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].

Core Viewpoint - China CNR Corporation plans to spin off its subsidiary CRRC Qishuyan Locomotive and Rolling Stock Research Institute Co., Ltd. for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, which will not affect the company's ownership structure and control over the subsidiary [1][5]. 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 regulatory authorities [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 results [5][6]. Group 2: Financial Performance and Market Position - CRRC Qishuyan, established in 1992, focuses on high-end equipment key components and system solutions, with projected net profit of 308 million yuan for 2024 [9]. - The spin-off is expected to strengthen CRRC Qishuyan's capital base and market competitiveness, facilitating its development in industrial transmission and metal materials technology [6][9]. - As of the announcement date, China CNR holds 84.20% of CRRC Qishuyan, with the State-owned Assets Supervision and Administration Commission being the ultimate controller [9][7]. 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 sectors such as information technology and advanced manufacturing [11]. - Other companies, like China Unicom and Zhejiang Pharmaceutical, are also pursuing spin-offs to enhance their operational capabilities and market presence [11][13].

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]

Core Viewpoint - China Unicom's subsidiary, Unicom Smart Network Technology Co., Ltd., has initiated the listing guidance process with the intention to list on the ChiNext board, supported by China International Capital Corporation [1][10]. Group 1: Company Overview - Unicom Smart Network was established on August 7, 2015, with a registered capital of 246.8 million yuan [2]. - The company is a wholly-owned subsidiary of China United Network Communications Group Co., Ltd., which holds 68.88% of its shares, while its subsidiary, Unicom Venture Capital, holds an additional 0.33% [6][9]. - The company focuses on digital operation services for the automotive sector, encompassing three main business segments: vehicle networking connection, vehicle networking operation, and innovative applications [6]. Group 2: Shareholder Structure - In addition to China Unicom, other notable shareholders include major investment firms such as FAW Equity Investment (Tianjin) Co., Ltd., Guangzhou Yingyue Venture Capital Partnership, Dongfeng Asset Management Co., Ltd., and several others [9]. Group 3: Listing Process - The company had previously announced plans for a spin-off listing as early as August 2021, with intentions to list on the Hong Kong Stock Exchange, which later shifted to the Shanghai Stock Exchange's Sci-Tech Innovation Board [10]. - On October 22, 2023, China Unicom announced the decision to spin off Unicom Smart Network for a listing on the Shenzhen Stock Exchange's ChiNext board, indicating a potential path forward for the IPO process [10].