·CRRC started the group reorganization of the North car and the South car

In accordance with the requirements of the capital market regulations, in order to avoid the competition of listed companies in the same industry, China CRRC, which adopts the method of “reorganization of listed companies first and reorganization of post-group companies”, completed the implementation of the share swap of the merger of the North and South vehicles, and simultaneously landed on A+ on June 8. Two months after the H-shares, the restructuring finally went further.
On the evening of August 5, China CRRC announced that the company had received the notice from the CSR Group and the second largest shareholder, China North Locomotive and Rolling Stock Industry Corporation, that CNR Group and CSR Group signed on August 5. Merger Agreement. According to the "Agreement", CNR Group absorbed and merged CSR Group, CSR Group cancelled, and CNR Group changed its name to "China CRRC Group Company". All the assets, liabilities, business, personnel and other rights and obligations of CSR Group were The merged enterprise inherits.
The announcement said that the merger has been approved by the State-owned Assets Supervision and Administration Commission of the State Council [microblogging]. Insiders of China CRRC told reporters of "Daily Economic News" that because the listed company adopts "Southern Cars and North Cars", the group company reorganized to adopt "Northern Cars and South Cars". This path is still to fully reflect The principle of “peer-to-peer merger” includes personnel arrangements that have been previously announced.
In order to promote the effective integration of the North and South vehicles, the former China South Locomotive and the former China CNR established a corporate restructuring preparatory group led by the heads of the two companies. The main leaders, supervisors, relevant departments and intermediaries of the two groups formed a multi-level and multi-disciplinary program. The joint working mechanism and mechanism of networked collaboration.
However, the restructuring of listed companies is more of a technical issue. Group-level restructuring involves too many “personnel” factors and is therefore more difficult. The former North-South car executives who have not yet entered China CRRC will also hold leadership positions in China CRRC Group.
After the merger, China National Automobile Corporation directly held 54.18% of the shares of the company, indirectly holding 0.34% of the company through China South Locomotive Group Investment Management Co., and indirectly holding 1.39% of the company through Beijing CNR Investment Co., Ltd. Shares. The merger did not lead to changes in the actual controller of the company, and it is still the State-owned Assets Supervision and Administration Commission of the State Council [microblogging].
CRRC said that the implementation of this merger still needs to meet the relevant conditions, so there is some uncertainty, investors are advised to pay attention to investment risks. The company will promptly disclose the summary of the listed company's acquisition report, the listed company's acquisition report and legal opinions, etc., depending on the progress of the merger.

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