Core Viewpoint - China CNR Corporation Limited plans to spin off its subsidiary, CRRC Qishuyan Locomotive and Rolling Stock Research Institute Co., Ltd. (referred to as "CRRC Qishuyan"), for listing on the Shenzhen Stock Exchange's ChiNext board, while maintaining control over the subsidiary [1][3] Group 1: Company Actions - The spin-off requires approval from the company's shareholders and compliance with relevant regulations from the stock exchange and the China Securities Regulatory Commission [1] - The move aims to enhance business focus, allowing China CNR to concentrate on core sectors such as railway equipment, urban rail and infrastructure, new industries, and modern services [1][3] Group 2: Financial Performance - CRRC Qishuyan, a key provider of high-end equipment components and system solutions, reported an expected net profit of 308 million yuan for 2024 [3] - Post spin-off, CRRC Qishuyan will remain a controlled subsidiary within the consolidated financial statements of China CNR, ensuring that its financial status and profitability continue to impact the parent company's overall performance [3] Group 3: Market Trends - The spin-off is indicative of the growing trend of "A-share spin-offs," with nearly 30 A-share listed companies pursuing similar plans since 2025, primarily in high-tech sectors such as information technology and advanced equipment manufacturing [3][4] - Analysts suggest that spin-offs can provide subsidiaries with more accurate valuations, broaden financing channels, enhance operational specialization, and improve market competitiveness, while also allowing parent companies to focus on their core businesses [4]

Core Viewpoint - As of November 27, a total of 153 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stocks with the longest consecutive net buying days are Aucma and Beijing-Shanghai High-Speed Railway, both having received net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Source Pet, Zhenjiang Co., San Da Membrane, CRRC Corporation, Hangxiao Steel Structure, Zhongyuan Highway, Parker New Materials, and Guomao Co. [1]

Core Viewpoint - China CNR Corporation is planning a spin-off that requires approval from shareholders and compliance with regulatory procedures, aiming to enhance focus on core business areas and accelerate transformation into a "manufacturing + service" provider [2] Group 1: Company Overview - China CNR Corporation is a leading global supplier of rail transit equipment, maintaining the largest sales scale in the industry for several consecutive years [2] - The company has a market capitalization exceeding 200 billion yuan since its listing in 2008 [2] Group 2: Impact of Spin-off - The spin-off is expected to strengthen the capital base and business development capabilities of CRRC Qishuyan Research Institute, enhancing overall market competitiveness and positively impacting future profitability [3] - Post-spin-off, China CNR Corporation will remain the controlling shareholder of CRRC Qishuyan, with the State-owned Assets Supervision and Administration Commission as the actual controller [4] Group 3: Financial Performance - According to unaudited financial data, CRRC Qishuyan is projected to achieve a net profit of 308 million yuan in 2024 [4] Group 4: Industry Trends - The trend of spin-off listings is gaining momentum, with nearly 30 A-share listed companies pursuing similar plans since 2025, primarily in high-tech industries such as information technology and advanced equipment manufacturing [5]

Core Viewpoint - China CNR Corporation Limited plans to spin off its subsidiary, CRRC Qichun Locomotive and Rolling Stock Technology Research Institute Co., Ltd., for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, which is deemed commercially reasonable, necessary, and feasible by the board of directors [2][4]. Group 1: Meeting Details - The fourth meeting of the fourth board of directors was held on November 27, 2025, in Beijing, with 7 out of 8 directors present [1]. - The meeting was chaired by Chairman Sun Yongcai, and all resolutions were passed with unanimous consent [3][28]. Group 2: Spin-off Proposal - The board approved the proposal for the spin-off of CRRC Qichun, which will be listed on the Shenzhen Stock Exchange's Growth Enterprise Market [2][6]. - The spin-off is in compliance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [4][18]. Group 3: Listing Details - The shares to be issued will be ordinary shares (A-shares) with a par value of 1.00 RMB [9][8]. - The issuance will target qualified investors and will be conducted through a combination of strategic placements and public offerings [11][12]. Group 4: Governance and Compliance - The board confirmed that the spin-off will maintain the independence and ongoing viability of the company [20]. - The subsidiary has established necessary governance structures, including a board of directors and audit committees, ensuring compliance with regulatory requirements [20][21]. Group 5: Authorization and Next Steps - The board proposed to seek shareholder approval to authorize the board and its representatives to handle all matters related to the spin-off [22][24]. - The authorization will last for 24 months from the date of shareholder approval [24].

