Guangshen Railway Company Limited

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The Guangshen Railway administration runs a 152km section of the Kowloon-Canton Railway, from Guangshen (Canton) to the Hong Kong border. The administration was corporatized and given the freedom to set its own fares in April 1996. In 13 May 1996, the Company floated ADRs on the NYSE, and on 14 May issued 'H' shares on the Hong Kong stock exchange. The total share issue represented about 30% of the Company and raised approximately US$544 million; the remaining 70% is owned by Guangzhou Railway. This move follows the PRCs decision in 1993 to end the government's railway monopoly, and to encourage autonomous regional railway companies and local authority joint ventures with the private sector. Guangshen Railway issued a total of 2.75 billion IPO shares (out of total 7.08 billion shares) and raised 10.08 billion Yuan (US$1.26 billion) through the offer, which was listed on the Shanghai Stock Exchange in December 2006. Guangzhou Railway (Group) Co. Ltd. owns 41% of the equity of the company as the representative of the Ministry of Railway. None None