CRCC High-Tech Equipment on track for HK IPO

The listing of the track maintenance equipment maker is part of state-owned parent CRCC's broader strategy to improve capital structure and enhance the market value of assets.

CRCC High-Tech Equipment, the track maintenance equipment manufacturing unit of state-owned China Railway Construction Corporation CRCC, filed an application for an initial public offering on the Hong Kong Stock Exchange on Friday.

The company is aiming to raise at least $300 million from the IPO, according to a source familiar with the matter. Senior management of the company hopes to complete the IPO process by the end of the year, the source added.

A target listing in the fourth quarter could put CRCC High-Tech in the company of far bigger listing hopefuls, including CICC, China Reinsurance and China Huarong Asset Management, during what is...

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