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May 30, 2017

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Train maker China CNR raises US$1.2 bil. in Hong Kong IPO

HONG KONG--Chinese high-speed train maker China CNR Corp. raised more than US$1 billion in an initial public offering in Hong Kong Friday, less than a month after a Chinese pork firm withdrew a planned blockbuster listing.

The state-owned locomotive manufacturer, which produces trains for the country's super-fast rail network, raised US$1.2 billion selling 1.8 billion shares at HK$5.17 (US$0.67) each, at the lower end of its indicative price range.

China CNR Corp.'s scheduled listing on the Hong Kong stock exchange on May 22 comes after pork producer WH Group cancelled a planned blockbuster listing in Hong Kong at the end of April, blaming weak market conditions.

Earlier in April, the pork firm said it hoped to raise up to US$5.3 billion, which would have been the biggest globally in a year and the city's largest since 2010.

However, it later slashed the offering by two-thirds to US$1.88 billion, blaming concerns over the strength of the stock market.

China's high-speed rail network was only established in 2007 but has fast become the world's largest.

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