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Beijing-Shanghai high-speed rail IPO to raise 30.6 billion

The issue price is set at 4.88 yuan / share on January 6

On January 3, the Beijing-Shanghai High-speed Railway issued the "IPO Public Announcement". According to the announcement, the total amount of funds raised by the company is expected to be 30.674 billion yuan. The announcement stated that the subscription for this issuance will be made online and offline on January 6, 2020 (T day), and there is no need to pay for subscription funds when applying. The funds raised by the Beijing-Shanghai High-speed Rail will be used to acquire 65.0759% of the equity of Beijing-Fujian Anhui Company after deducting the issuance expenses. The purchase consideration is 50 billion yuan. The difference between the purchase consideration and the raised funds will be resolved through self-raised funds.
Ministry of Finance of China Economic Net
Headlines
Beijing-Shanghai High-speed Rail Raises 30.6 Billion Funds, Issuing Expenses Are 40.33 Million, Three Major Brokers Earn 17.36 Million
On January 6, Beijing-Shanghai High-speed Railway Co., Ltd. (referred to as the "Beijing-Shanghai High-speed Railway") will conduct online and offline subscriptions at an issue price of 4.88 yuan / share. The Beijing-Shanghai high-speed railway issued public shares of 6.286 billion shares, which accounted for approximately 12.80% of the company's total share capital after the issuance, all of which are public issuance of new shares and no transfer of old shares. The sponsors (lead underwriters) this time are CITIC Construction Investment Securities, and the joint lead underwriters are CITIC Securities and CICC.
Beijing-Shanghai high-speed rail strategic distribution accounts for half, can the 200 billion giants hit new ones?
Although it did not catch up with the "last train" of this year's IPO, in early next year, the A-share market will usher in a "high-speed entry" Beijing-Shanghai high-speed rail. On December 25, Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as "Beijing-Shanghai High-speed Railway") issued a letter of intent for listing, a listing issuance arrangement, and an initial inquiry announcement, and officially launched the offering.
67 employees control 187 billion assets, but will the Beijing-Shanghai high-speed railway follow in the footsteps of PetroChina?
Looking back at the giant petroleum company of China, it was also necessary to have a story and a story, and a status of rivers and lakes. But since its listing, the company's stock price has been falling. The most fundamental reason is that the company's valuation is high, and the increase in revenue cannot support such a high valuation, and it will bury more than N shareholders. The current Beijing-Shanghai high-speed rail has the same starlight. But there is also the problem of weak growth. If the Guangshen Railway gives him a valuation of about 30 times, what is waiting for him is likely to be a long and painful, endless process of value return.
The Beijing-Shanghai high-speed train passed the high-speed meeting for 23 days, and made 9.5 billion yuan in 9 months.
On the evening of November 14, the CSRC issued an announcement saying that the Beijing-Shanghai high-speed rail application had been approved, and the maximum number of shares to be issued this time was 7.56 billion. According to industry estimates, the total amount of funds raised may exceed 30 billion yuan, making it the largest IPO project in the past 10 years. It is worth noting that all the funds raised this time will be used to purchase 65% equity of Jingfu Anhui Company for a consideration of 50 billion yuan. The company was established in 2009 and is the main body of operation of four high-speed rail lines in Anhui Province. It has continued to lose money in recent years. In 2018 and January to September 2019, the total loss exceeded 2 billion yuan. Therefore, the CSRC requested the Beijing-Shanghai high-speed rail to explain the fairness of the price of 50 billion yuan.
Passengers lose money Why does Beijing-Shanghai high-speed rail make money?
Zhao Jian, a professor at the School of Economics and Management of Beijing Jiaotong University, said that the current domestic passenger dedicated lines are basically similar to the Beijing-Shanghai high-speed rail. High-speed rail companies are invested by the National Railway Group, railway funds, and local governments. Some local governments have relatively large capital contributions. "After the establishment of the high-speed railway company, specific line operations were entrusted to the railway bureaus for management. The high-speed railway company also charged the line usage fees of the railway bureaus," said Zhao Jian. These are all in the hands of the railway bureau. Without these, the high-speed rail company has no operational capacity. "
Beijing-Shanghai high-speed rail "passes the meeting": plans to acquire Beijing-Fujian Anhui company for 50 billion yuan
On November 14, the Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as the "Beijing-Shanghai High-speed Railway Company") IPO application was approved. It is reported that as one of the most efficient high-speed rail investment and operation enterprises in China, the capital raised by the Beijing-Shanghai High-speed Rail Company is intended to be used to acquire 65.0759% of the equity of the Beijing-Fuzhou Railway Passenger Dedicated Line Anhui Co., Ltd. (hereinafter referred to as "Beijing-Fujian Anhui"). The purchase consideration is 50 billion yuan.
