Stock Closed at HK$12.02, 12.15% higher than its Offer Price
(13 March 2008 - Hong Kong) China Railway Construction Corporation Limited (“CRCC” or the “Company”, stock code:1186), the ultra-large integrated construction enterprise in the PRC, is pleased to announce the commencement of trading of its Shares on the Main Board of The Stock Exchange of Hong Kong Limited (“Stock Exchange of Hong Kong”) today, which had drawn much attention. CRCC’s Share were actively traded with a total trading volume of approximately 1.18 billion Shares, representing a total turnover of approximately HK$14.29 billion. The intra-day highest price was HK$12.66 per Share, and closed at HK$12.02, up by approximately 12.15% as compared with the offering price of HK$10.70 per Share.
The offering results of International Offering and Hong Kong Public Offering of CRCC recorded over 80 times and 293 times of over subscription respectively, froze approximately HK$ 540 billion which hit a record high in the history of Hong Kong IPO, saw remarkable success. As such, Mr. Li Guorui, Chairman and Executive Director of CRCC said, ‘‘In view of such remarkable success of the offering, we sincerely express our gratitude to the public and investors for their recognition of the Company and support. Today is the day on which CRCC are formally listed on the Stock Exchange of Hong Kong, which also marks a milestone amid the development of the Company. The performance of CRCC in the first trading day is extremely encouraging while the share price sufficiently reflects the corporate value of CRCC and investor"s confidence in us. We are well prepared to cope with all risks and drawbacks that may emerge ahead of us in the H Share market. We are also capable to capture every market opportunity in a precise manner.’’
Looking ahead, Mr. Li added, ‘‘CRCC is going to integrate with the international market and bring our advantageous share of international resources into full play, so as to open a new chapter in the history of CRCC’s development. In view of the consistent momentum and related opportunities in global construction industry as well as infrastructure business in China, CRCC will capitalize on its edges in resources to seize future development opportunities in China’s construction market. CRCC will also actively implement strategy of internationalization, boost core competitiveness of the Company, maintain its prime position in the domestic industry, realize sustainable and rapid business growth so as to bring more promising returns to shareholders.’’
The Global Offering of CRCC involved 1,706,000,000 H Shares at an Offering price of HK$10.70 per share, the high end of the price range. Citigroup Global Markets Asia Limited, CITIC Securities Corporate Finance (HK) Limited and Macquarie Capital Securities Limited are the Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers and Joint Sponsors of the Global Offering.
About China Railway Construction Corporation Limited
China Railway Construction Corporation Limited is one of the ultra-large integrated construction enterprises in the world. Its principal business revolves around such aspects as construction operations, survey, design and consultancy operations and manufacturing operations. Subsidiaries of the Company include various units such as China Railway 11th Bureau Group Co., Ltd. to China Railway 25th Bureau Group Co., Ltd., China Railway Construction Group Ltd., China Railway First Survey and Design Institute Group Co., Ltd., China Railway Fourth Survey and Design Institute Group Co., Ltd. and China Railway Fifth Survey and Design Institute Group Co., Ltd. The Company has participated in significant national projects such as the construction of the Qinghai-Tibet Railway Line, the Shanghai Maglev Demonstration Line and the Qinling Zhongnanshan Tunnel.
As a leader in the infrastructure industry, China Railway Construction Corporation was listed among the<