In August, 2000 Shanghai Maglev Transportation Development Co., Ltd. (SMTDC) was established with a registered capital of RMB3.0 billion jointly invested by seven shareholders of Shanghai Shentong Holdings Co.,Ltd., Shenergy (Group) Co.,Ltd., Shanghai International Group Co.,Ltd., Shanghai Baosteel Group Co.,Ltd., Shanghai Automotive Industry (Group) Co.,Ltd., Shanghai Electric (Group) Co.,Ltd. And Shanghai Pudong Development (Group) Co.,Ltd. To execute the construction and operation of the Shanghai Maglev Project in the market-oriented mode and on commercial basis.