All posts from John123
John123 in John123 - My Blog,

China CNR surged 9.9% on winning a deal to deliver subway cars to Boston

China CNR Corp. shares surged by as much as 9.9 percent in Shanghai trading after the official Xinhua News Agency reported the trainmaker won a contract to provide trains for the greater Boston subway system.

The company’s shares jumped after Xinhua reported on its microblog that the Beijing-based company won the bid for the contract.

China CNR beat competitors including Bombardier Inc. (BBD/B), Hyundai Rotem Co., Kawasaki Rail Car and CSR Qingdao Sifang with a $567 million bid to supply cars for the greater Boston area, according to a procurement proposal posted on the Massachusetts Department of Transportation’s website.

China CNR was recommended to receive the contract, which is for 284 subway cars with an option for a further 58, according to the proposal.