China train maker CNR gets regulatory nod for Hong Kong listing
Jan 2 (Reuters) - China CNR Corp Ltd, the country's second-largest listed train maker, has obtained approval from Chinese regulators to issue shares in Hong Kong to help raise funds for overseas and strategic investments.
CNR, whose bigger rival CSR Corp Ltd is already listed in Hong Kong and Shanghai, plans to list up to 1.8218 billion H-shares, or about 15 percent of its total shares, the official China Securities News reported in November.
The funds raised 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.
"The State-owned Assets Supervision and Administration Commission of the State Council's has agreed in principle for the company's plans to issue H-shares on the main board of the Hong Kong stock exchange," CNR said in a filing on the Shanghai stock exchange.
No other details were available in the brief announcement and the news came after Chinese markets closed on Thursday.
Shanghai-listed shares of CNR, whose nine-month revenues fell 9 percent to 58.4 billion yuan ($9.6 billion), ended 0.6 percent lower at 4.89 yuan, lagging the main Shanghai composite index's 0.3 percent fall.
(Reporting by Lee Chyen Yee in SINGAPORE and Meg Shen in HONG KONG; Editing by Matt Driskill)
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