Hong Kong's MTR Corp signs investment deal with train parts maker CRRC Guangdong
MTR Corporation has signed a deal with CRRC Guangdong, marking the firm's first investment in the railway equipment industry in the neighbouring province as it seeks to gain further access to the Greater Bay Area market.
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The deal between the local rail giant and the train parts maker was signed in Beijing on Thursday, with the MTR Corp announcing the agreement a day later.
'This marks the MTR's first investment project in the railway equipment industry in Guangdong province, facilitating collaboration among all parties to leverage their strengths and capture the emerging opportunities in the railway sector and the development of the [bay area],' the rail operator said.
The statement did not mention how much was being invested.
CRRC Guangdong was founded in Jiangmen in 2010 and is a joint effort between Guangdong authorities and the mainland Chinese rail company CRRC.
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The enterprise has mainly engaged in the construction and maintenance of rail transit vehicles and related industrial services, as well as the import and export of rail vehicles.
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