Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

China ‘Unlikely’ to Reach Goal of 70% Self-Sufficiency in Chip Production, Report Says
Amazon Unveils Its First Solar Power Project in China
Xiaomi Increases Investment in IoT Company
Alibaba, Baidu and Xiaomi Dominate China’s Shrinking Smart Speaker Market
TikTok's In-App Revenue Skyrockets During Lockdowns
Food Delivery Giant Meituan’s Sales Beat Estimates
Xiaomi Increases Investment in IoT Company
Amazon Unveils Its First Solar Power Project in China
China ‘Unlikely’ to Reach Goal of 70% Self-Sufficiency in Chip Production, Report Says
Pandemic Lockdowns Boost Sales on Alibaba, Pinduoduo
Didi to Use AI to Protect Against Covid-19 in Latin America
Nestle to Build Its First Plant-Based Food Factory in China
Alibaba doubles down on smart speakers with $1.41bn investment
Luckin Stock Faces Wipeout in Rush to Sell Before Delisting
Xpeng Wins License to Produce Its Own Long-Range P7 Electric Cars
PUBG and Honor of Kings Are April’s Highest-Earning Games
Weibo Posts Stronger User Growth Even as Revenue Falls Amid Pandemic
Hong Kong Imitation Meat Pork Maker Gets Spammy
Beijing Approves to Test Passenger-Carrying ‘Driverless’ Vehicles
Baidu First-Quarter Revenue Drops 7%, Offset by iQiyi Growth
Sohu Reports Modest Revenue Growth, but Net Losses in First Quarter
Billionaire Jack Ma to Resign from SoftBank Board As Fund Announces Record Losses
China Chipmaker SMIC Raises $2.25 Billion From State-Owned Funds
Debt-Saddled China Railway Restructures in Line With State Sector Reform Push

By Isabelle Li / Jun 18, 2019 08:03 PM / Business & Tech

China’s massive state-owned national railway network operator has given itself a shiny new coat of paint.

China Railway Corp. (CRC) has renamed itself China State Railway Group Co. Ltd. (CR) and adopted a more market-oriented corporate structure, the company said in a statement (link in Chinese) on its website Tuesday.

The revamp brings the company into line with a national push for reform of China's state-owned enterprises. The new group will have a board of directors and a management team but no shareholder meetings. The Chinese government will remain the company’s sole shareholder, with the Ministry of Finance performing investor duties at the company on behalf of the State Council. The restructured group will inherit CRC’s significant existing debts, as well as its rights, qualifications and intellectual property.

Former CRC executives, 63-year-old Lu Dongfu and 50-year-old Yang Yudong, will continue to head the group as its president and general manager.

CRC, which has built the world’s largest high-speed rail network, has been criticized for accruing massive debts while doing so. These amounted to 5.27 trillion yuan by the end of March 2019, according to CRC’s financial reports.

Caixin reported last year that CRC was planning to list the Beijing-Shanghai high-speed railway line — one of its more profitable lines — which was seen as an attempt to seek more funds for expensive infrastructure building.

Related: Slashing Beijing-Shanghai Line’s Registered Capital Was 'Technical Move,' Operator Says

Contact reporter Isabelle Li (

Share this article
Open WeChat and scan the QR code