China Railway Materials trims Shanghai IPO by 60%

The state-owned logistics company is seeking to raise Rmb6 billion in a Shanghai IPO, less than half the Rmb14.7 billion it initially planned.

China Railway Materials trims Shanghai IPO by 60%

China’s primary equity market is showing signs of a pick-up as issuers resurface with plans for sizable initial public offerings, betting on a market rebound in the second half. Not surprisingly, those braving the market are government-backed enterprises with strategically important businesses.

China Railway Materials, a state-owned provider of supply-chain services, is aiming to raise Rmb6 billion $942 million, or less than half its original plan in a Shanghai IPO, the company said in...

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