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]

浙江医药（600216）(600216.SH)发布公告，为更好地促进公司药品生物制剂板块的发展，充分发挥资 本市场优化资源配置的作用，拓宽融资渠道，从而提升公司整体的盈利能力和核心竞争力，公司拟筹划 分拆控股子公司浙江新码生物医药有限公司(简称"新码生物")于香港联合交易所有限公司(简称"香港联 交所")上市。 本次分拆上市事项如若实施，不会导致公司丧失对新码生物的控制权，不会对公司其他业务板块的经营 发展和公司整体的持续盈利能力造成重大不利影响，不会损害公司的独立上市地位。 ...