Zhuzhou CRRC Times Electric Co. Ltd., abbreviated as TEC, is a Chinese train manufacturer. It is headquartered in Zhuzhou, Hunan Province. The company is a prominent maker of traction systems for locomotives and for electric multiple units and urban transit train applications, which generates of the company's total sales. Despite both CRRC Times Electric and intermediate parent company CRRC were listed companies, the ultimate largest shareholder was the Central Government of China, via SASAC and CRRC Group. Since 5 September 2016 CRRC Times Electric is a constituent of Hang Seng China Enterprises Index.
History
Predecessors
The parent company of the predecessors and current direct parent entity of Zhuzhou CRRC Times Electric, Zhuzhou Electric LocomotiveResearch Institute, was found in 1959 by the Ministry of Railways.. In 2002, Zhuzhou Electric Locomotive Research Institute was 51% owned by CSR Group and CNR Group, the duopoly of the Chinese market. The ratio was set immediately after the controls of the duopoly were transferred from the Ministry of Railways to State-owned Assets Supervision and Administration Commission. Both SASAC and the ministry were entities of the State Council of the People's Republic of China. The institute had founded Zhuzhou Times Electronic Technology Co., Ltd. on 28 December 1992, which became a subsidiary of Zhuzhou CSR Times Electric in 2005, for 90% share capital. Another subsidiary of the institute, "Zhuzhou Electric Locomotive Research Institute, Ningbo Branch", was found on 4 February 1992. The Ningbo Branch became a wholly owned subsidiary of Zhuzhou CSR Times Electric also in 2005.
Zhuzhou CRRC Times Electric
On 26 September 2005 Zhuzhou CSR Times Electric Co., Ltd. was incorporated as "company limited by shares", CSR Group injected Times Electronic, CSR Zhuzhou Institute Ningbo Branch and other assets into the company as share capital. On 20 June 2006 the Ningbo company was re-incorporated as a limited company as Ningbo CSR Times Sensor Technology Co., Ltd. In December 2006, Zhuzhou CSR Times Electric was listed on the Hong Kong Stock Exchange, a year before the listing of the intermediate parent company CSR Corp., Ltd.. Followed by the merger of ultimate parent company CSR Group with CNR Group to form CRRC Group in 2015, Zhuzhou CSR Times Electric was renamed to Zhuzhou CRRC Times Electric on 10 March 2016. The company remained as a separate listed company without privatization nor merger by share swap.
Joint venture
, is a joint venture between Siemens, Zhuzhou CRRC Times Electric and CRRC Zhuzhou Locomotive. It produces AC drive electric locomotives and AC locomotive traction components.
