RKE International IPO yields Xiongan play

Hong Kong listed Road King splits off its Chinese toll roads into a new vehicle, hoping to ride sentiment towards the government's major infrastructure initiatives, such as Belt and Road.
The emerging new metropolis of Xiongan
The emerging new metropolis of Xiongan

Road King Infrastructure launched an initial public offering for its Chinese toll road assets on Thursday in the hope of unlocking value and maximizing investor interest in a number of China’s landmark infrastructure initiatives.

In addition to the wide-ranging Belt and Road project, the government announced plans for a major new environmentally friendly metropolis close to Beijing this April. Since then stocks tied to the development of the Xiongan New Area in Hebei have soared.

Hong Kong-listed Road King’s new toll road vehicle, RKE International, derived 48% of its Ebitda from the province in 2016 and non-syndicate analysts say it hopes to the ride on the tail...

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