BEIJING - Combined market capitalization for China's two leading train makers has exceeded that of Boeing after their shares in Shanghai rose by the daily trading limit of 10 percent for four consecutive days.
China announced the merger of China CNR Corporation Ltd and CSR Corporation Ltd. late last year in hope of gaining greater edge over overseas rivals like Canada's Bombardier and Germany's Siemens in global competition. The merger has yet to be finalized.
Both companies floated their shares on the Shanghai and Hong Kong stock exchanges and have seen their combined market capitalization surge to 942.9 billion yuan, or $152.1 billion, as of Thursday, thanks to strong rallies since the beginning of this week on both bourses.
Boeing, the world's largest aircraft maker, is currently valued at $107.22 billion after its shares closed down 0.51 percent on Wednesday at the New York Stock Exchange.
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