Beijing-Shanghai High Speed Railway’s USD 7 bln IPO approved by CSRC
Dec 24, 2019 (China Knowledge) - Beijing-Shanghai High Speed Railway’s IPO on Shanghai Stock Exchange is officially approved by China Securities Regulatory Commission (CSRC) last weekend. Its planned issuance is 7.557 bln shares to raise RMB 35 bln, the largest IPO in recent years. The fund to be raised publicly is intended to acquire 65.0759% from operator Beijing-Fuzhou Railway, with a consideration of RMB 50 bln.
According to the prospectus, in 2016-2018, the operating revenue of Beijing Shanghai high-speed railway was RMB 26.258 bln, RMB 29.555 mln and RMB 31.158 bln respectively, and the net profits reported for the last three years were RMB 7.903 bln, RMB 9.053 bln and RMB 10.248 bln. Moreover, in the first nine month of 2019, its operating avenue recorded RMB 25 bln, with a net profit of RMB 9.52 bln and a margin of 38%, higher profit margin than Apple Inc.
Earlier, it had submitted its IPO application on Oct 22, and then received listing approval by CSRC on Nov 14, using a total of 23 days, the fastest in China’s IPO history.
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