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August 24, 2009

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Home » Business » Auto

Regulator nods IPO of train producer

China CNR Corp Ltd, one of the country's top two train makers, has got regulatory approval to proceed with its initial public offering in Shanghai, the securities regulator has said in a statement posted on its Website.

The China Securities Regulatory Commission reviewed CNR's IPO application last Friday.

CNR has posted the approval on its Website, and calls to the Beijing-based company rang unanswered last Saturday.

According to its IPO prospectus, the firm plans to issue no more than 3 billion A shares in Shanghai to fund projects worth 6.436 billion yuan (US$942 million).

The train maker said it would use the money mainly to upgrade technology for train making, including high-speed trains.

The company said capital netted through the IPO will account for no more than 34.09 percent of CNR's total capital, and any proceeds exceeding the 6.436 billion will be used as working capital.

CNR and its rival China South Locomotive and Rolling Stock Corp, which is listed in Shanghai and Hong Kong, have a combined share of more than 95 percent of the domestic market.

CNR has hired China International Capital Corp, Huatai Securities and Huarong Securities as underwriters for its Shanghai IPO.

CNR's net profit was 383.75 million yuan in the first half of this year, up 43.52 percent from a year ago.


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