Cornerstones all aboard China Railway Signal IPO

The world’s largest railway control system developer by revenue locked in nearly $1 billion worth of cornerstone commitments to ensure the IPO stays on track.

China Railway Signal Communication Corporation has placed more than half its $1.8 billion initial public offering in Hong Kong with cornerstone investors as the global roadshow gets underway today.

A total of 16 cornerstone investors committed an aggregate $971 million as of Monday and the railway signal system developer has also received commitments of about $900 million from anchor investors, a second source familiar with the offering said.

Commitments from both groups of investors ensure that the order book is fully covered when the roadshows kicks off on Monday.

The cornerstones are China Railway Group, Guangdong Finance Investment, Shanghai Zhenhua Heavy Industries, China...

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