CRRC Corp., Formed by Merging Rail Companies, Gains on Debut

CRRC Corp., formed by merging Chinese rail companies CSR Corp. and China CNR Corp., advanced on its first day of trading, giving the company about $130 billion in market valuation.

The shares jumped as much as 12 percent in Hong Kong and 10 percent in Shanghai trading.

The stock began trading in Shanghai and Hong Kong stock exchanges Monday under CSR’s old tickers. The listing completes the merger between the two state-owned entities.

The market valuation of CRRC makes it bigger than Siemens AG and France’s Alstom SA, but lags behind General Electric Corp. The company is targeting emerging markets in Africa, Latin America and Southeast Asia -- often with sales pitches from Premier Li Keqiang -- while bidding for high-profile contracts in the developed world.

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