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...

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