China's high-speed rail maker CRRC Corporation has denied media reports that it plans to buy the railway business of Canadian transportation company Bombardier.

The company states that neither CRRC nor its subsidiaries have had plans to make such an acquisition.

Last week, media reports said that a plan announced by CRRC to purchase the stocks of a Hong Kong-listed company would pave the way for acquiring Bombardier's railway business.

CRRC announced on June 19 that its subsidiary CSR (Hong Kong), intends to subscribe 6.5 billion new stocks that may be issued by China Properties Investment Holdings.

The announcement triggered speculation that CRRC might use China Properties Investment Holdings as a shell company to increase financing for investment in Bombardier.

CRRC was formed by the merger of China's former top two train manufacturers, China North Railway (CNR) and China South Railway (CSR).