Core Viewpoint - China CNR Corporation plans to spin off its subsidiary, CRRC Qishuyan Locomotive and Rolling Stock Research Institute Co., Ltd. (referred to as "CRRC Qishuyan"), for listing on the Shenzhen Stock Exchange's ChiNext board, which will not affect the company's ownership structure and control over CRRC Qishuyan [1][3]. Group 1: Spin-off Details - The spin-off requires approval from the company's shareholders and compliance with relevant procedures from the stock exchange and the China Securities Regulatory Commission [3]. - The spin-off aims to enhance business focus, allowing China CNR to concentrate on its core sectors, including railway equipment, urban rail and infrastructure, new industries, and modern services [4][5]. - After the spin-off, CRRC Qishuyan will remain a controlled subsidiary within the consolidated financial statements of China CNR, meaning its financial performance will still impact the parent company's overall financials [4][5]. Group 2: Financial Performance and Market Position - CRRC Qishuyan, established in 1992, specializes in high-end equipment key components and system solutions, with products covering rail transit equipment, energy and engineering equipment, automotive parts, and intelligent manufacturing [8]. - According to unaudited financial data, CRRC Qishuyan is projected to achieve a net profit attributable to the parent company of 308 million yuan in 2024 [8]. - The spin-off is expected to strengthen CRRC Qishuyan's capital base and business development capabilities, enhancing its market competitiveness and expanding its business layout, which will benefit the overall profitability of China CNR in the long run [5][8]. Group 3: Industry Trends - The trend of spin-offs is gaining momentum, with nearly 30 A-share listed companies planning similar actions since 2025, primarily in high-tech industries such as information technology and advanced equipment manufacturing [10]. - Other companies, such as China Unicom and Zhejiang Pharmaceutical, are also pursuing spin-offs to enhance their operational capabilities and market presence [10][12].

Group 1 - China CRRC plans to spin off its subsidiary CRRC Qishuyan Locomotive Research Institute for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, marking a resurgence of "A-share spin-offs" in the A-share market since 2025, with nearly 30 companies pursuing similar plans [1][6] - The spin-off will not affect the equity structure of China CRRC, which will maintain control over CRRC Qishuyan [1][3] - The company aims to achieve business focus through this spin-off, concentrating on its core sectors such as railway equipment, urban rail and infrastructure, new industries, and modern services [2][3] Group 2 - CRRC Qishuyan, established in 1992, specializes in high-end equipment key components and system solutions, with products covering rail transit equipment, energy and engineering equipment, automotive parts, and intelligent manufacturing [4] - The unaudited financial data for CRRC Qishuyan indicates a projected net profit of 308 million yuan for 2024 [4] - The spin-off is expected to enhance CRRC Qishuyan's capital strength and business development capabilities, thereby improving its market competitiveness and overall profitability [3][4] Group 3 - The trend of spin-off listings is gaining momentum, with companies like Zhejiang Pharmaceutical and China Unicom also planning to spin off subsidiaries for independent listings to enhance their financing channels and overall competitiveness [6] - The "A-share spin-off" model is becoming a significant strategy for companies to expand their capital footprint and enhance the international influence of their subsidiaries [6][7]

