CRCC High-Tech's $395m HK IPO on track

As the fifth state-owned deal so far this quarter the track maintenance equipment manufacturer is differentiating itself with a much smaller cornerstone tranche.

CRCC High-Tech Equipment’s HK$3 06 billion ($395 million) initial public offering launched on Monday could well be the first Chinese state-owned deal to be marketed in recent months without a big cornerstone tranche

In an all-primary share deal, the company is selling 531 9 million shares on the Hong Kong stock exchange at an indicative price range of HK$5 21 to HK$5 76 per share The shares equate to 35% of the enlarged share capital and will give the company an implied market capitalisation of between $1 02 billion and $1 13 billion

CRCC High-Tech, a subsidiary of China Railway Construction Corporation, will be the fifth Chinese central government-owned...

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