Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
In Unusual Move, Huawei Offers ‘No Backdoor’ Deal to India Amid Security Concerns: Report
China Races Ahead of U.S. in Deployment of Electric-Vehicle Charging Stations
Do ‘Double 11’ Vendors Have to Pick Sides This Year? Alibaba Says It’s ‘Normal Market Behavior’
LATEST
Huawei Posts Strong Revenue Growth Despite U.S. Export Ban
Ant Financial Seeks Loan of as Much as $3.5 Billion at Lower Rate
China Freezes Some Social Media, Mobile Payment Accounts in Myanmar Cross-Border Fraud Crackdown
Popular Translation App Youdao Downsizes New York IPO
Popular Alibaba-Backed Social E-Commerce App Returns After Months-Long Absence
Cheap-Phone Maker Realme Eyes Upscale Turn With Pricey New Handset
State Council Order Formalizes Further Opening of Chinese Financial Sector
IMF Predicts Slower Economic Growth for 2019
China Nails Down Timeline for Long-Awaited Mobile Number Portability Program: Report
China Races Ahead of U.S. in Deployment of Electric-Vehicle Charging Stations
Bird Rides Scooter Maker Sees Profit Surge on Overseas Orders
Germany Leaves 5G Door Open to Huawei, Reuters Reports
Cash-Strapped Bike-Sharing App Ofo Says It “Hasn’t Given Up”
Do ‘Double 11’ Vendors Have to Pick Sides This Year? Alibaba Says It’s ‘Normal Market Behavior’
China’s Cloud Computing Market Still Far Behind U.S.: Think Tank
Weather-Forecast App Operator Denied Shenzhen Listing
China’s Wealthy Eastern Regions Report Shrinking Industrial Profits
In Unusual Move, Huawei Offers ‘No Backdoor’ Deal to India Amid Security Concerns: Report
Apple Under Fire for Handing Over Some Web Browsing Data to Tencent
China’s Tencent Resumes Streaming NBA Games
China Railway Signal Gets Green Light to List on Nasdaq-Style Tech Board

By Sun Lizhao, Sun Liangzi, Bai Yujie and Denise Jia / Jun 22, 2019 03:34 AM / Finance

Photo: VCG

Photo: VCG

The Shanghai stock exchange Friday approved the secondary listing application of Hong Kong-listed state-owned China Railway Signal & Communication Corp. (CRSC) on its new Nasdaq-style high tech board.

The provider of railway signal and communication technology plans to raise 10.5 billion yuan ($1.5 billion), the most so far among applicants to list on the new board.

The controlling shareholder, state-owned China Railway Signal & Communication Group Co., holds a 75.14% stake in the company. After the offering, the parent group’s stake will decrease to 60.11%.

With a slowdown in China’s high-speed rail construction, the company’s revenue growth has gradually declined in recent years. Its 2018 revenue rose 15.6% to 40 billion yuan, down from 17% and 22% growth in the previous two years.

CRSC has participated in the construction of all of China’s major high-speed rail projects and more than 100 subway projects in more than 20 cities in China. The company claims a 93% market share in core equipment for high-speed rail with a running speed of more than 300 kph.

CRSC went public in Hong Kong in August 2015. Its H-shares closed Friday at HK$5.48, up 1.86% from the previous day.

As of Friday, the review panel of the new board has approved listing applications of 21 companies.

Related: Transit Control System Provider Seeks $1.5 Billion IPO on New Tech Board
Share this article
Open WeChat and scan the QR code