BUSINESS Chinese high-speed railway giant to debut on A-share market

BUSINESS

Chinese high-speed railway giant to debut on A-share market

Xinhua

09:24, January 04, 2020

A Fuxing bullet train makes its debut on the Beijing-Shanghai line. (Photo: VCG)

BEIJING - Beijing-Shanghai High Speed Railway Co Ltd (BSHSR) will issue 6.286 billion stocks through an initial public offering (IPO) on Jan 6, 2020, according to a company statement.

The company, to be listed on China's A-share market at the Shanghai Stock Exchange, will raise funds of 30.63 billion yuan ($4.40 billion) in net price at 4.88 yuan per share, according to its statement filed to the stock exchange.

The stocks to be issued will form 12.8 percent of the company's total equity after the offering.

Established in 2007, the BSHSR operates one of China's most profitable rail lines, turning a profit for five consecutive years since 2014. Its net profit hit about 10.25 billion yuan in 2018, according to its prospectus.

The company's IPO application was approved by the country's top securities watchdog on Nov 14, 2019.

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