We have a 32.5% equity stake in a Sino-foreign joint venture, CRRC Nanjing Puzhen Rail Transport Co., Ltd. (“NPRT”), which started commercial production in 2007.
Through NPRT, we are able to further entrench our position in the PRC railway industry as NPRT is licensed to manufacture and sell metro trains on a nationwide basis. In addition, we are currently the only aluminium alloy extruded product manufacturer that has a significant strategic investment in the limited few licensed train manufacturers in the PRC.
Many PRC cities have plans to build metro lines to facilitate urban transportation; we believe that NPRT will be a direct beneficiary of the high growth metro train industry in the PRC given the limited number of players in the market.
Since inception, NPRT, together with its consortium partners, has secured many high profile metro train projects in various cities in the PRC, including Dongguan, Guiyang, Hangzhou, Hefei, Nanjing, Shanghai, Shenzhen, Suzhou and Wuxi.