Construction Corporation.