23 'China Railway' subsidiaries in Thailand with 5.7B baht capital

The project is handled by the ITD-CREC joint venture, comprising Italian-Thai Development (ITD) and China Railway No. 10, a subsidiary of China's state-owned China Railway Engineering Corporation (CREC). Multiple Thai agencies are currently investigating the building collapse incident.

Reports by Krungthep Turakij have been picked up by multiple media outlets and public figures, including Commerce Minister Pichai Naripthaphan, whose initial findings largely align with the information previously uncovered by Krungthep Turakij.

It is now widely known that China Railway No. 10 is a subsidiary of the major Chinese state-owned construction conglomerate CREC, which has built railways and infrastructure worldwide. However, some of its subsidiaries have a history of corruption and bribery allegations abroad. Many of these companies use the name “China Railway” followed by a number, such as China Railway No. 10 for the Thai project.

What is less known is that at least 23 companies under the name “China Railway” have been registered in Thailand (based on available data). They follow a structure similar to China Railway No. 10, involving Chinese capital networks, with some backed by Hong Kong investors and featuring Thai nationals as directors. In some cases, Chinese shareholders hold 40%-49% of the stakes. The total registered capital of these companies amounts to 5.71 billion baht.

Most of these firms declare their business purpose as construction or railway development. At least two have changed their names and ten have already ceased operations.

1. China Railway No. 10 (Thailand) Co., Ltd.

Registered on August 10, 2018, with a current capital of 100 million baht, located at Thung Khru, Bangkok. The company's purpose includes services related to human resources, as well as the construction of buildings, commercial buildings, residential buildings, office spaces, railways, public transportation, and subways.

The board members are Chuanling Zhang and Sopon Meechai.

The latest shareholder report submitted in December 2023 shows that China Railway No. 10 Engineering Group (Chinese nationality) holds the largest stake of 49%, with Sopon Meechai holding 40.8%.

The latest financial statement, for the year 2023, shows total assets of 2,804,535,819 baht, total liabilities of 2,952,877,175 baht, total revenue of 206,253,951 baht, total expenses of 354,955,976 baht, and a net loss of 199,669,872 baht.

This company shares the same location as 8 other companies (making a total of 9 companies) in the network, which has secured at least 27 government contracts worth no less than 10 billion baht.

2. Thai-China Railway Construction Industry Co., Ltd.

Registered on August 17, 2017, with current capital of 5 billion baht, located at Chom Thong, Bangkok. The company's purpose is related to the construction of public infrastructure, excluding industrial factory buildings, as well as other civil engineering projects, particularly those concerning waterworks.

The board members include Siwaphong Chaiwanitchaya, Sittha Chaiwanitchaya, Kanwat Khamjanwong, and Song Lianfang (Chinese nationality).

The latest shareholder report, submitted in August 2023, shows that Kanwat holds the largest stake of 36%, with Song Lianfang holding 19%. 

The latest financial statement for 2022 shows total assets of 4,999,828,200 baht, total liabilities of 174,000 baht, and expenses totaling 150,000 baht, with no revenue reported.

3. China Railway 11 Bureau Group (Thailand) Co., Ltd. 

It was registered on May 21, 2019, with a current capital of 48 million baht. It is located at Huai Khwang , Bangkok. The company's purpose is railway and subway construction. It has two directors, Wang Xiaoming and Liao Dezhuan, both Chinese nationals.

As of December 2024, China Railway 11 Bureau Group Corporation (China) holds 49% of the shares, Priyapat Amrongamprasert holds 26%, and Piyawan Suwannakasa holds 25%. 

The latest financial statement in 2023 shows total assets of 424,333,592 baht, total liabilities of 296,138,562 baht, total revenue of 366,799,175 baht, total expenses of 268,808,412 baht, interest expenses of 115,311 baht, corporate tax paid of 19,856,553 baht, and a net profit of 78,018,898 baht.

4. China Railway 2 - O.N.K. Engineering Group (Thailand) Co., Ltd. 

It was declared defunct by the registrar on January 13, 2025, about three months ago. The company was registered on October 26, 2018, with a current capital of 5 million baht and was located at Chatuchak, Bangkok.

The company’s purpose was construction contracting for railways, electric trains, buildings, and various other construction projects. Its two directors were Karinthorn Thongpatchoti and Kanjanaporn Phansuk.

As of March 2021, the company's shareholders were Karinthorn Thongpatchoti, who held 99.6% of the shares. The latest financial statement from 2018 reported total assets of 4,993,450 baht, total liabilities of 20,000 baht, no revenue, total expenses of 26,550 baht, and a net loss of 26,550 baht.

