Mainland locomotive parts supplier Zhuzhou Times Electric Group plans to raise US$200 million in a Hong Kong initial public offering by the third quarter of this year, according to sources.
The H-share vehicle will exclude A-share unit Zhuzhou Times New Materials Technology, which makes anti-vibration and noise-reduction elastic materials.
The company has appointed Macquarie and CAF Securities as listing sponsors, the sources said. Macquarie and CAF Securities declined to comment.
Hunan provincial government finance and stock office director Xie Guangqiu revealed last month that Zhuzhou Times was seeking a Hong Kong listing. The official said the railway state enterprise had a turnover of more than one billion yuan last year.
Zhuzhou Times Electric, founded in 1959, makes electric locomotive, diesel locomotive, passenger car, railroad maintenance machinery as well as electrical control systems.
The company had net assets worth 1.18 billion yuan and annual turnover of 1.57 billion yuan, it said.
