China CSR Corp reported net profits of 5.74 billion yuan (HK$7.28 billion) in the first 10 months of 2014, up from 5.07 billion yuan in the previous full year, while China CNR Corp said net profits hit 4.57 billion yuan in the January-October period, versus 4.23 billion yuan in all of 2013.

In a flurry of stock exchange announcements late on Tuesday related to a merger plan of the world’s two largest train makers into a rolling-stock behemoth, the two firms said they got board approvals and would convene shareholders’ meetings on March 9.

An independent financial advisor said in a report filed to the stock exchange on Tuesday that after the merger, the new company would have total assets of 305 billion yuan, and its debt to asset ratio was 67 per cent as of October 2014. The firm would have a revenue of 167.4 billion yuan and net profit of 10 billion yuan in the first ten months of 2014.