5. China Railway 20 Bureau Group (Thailand) Co., Ltd.

Registered on March 8, 2021, with a current capital of 140 million baht. It is located in  Khan Na Yao, Bangkok. The company's purpose is construction contracting, with Haiyang Wang, a Chinese national, as its sole director.

As of December 2024, China Railway 20 Bureau Group Co., Ltd. (China) holds the largest stake at 46.06%, followed by Wanzhuang Thanathapsin with 27.03% and Thanyathorn Pornsakulpaisan with 26.91%.

The latest financial statement in 2023 reported total assets of 82,261,795 baht, total liabilities of 23,261,475 baht, total revenue of 377,436,373 baht, total expenses of 329,896,713 baht, corporate tax paid of 9,632,543 baht, and a net profit of 37,907,117 baht.

6. China Railway 23rd Bureau Group (Thailand) Co., Ltd.

Registered on April 1, 2021, with a current capital of 10 million baht. It is located at Nakhon Ratchasima Province. The company's purpose is manufacturing and selling concrete, with Long Qi, a Chinese national, as its sole director.

As of December 2024, China Railway 23rd Bureau Group (China) holds the largest share at 49%, followed by Boonma Phonok with 20%, Satapornyakorn Dilokphatsakul with 20%, and Lannalin Kaweekitthanakul with 11%.

The latest financial statement in 2023 reported total assets of 198,717,416 baht, total liabilities of 397,985,903 baht, total revenue of 200,490,156 baht, total expenses of 247,103,257 baht, and a net loss of 46,613,101 baht.

7. China Railway 25th Bureau Group (Thailand) Co., Ltd.

Declared defunct by the registrar on January 13, 2025, approximately three months ago. The company was registered on March 28, 2019, with a current capital of 2 million baht. It was located in Khan Na Yao , Bangkok. The company's registered purpose was to purchase, lease, rent, own, possess, develop, use, and manage various types of properties. The sole director was Chuang Fei, a Chinese national.

As of March 2021, the most recent shareholder submission listed Chuang Fei (China) as the majority shareholder with 49%, followed by Jarunsak Srikhamhaeng with 17%, Chatchai Sonlaksi with 17%, and Charoen Suangsawan with 17%. No financial statement data is available.

8. China Railway 7 Group (Thailand) Co., Ltd.

Declared defunct by the registrar on December 27, 2024, approximately four months ago. The company was registered on November 2, 2017, with a current capital of 3 million baht. It was located in Bang Phli District, Samut Prakan Province. The company's purpose was construction contracting, with Ho Along, a Chinese national, as its sole director.

The most recent shareholder submission, dated March 22, 2018, listed Ho Along (China) as the largest shareholder with 49%, followed by Saman Kraikhum with 17%, Surapong Ditthaphonkun with 17%, and Khantong Srichandi with 17%.

The latest financial statement from 2017 reported total assets of 3,007,397 baht, total liabilities of 12,000 baht, total revenue of 7,397 baht, total expenses of 12,000 baht, and a net loss of 4,602 baht.

9. China Railway Construction 25th Group (Thailand) Co., Ltd.

Dissolved, with the liquidation completed on December 22, 2017. The company was registered on August 27, 2013, with a capital of 2 million baht. It was located in Huai Khwang, Bangkok. Its business purpose was construction contracting, and the sole director was Meng Xiaohong (China).

As of October 13, 2014, the latest shareholder report listed Meng Xiaohong (China) as the largest shareholder with 41%, followed by Chawalit Suwannajang with 26%, Auayporn Khunkamhaeng with 25%, Wang Yi (China) with 4%, and Qing Jiwei (China) with 4%.

The last financial report from 2016 showed total assets of 1,491,331 baht, liabilities of 6,924 baht, total revenue of 28,000 baht, total expenses of 7,856 baht, and a net profit of 20,143 baht.

10. China Railway Construction (Thailand) Co., Ltd.

It was registered on April 28, 2005, with a current capital of 100 million baht. The company is located in Huai Khwang, Bangkok. Its business purpose is construction contracting and civil engineering work. The two directors are both Chinese nationals: Yuansheng Li and Deng Jiansen.

As of August 2023, the latest shareholder report listed Natchawee Thammasanit as the majority shareholder with 51%, followed by Yuansheng Li (China) with 29% and Deng Jiansen (China) with 20%.

The most recent financial report from 2023 showed total assets of 69,680,534 baht, total liabilities of 72,127 baht, no revenue, total expenses of 10,000 baht, and a net loss of 10,000 baht.

