The 1,960,000,000 shares issued by CRCC on February 26, 2008 under the On-line Public Offering were officially listed for trading at Shanghai Stock Exchange at 9:00 am today with the stock short name being CRCC and the stock code being 601186.
As one of the most competitive and largest mega-corporation in composite construction business in China and in the world, CRCC and its Public Offering of A shares has attracted extensive attentions among the investors. Valid subscriptions through off-line and on-line applications are 38,092,000,000 and 306,236,000,000 shares respectively, with the frozen subscription funds totaling up to RMB3,125.5 billion yuan.
A total number of 2,450,000,000 A shares are offered by CRCC at a price of 9.08 yuan per share, including 490,000,000 shares (or 20% of the total shares) through off-line subscriptions and 1,960,000,000 shares (or 80% of the total shares) through on-line subscriptions. The total amount of funds raised through this Public Offering is RMB22.246 billion yuan.
By the end of November in 2007, the total assets of CRCC are 155.019 billion yuan. According to an estimated net profit of 3.105 billion yuan for the year 2007, the earnings for each share is predicted to be 0.3 yuan after this Public Offering and Listing. CRCC proves worthy of its name as the Number One enterprise of the construction industry in China either in terms of assets or profit earnings. In addition, the fast and continuous growth of the national economy puts a vigorous demand for more and better communications facilities, thus providing good opportunities for the development of the construction industry, particularly the construction of railways in China. The government will invest 1,250 billion yuan in railway construction during the 11th 5-year Plan period, so that the aggregate investment in railway construction in China from 2004, which is the year when China launched its Mid-term and Long-term Railway Network Scheme, will exceed 2,000 billion yuan by the year 2020, approximately 120 billion yuan for each year. With such tremendous market potentials and good opportunities for the railway construction industry, CRCC is confident of creating generous earnings and rewards for its shareholders.
Both A and H shares are issued by CRCC in this Initial Public Offering and Listing, with H shares closely following A shares. CRCC H shares are scheduled to be listed on the main board of Hong Kong Stock Exchange on March 13, 2008, at a price of HK$10.7 per share, which is the upper price limit of the Offering.