Geely, Tencent, CRIC co-build high-speed train Wi-Fi service joint venture

Shanghai (Gasgoo)- China Railway Gecent Technology Co.,Ltd (CRGT), a joint venture co-built by China Railway Investment Corp (CRIC), Zhejiang Geely Holding Group (Geely Holding) and Tencent was officially established on July 5. The shares of Geely Holding and Tecent in the joint venture account for 49% in total.

CRGT will focus on constructing and operating China's high-speed train Wi-Fi platform. Besides, it will provide passengers with one-stop services integrating on-line and off-line operational modes, covering Wi-Fi, recreation, news, on-line food order, e-commerce services and smart retail, etc.

Li Shufu, chairman of Zhejiang Geely Holding Group, said that the company will make use of its advantages in mobility, transportation, intelligence and consumers’ experience to build an Internet tech company focusing on providing mobility services worldwide in collaboration with its partners. Besides, it aims to make each passenger enjoy the one-stop smart mobility services by executing optimized Internet product thoughts, improving its service level and interweaving Internet  and various transportation networks, including railways, airlines and shipping lines. 

Geely Holding recently had frequent moves in high-speed rail field. It announced on June 7 that the company and Tencent won the joint bidding to obtain 49% equity in a subsidiary of state-owned China Railway Corp.

Then on the next day, Geely Holding and China Aerospace Science & Industry Corp. (CASIC) had a discussion in which both parties decided to start cooperation as soon as possible in such areas as industrial connectivity and hyperloop train, a new, futuristic type of transport that would be operated via supersonic "near ground flight".