11. China Railway Takawa Holdings (Thailand) Co., Ltd.

Formerly known as Takawa First Root Trading Co., Ltd., it was registered on July 1, 2014, with a current capital of 500,000 baht. The company is located in Chiang Mai. Its business purpose is wholesale trade under contract or commission. The sole director is Samak Sutthiphui.

As of April 30, 2024, the latest shareholder report listed China Railway Takawa Holdings Co., Ltd. (Hong Kong) as the majority shareholder with 49%, followed by Samak Sutthiphui with 31% and Paveena Sutthiphui with 20%.

The most recent financial report from 2023 showed total assets of 464,115 baht, total liabilities of 53,680 baht, total revenue of 7,800 baht, total expenses of 8,000 baht, and a net loss of 200 baht.

12. China Railway 18th Group & Construction (Thailand) Co., Ltd.

Declared defunct by the registrar on December 29, 2009. The company was registered on August 17, 2004, with a current capital of 30 million baht. It was located in Watthana, Bangkok. Its business purpose was construction contracting. The three directors were Pholwat Limphasuth, Yang Yi Gang (China), and Sai Da Wei (China). However, no shareholder data or financial statements are available.

13. China Railway No. 2 Engineering Group (Thailand) Co., Ltd.

The company was registered on November 25, 2021, with a current capital of 100 million baht. It is located in Min Buri, Bangkok. The company's business objectives include civil engineering, transportation system construction, infrastructure systems, and pipeline systems. The sole director is a Chinese national, Chen Pei.

The latest shareholder report submitted in January 2024 shows that China Railway No. 2 Engineering Group Co., Ltd. (China) holds the largest stake at 49%, while Nattapon Tangsriouya, Saranyu Choonui, and Suwanan Kiram each hold 17%.

The latest financial report for 2023 indicates total assets of 843,849,254 baht, total liabilities of 905,326,085 baht, total revenue of 1,171,219,593 baht, and total expenses of 1,281,386,245 baht.

14. China Railway International (Thailand) Co., Ltd.

The company was registered on November 2, 2018, with a current capital of 10 million baht. It is located in Lak Si , Bangkok. The company specializes in civil engineering construction projects not classified elsewhere. The two directors are Chinese nationals, Seng Wang and Yong Qiao.

The latest shareholder report submitted in December 2024 shows that China Railway International Group Co., Ltd. (China) holds the largest stake at 49%. Other shareholders include Nattanan Thaweepatchateeraram, Preecha Kaenman, and Phon Intana, each holding 17%.

15. China Railway First Group (Thailand) Co., Ltd.

The company was registered on April 17, 2018, with a current capital of 4.5 million baht. It is located in Khlong Toei, Bangkok. The company focuses on railway and subway construction. The two directors are Chinese nationals, Xiaokang Jiao and Pingxiao He.

The latest shareholder report submitted in December 2024 indicates that China Railway First Group Co., Ltd. (China) holds the largest stake at 98%, with Xiaokang Jiao holding 1%, Wei Lu (China) holding 0.99%, Pingxiao He holding 0.01%. The latest financial report for 2023 shows total assets of 2,766,237 baht, total liabilities of 47,660 baht, total revenue of 1,370 baht, total expenses of 575,789 baht, and a net loss of 574,419 baht.

16. China Railway Engineering (Thailand) Co., Ltd.

Dissolved on October 13, 2006, and the liquidation process was completed on February 22, 2007. The company was initially registered on April 26, 2002, with a current capital of 5 million baht. It was located in Bang Kho Laem, Bangkok. The company specialises in railway, airport, and port construction. The three directors were Chinese nationals, Xu De, Wang Wei Lin, and Yang Zhonglin.

The latest shareholder report submitted on April 30, 2006, indicates that Udomwit Jongsrirattanaporn held the largest stake at 25%, followed by Yang Zhonglin at 20%, Nattakan Panyanithisakul at 20%, Xu De at 15%, Zhang Changli (China) at 14%, Chairat Wongphumpanya at 3%, and Pramote Haitaku at 3%. There is no available financial data.

17. China Railway Aoyuan (Thailand) Co., Ltd.

Dissolved on August 2, 2022, and the liquidation process was completed on August 25, 2022. The company was registered on July 17, 2014, with a current capital of 1 million baht. It was located in Watthana, Bangkok. The company specialises in building construction and civil engineering. The sole director was Seksan Phaisiriphat.

The latest shareholder report submitted in April 2022 shows Seksan Phaisiriphat as the largest shareholder with 51%, followed by Chu Zhengxin (China) with 39% and Jia Lui (China) with 10%.

