Click here to close now.



Welcome!

News Feed Item

China City Railway Transportation Technology Holdings to Receive Asset Injection from Beijing Infrastructure Investment

Quality Asset Acquisition in Pipeline
Interim Gross Profit Increased by 49.2% to HK$73.4 Million


Hong Kong, Feb 26, 2014 - (ACN Newswire) - China City Railway Transportation Technology Holdings Company Limited ("China City Railway Technology" or the "Company" or "CCRTT" HK stock code: 01522) is pleased to announce today that it entered into a Memorandum of Understanding in relation to acquisition with Beijing Infrastructure Investment (Hong Kong) Limited (BII HK), and announced its results for the six months ended 30 December 2013 (the "Review Period").

China City Railway Transportation Technology Holdings about to Receive Asset Injection from Beijing Infrastructure Investment

BII HK is a wholly owned subsidiary of Beijing Infrastructure Investment Corporation Limited (Beijing Investment), a renowned state-owned enterprise in China. Created by Beijing SASAC, Beijing Investment engages in investment and financing, preliminary planning, capital operation and relevant resource management of infrastructure projects in Beijing. An influential wholly state-owned company in China, BII's total assets stand at approx. RMB 280.8 billion.

According to the Company's announcement, Beijing Investment proposed to subscribe the shares of China City Railway Transportation Technology Holdings by cash, with a lock-up commitment of two years in recognition of the Company's positive growth prospects.

The launch of close cooperation opens up new investment and development opportunities for the two parties in the interest of a mutually beneficial, win-win partnership. The deal also put CCRTT on a path of sustained financial improvement in preparation for future growth.

China City Railway Technology to Acquire Quality Assets
In the meantime, China City Railway Technology will acquire the civil communications assets of the 8 lines of Beijing metro. Pursuant to the announcement of the Company, the quality assets proposed to acquire include not only the fixed assets relevant to the civil communications transfer equipments of the metro lines, but also relevant equity interest and the equity interest in the civil communications transfer equipments of the airport line.

As a designer and provider of solutions for transportation system with a promising prospect in the area, China City Railway Technology can expand its business through the acquisition. The Group may include civil communications services in the metro and provide diversified directions for the development of the operating business of railway transportation system.

Thus, the business scope of the Company may be expanded, so will be the sources of revenue. It will also bring fund raising opportunities for the Company, optimise the cash flow and capital structure , and facilitate the sound development of CCRTT in the long run.

Sustained Fast Growth in Performance with Promising Prospects
China City Railway Technology is mainly engaged in the design, implementation and sale, and maintenance of application solutions for the networking and controlling systems of public transport and other businesses. Rapid business growth in recent years testifies to our sound business development strategies. For the six months ended 31 December 2013, the Group recorded approximately 9.5% growth in its operating revenue to approximately HK$148 million. The gross profit surged by 49.2% to HK$73.40 million.

Looking into the future, Beijing plans to finish the construction of the urban metro transportation network as long as 324km by the end of 2015, and it is expected to build 15 lines with capital amounting to approximately RMB162 billion to be invested. As one of the major providers of the metro transportation in Beijing, the Company will be a beneficiary.

In the coming year, the Company will continue to enhance its expertise and technological strengths to develop new products, with an aim at continuous product diversification and standardisation. It will also continue its research and develop new system solutions, so as to enhance the market position of the Company and share the future revenue growth with its shareholders.

About China City Railway Transportation Technology Holdings Company Limited
China City Railway Transportation Technology provides highly efficient and accurate application solutions to PRC urban railway transportation system and Hong Kong public transportation system. The company has transferred its listing from the GEM to the Main Board on December 5, 2013(Stock code: 01522.HK). For more information, please refer to the website of company at: http://www.ccrtt.com.hk/index.php




Copyright 2014 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...