China CNR aiming for Hong Kong listing: report
Top train manufacturer plans Hong Kong IPO to boost funds for a range of investments
China CNR, one of China’s biggest train makers, is planning to list shares in Hong Kong equal to about 15 per cent of its total outstanding shares, the China Securities News reported on Saturday.
The company would list in Hong Kong via public offering and international placement within 18 months of getting a green light from shareholders, it said. The newspaper did not say when a shareholder meeting would take place.
The company would not list more than 1.8218 billion H-shares, or about 15 per cent of its total shares, it said.
The funds it hopes to raise will be used for overseas investment and development, globalisation of its equipment purchasing, investment in promoting research and development, investment in strategic new industries and increasing working funds, it said.
On October 29, the company said its January-September net profit was up 1.8 per cent year on year at 2.39 billion yuan (HK$3.02 million).
China CNR’s Shanghai-listed shares dipped 4.9 per cent on Friday at 5.230 yuan.