China Railway Corporation has taken another step forward in its mixed-ownership reform, and has joined hands with Tencent and Geely to develop and operate a high-speed train WiFi platform

Recently, the bidding for the equity transfer of China Railway Corporation's subsidiary company, China Railway Network Technology Co., Ltd., has been completed. A consortium consisting of Shenzhen Tencent Computer Systems Co., Ltd. and Zhejiang Geely Holding Group Co., Ltd. won the bid and acquired 49% of the equity of China Railway Network Technology Co., Ltd. to jointly build and operate the EMU WiFi platform.

Since the establishment of China Railway Corporation, mixed ownership reform has been the focus of its work and a topic of widespread social concern. Previously, China Railway Corporation has been making continuous efforts in mixed ownership reform, not only frequently cooperating with upstream and downstream enterprises, but also making tentative contacts with a number of Internet giants, and cooperating with some financial enterprises to expand financing channels. In 2017, all 18 railway bureaus of China Railway Corporation were restructured into group companies. At the same time, the organizational reform of the headquarters was successfully completed, which laid a relatively solid foundation for mixed ownership reform.

At the working conference of China Railway Corporation held at the beginning of this year, it was proposed that in 2018, various professional advantage companies and technology-based enterprises will be studied to implement mixed-ownership reform plans, introduce high-quality social resources, promote the equity transfer of WiFi operating companies, build a market-oriented operation mechanism, and promote the integrated development of railway capital and social capital. Strengthen the analysis and demonstration of equity transfer, introduction of external investors and other matters, and promote joint ventures and cooperation in accordance with the law. This equity transfer is an important step in promoting mixed-ownership reform as planned.

The head of the relevant department of China Railway Corporation said that this equity transfer has attracted wide attention, and many well-known domestic companies have expressed their willingness to cooperate. The Beijing Equity Exchange issued an equity transfer announcement, solicited investors, and conducted public bidding. China Railway Investment Co., Ltd. strictly followed the relevant regulations on state-owned property transactions, carried out the bidding document review work in accordance with the law, and determined the winning bidder after fulfilling the relevant decision-making procedures.

The person in charge said that the equity transfer to jointly build and operate the EMU WiFi platform with Tencent and Geely Holding is an important achievement of the railway department in accelerating enterprise reform and actively developing a mixed-ownership economy. It is of great significance to promote the integrated development of the "dual networks" of high-speed rail and the Internet, expand new areas of market-oriented operation of corporate assets, and improve the quality of railway transportation services.

"Participating in this bidding is Geely Holding's active response to the country's call for deepening supply-side structural reforms. It is another important attempt in the field of mixed-ownership reform of state-owned enterprises, and it is also an important layout to help the railway department develop smart transportation business." Li Shufu, chairman of Geely Holding, said that he hopes to use its own resources and advantages to make service a new business card for China's high-speed rail, and thereby promote the transformation and upgrading of railway passenger services and asset management.

The person in charge of the relevant department of China Railway Corporation said that after the bidding, Geely Holding holds 39% of the shares of CRRC Network Technology Co., Ltd., and Tencent holds 10% of the shares, with the two companies holding a total of 49% of the shares. China Railway Corporation holds 51% of the shares. In the next step, the two parties will legally establish the corporate governance system of CRRC Network Technology Co., Ltd., optimize the technical operation team, build a market-oriented operation mechanism, and accelerate the construction and operation of the CRRC WiFi platform.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.