Group 1 - Tianpu Co., Ltd. has experienced significant stock price volatility, with a cumulative increase of 451.80% from August 22, 2025, to November 27, 2025, leading to a suspension of trading for verification starting November 28, 2025 [1] Group 2 - FAW Jiefang plans to increase capital in its joint venture, Jiefang Times, by 191 million yuan, with a total capital increase of 412 million yuan alongside CATL and new investor Telepower, enhancing competitiveness in the new energy commercial vehicle sector [2] Group 3 - Qingdao Beer plans to invest in low-risk financial products with a maximum daily balance of 10 billion yuan over the next 12 months to improve fund efficiency and returns for shareholders [3] - Haohan Deep plans to acquire a 16.0656% stake in Guorui Smart for 70.68864 million yuan, increasing its ownership to 51.0656% [3] Group 4 - Huazhi Jie intends to invest 100 million yuan to establish Suzhou Kangyang Robot Co., Ltd., aligning with its strategic development plans [4] - Maide Medical's chairman proposes a share buyback of 20 million to 40 million yuan to reduce registered capital [4] Group 5 - Haichang New Materials plans to acquire 51% of Shenzhen Xinwei Communication Technology Co., Ltd. for 23.46 million yuan, gaining control over the company [5] - Hunan Gold's subsidiary obtained a mining license for a tungsten mine with an annual production capacity of 990,000 tons [5] Group 6 - Tianli Lithium Energy received two invention patents related to lithium-ion battery electrode materials, enhancing its core technology and competitive edge [6] Group 7 - Changan Automobile's indirect controlling shareholder underwent a restructuring, resulting in a new entity, China Changan Automobile Group, which holds 35.04% of Changan Automobile's shares [7] Group 8 - *ST Lian Shi's stock will resume trading on November 28, 2025, following a capital reserve increase [8] - Jia You International signed a strategic cooperation memorandum with the China-Africa Development Fund, expected to positively impact business development [8] Group 9 - China Aluminum International's subsidiary won a contract for a project worth 2.9086858 billion yuan, which could enhance the company's operational scale and profitability [9] Group 10 - Guizhou Sanli changed its stock abbreviation to "Sanli Pharmaceutical," while maintaining its full name and stock code [10] - China CRRC plans to spin off its subsidiary, CRRC Qichu, for listing on the Shenzhen Stock Exchange, retaining control over the subsidiary [10] Group 11 - Haowei Group's subsidiary plans to invest 200 million yuan in a private equity fund focused on integrated circuit-related sectors [11] - Huiyu Pharmaceutical intends to co-invest in a biomedical venture capital fund with a total initial subscription of 400 million yuan [11] Group 12 - Everbright Bank received notification of a shareholding increase by CITIC Financial Asset Management, raising its stake from 8.00% to 9.00% [12] - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan within six months [12][13]

证券代码：601766（A 股） 股票简称：中国中车（A 股） 编号：2025-052 证券代码： 1766（H 股） 股票简称：中国中车（H 股） 中国中车股份有限公司 关于分拆子公司上市的一般风险提示性公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 中国中车股份有限公司董事会 2025 年 11 月 27 日 如本次分拆事项首次公告前公司股票交易存在明显异常，可能存在因涉嫌内 幕交易被立案调查，导致本次分拆被暂停、被终止的风险。 本次分拆尚需满足多项条件方可实施，包括但不限于取得公司股东会对本次 分拆方案的正式批准，履行证券交易所、中国证券监督管理委员会相应程序及相 关法律法规所要求的其他程序。本次分拆能否获得上述批准、审核同意、注册以 及最终获得相关批准、审核同意、注册的时间，均存在不确定性，敬请广大投资 者注意投资风险。 特此公告。 中国中车股份有限公司（以下简称"公司"）拟分拆所属子公司中车戚墅堰 机车车辆工艺研究所股份有限公司（以下简称"中车戚所"）至深圳证券交易所 创业板上市（以下简称"本次分拆"）。本次分拆 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 海外監管公告 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條發出。 茲載列中國中車股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國中車股 份有限公司關於分拆子公司上市的一般風險提示性公告》，僅供參閱。 承董事會命 中國中車股份有限公司 董事長 孫永才 中國 • 北京 2025年11月27日 於本公告日期，本公司的執行董事為孫永才先生及王銨先生；獨立非執行董事為王 西峰先生、魏明德先生、楊家義先生及張振戎先生；非執行董事為范冰先生；職工 董事為易冉女士。 证券代码：601766（A 股） 股票简称：中国中车（A 股） 编号：2025-052 证券代码： 1766（H 股） 股票简称：中国中车（H 股） 中国中车股份有限公司 关于分拆子 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 海外監管公告 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條發出。 茲載列中國中車股份有限公司（「本公司」）在上海證券交易所網站刊登的《關於中國中 車股份有限公司分拆所屬子公司中車戚墅堰機車車輛工藝研究所股份有限公司至深 圳證券交易所創業板上市說明的會計師專項報告》，僅供參閱。 中國 • 北京 2025年11月27日 於本公告日期，本公司的執行董事為孫永才先生及王銨先生；獨立非執行董事為王 西峰先生、魏明德先生、楊家義先生及張振戎先生；非執行董事為范冰先生；職工 董事為易冉女士。 关于中国中车股份有限公司分拆所属子公司 中车戚墅堰机车车辆工艺研究所股份有限公司 至深圳证券交易所创业板上市说明的会计师专项报告 您可使用手机"扫一扫"或进入"注册 ...