The latest financial report for 2021 shows total assets of 1,026,247 baht, total liabilities of 12,000 baht, total revenue of 13,649 baht, total expenses of 12,000 baht, and a net profit of 1,649 baht.

18. China Railway (Thailand) Co., Ltd.

Dissolved on February 14, 1996, and the liquidation process was completed on April 30, 1996. The company was registered on July 27, 1994, with a current capital of 10 million baht. It was located in Phitsanulok Province. The company was involved in general construction and civil engineering. The seven directors were Banleng Robbanjerd, Vanich Sirichroenphan, Suda Tantanarat, Theerapong Robbanjerd, Zhao Dengzhong (China), Liu Guohong (China), and Qi Renhao (China). However, no shareholder information or financial data is available.

19. China Railway Construction Engineering (Thailand) Co., Ltd.

Declared inactive by the registrar on February 6, 2023. The company was registered on August 8, 2017, with a current capital of 5 million baht. It was located in Bueng Kum, Bangkok. The company specialized in importing, exporting, and trading gold bullion. The four directors were Somphat Jantawan, Ratchanee Tangburapajit, Suphit Jantawan, and Teng Jiangping (China).

The latest shareholder report submitted in March 2021 shows China Railway Construction Engineering of Hunan Co., Ltd. (China) as the largest shareholder with 58%, followed by Ratchanee Tangburapajit with 15%, Somphat Jantawan with 15%, Ding Wei (China) with 5%, Lun Zhang (China) with 5%, and Suphit Jantawan with 2%. No financial data is available.

20. China Railway Construction (Southeast Asia) Co., Ltd.

The company was registered on December 19, 2013, with a current capital of 100 million baht. It is located in Wang Thonglang, Bangkok. The company specializes in construction contracting. The five directors include four Chinese nationals—Zhang Qingchang, Fang Qiangwei, and Deng Jianshen—and two Thai nationals, Atiporn Butsakon and Prukshachat Phuekpipat.

The latest shareholder report submitted in December 2024 shows China Railway Construction Corporation International (China) as the largest shareholder with 49%, followed by Atiporn Butsakon with 26% and Isaree Sophonsiriwatana with 25%.

21. Evana International Co., Ltd.

It was previously known by three different names: Thai Procurement Construction Co., Ltd., China Railway Procurement Asia Co., Ltd., and Thai Taxi Co., Ltd. before becoming its current name. The company was registered on November 16, 2017, with a current capital of 30 million baht. It is engaged in the retail sale of various types of construction materials.

As of the latest shareholder report, Prajuab Sirikhet holds 27.9% of the shares, while Manat Srianant is the director and holds 52.1%.

The financial report for 2023 shows total revenue of 302,937,666 baht, total expenses of 300,173,772 baht, interest expenses of 249,415 baht, income tax of 561,437 baht, and a net profit of 1,953,041 baht.

22. STP Import-Export (Thailand) Co., Ltd.,

Formerly known as China Railway Number 10 (Thailand) Co., Ltd., changed its name to STP Import-Export (Thailand) Co., Ltd. In 2018, China Railway Number 10 (Thailand) Co., Ltd. was established as a separate company. The company was registered on October 24, 2017, with a current capital of 2 million baht. Its purpose is to provide customs clearance services for imports and exports, and to sell various goods.

According to the latest shareholder report, Prajuab holds 37.48%, and Manat holds 62.48%. The financial report for 2023 shows total revenue of 6,321,912 baht, total expenses of 5,886,909 baht, income tax of 28,789 baht, and a net profit of 406,213 baht.

23. Federation Management Co., Ltd.

It was originally named China Railway Sanyu Group (Thailand) Co., Ltd., before changing to Tai Muai Group Co., Ltd. in June 2019, and then to its current name in September 2019. This company was dissolved on October 19, 2021, with the liquidation process completed by December 20, 2021. It was registered on November 20, 2015, with a current capital of 2 million baht. Located in Bang Rak, Bangkok, the company was involved in the sale of new trucks and heavy vehicles.

The two directors were Nawaporn Phakeeratisakun and Changjin Zhen (China). The latest shareholder report, submitted on April 30, 2021, shows Nawaporn as the majority shareholder with 51%, while Changjin Zhen (China) holds 48.99%, and Wenwen Zhen (China) holds 0.01%.

The financial report for 2020 shows total assets of 2,007,574 baht, total liabilities of 8,000 baht, no revenue, total expenses of 8,214 baht, and a net loss of 8,214 baht.

It should be noted that, apart from "China Railway Number 10," no complaints have been filed regarding any of the other 22 companies in relation to business operations, construction, or government procurement activities.