国内精品一区二区三区最新_不卡一区二区在线_另类重口100页在线播放_精品中文字幕一区在线

Daqin Railway Co Ltd, the operator of one of China's major coal-transportation railways, is planning to raise up to 15 billion yuan (US$1.9 billion) with an initial public offering (IPO).

The offering will make Daqin the first railway company to be listed on the domestic stock market.

The railway plans to sell 5 billion local currency A-shares, 33.45 percent of its stake, on July 21, according to its prospectus published yesterday on the Shanghai Stock Exchange's website.

Daqin, based in Shanxi, north China's major coal-producing province, transported more than 90 percent of the coal produced in the province and the neighbouring Inner Mongolia Autonomous Region between 2003 and 2005, it said in the prospectus.

From a total cargo traffic of 290 million tons last year, Daqin carried 240 million tons of coal.

The IPO's proceeds will be used to purchase cargo trains and upgrade routes under the company's management, helping expand its annual coal transport ability, Daqin said in the prospectus.

The price of the IPO will be announced on July 20.

"Daqin is an investment darling for institutional investors," said Zhang Qiusheng, an analyst with China Galaxy Securities.

"As the economic boom continues and with the country's current reliance on coal as its major fuel unlikely to change in the immediate future, Daqin has sound profitability prospects and offers excellent investment value," the analyst said.

The railway company realized a net profit of 3.56 billion yuan (US$445 million) last year, up 49 percent from the previous year's 2.39 billion yuan (US$299 million), according to the prospectus.

The railway operator, which made 89 percent of its revenue from coal transportation, warned in the prospectus that investors should be aware of a host of factors that could have a negative impact on its business prospects.

Factors such as the "government's recent macro control measures" or the country's promotion of clean or alternative energies, may reduce the demand for coal transportation, which in turn may weaken profitability, the company warned.

And Daqin does not make a revenue forecast for 2006 in the prospectus.

The company's planned IPO, the second-biggest domestic offering since a year-long ban on stock fund-raising was lifted in May, along with other pending IPOs, has led to China's stock market suffering its biggest fall in a month.

The benchmark Shanghai Composite Index dropped 4.8 percent to 1,655 points yesterday, its biggest decline since June 7 when the index slumped 5.3 percent on IPO concerns ahead of a 20 billion yuan (US$2.5 billion) share offering by Bank of China, the country's largest foreign exchange bank.

Apart from Daqin, four other companies are expected to begin taking subscriptions for their IPOs next week.

And it was reported yesterday that Industrial and Commercial Bank of China, the country's biggest lender, is planning a simultaneous listing in Hong Kong and Shanghai.

"Worries over a steady stream of upcoming IPOs are having a downward pressure on market sentiment," said Hu Yanni, a senior analyst with China Securities.

"But the major reason for the sharp fall is fear the government may be about to take measures to tighten monetary policy, with an interest rate hike the most likely measure," she said.

After several months of rebound, Hu added, the market "should take a break to correct itself."

The Chinese stock market, mired in a five-year-long slump, has staged a impressive rally since the beginning of this year, gaining nearly 45 percent.

(China Daily July 14, 2005)