February 27, 2019 / 1:18 AM / 3 months ago

Beijing-Shanghai high-speed rail to be publicly listed: Chinese media

SHANGHAI (Reuters) - China’s high-speed railway connecting Beijing and Shanghai will be publicly listed, newspaper 21st Century Business Herald reported on Thursday.

The railway announced on Chinese social media on Wednesday that it has begun the process for its A-share listing. The same day, China Securities Regulatory Commission disclosed the filing information for the planned IPO, the paper added.

According to disclosed information, CSC Financial will conduct guidance for the listing. A source inside CSC Financial reportedly told 21st Century Business Herald that CITIC Securities and CICC would also take part in the IPO.

The article said the listing would be on a mainboard but did not say on which exchange it would take place.

Information disclosed by the railway’s shareholders reveals that profit for the railway in the four years spanning 2014 to 2017 hit 31.17 billion yuan ($4.65 billion), while profit reached 12.7 billion yuan, the newspaper added.

Reporting by Josh Horwitz; Editing by Sam Holmes

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