Capital logic behind Beijing-Shanghai high-speed IPO from 21 to 23 days
The prospectus shows that the funds raised by the Beijing-Shanghai high-speed rail company's listing are intended to be used to purchase 65% of the equity of Beijing-Fujian Anhui Company at a consideration of 50 billion yuan. The difference between the purchase consideration and the raised funds will be resolved through self-raised funds. From the perspective of total fundraising, the Beijing-Shanghai high-speed rail IPO will reach the fifth largest IPO level in the history of A shares and the largest IPO in 9 years. As the "Big Mac" that is about to land in the A-share market, every move of the Beijing-Shanghai high-speed rail has attracted much attention. In addition to the amazing speed of the "lightning" meeting, the multiple "mysteries" hidden behind the Beijing-Shanghai high-speed rail have yet to be unveiled, and the CSRC also raised many questions in the feedback section.
Beijing-Shanghai High-speed Rail IPO: 4 hours 18 minutes from Beijing to Shanghai 23 days from reception to meeting
On November 14, the official website of the China Securities Regulatory Commission disclosed that the Beijing-Shanghai high-speed rail IPO application had passed. This means that the Beijing-Shanghai high-speed rail will be officially listed on the A-shares. It only takes 23 days from being accepted to the meeting, which also refreshed the previous record of the 36-day IPO of Industrial Fulian (601138, SH). On June 30, 2011, the Beijing-Shanghai high-speed railway was officially opened to traffic. It was the first high-speed railway with the longest mileage in the world at that time, connecting the two economically developed regions of the "Beijing-Tianjin-Hebei" and "Yangtze River Delta". An important part of the "transverse" high-speed railway main channel.
The fastest IPO trial! Beijing-Shanghai High-speed Rail Passed A-share Issuance Review
The Beijing-Shanghai high-speed railway adopts the entrusted transportation management mode to manage the Beijing-Shanghai high-speed railway. During this review meeting, members of the review committee also noted this and requested the Beijing-Shanghai high-speed railway to explain: (1) the issuer's non-responsibility to the Bank Pricing principles and fairness of other network services provided by trains such as line service, catenary service, ticketing service, station water service and other road network services; (2) China Railway Group's Management Measures for Railway Transportation Revenue Clearing Platforms ( The main content of the railway total funds [2016] No. 208), whether the issuer has pricing power; (3) According to the revised "Entrusted Transport Management Contract", explain the train service fees for EMUs, maintenance of infrastructure equipment and station travel .. .
Beijing-Shanghai high-speed rail IPO "lightning" meeting three major securities giants join hands to escort
According to a reporter from China Economic Net, the Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as the "Beijing-Shanghai High-speed Railway") made its debut today. The Beijing-Shanghai high-speed railway was declared on October 22 and will be reviewed on November 14. The difference is only 23 days, which can be described as "lightning". According to the prospectus, the sponsor of Beijing-Shanghai high-speed rail is CITIC Securities, and the joint lead underwriters are CICC and CITIC Securities.
The Beijing-Shanghai high-speed rail can now lie down and earn money.
If the number of passengers increases, the fare is adjusted, and the acquisition is completed, how much imagination does the income of the Beijing-Shanghai high-speed railway have? The growth of the "2C business" depends on the number of people and the fare. The income of the "2C business" has two factors, one is the number of people, and the other is the fare. From the perspective of passenger volume, the passenger volume of the Beijing-Shanghai high-speed rail has increased year by year, and the distance from the passenger volume of the Beijing-Shanghai route is constantly widening. From 2016 to 2018, the Beijing-Shanghai high-speed rail load factor has also increased year by year, and the gap with the Beijing-Shanghai route has continued to narrow.
"Most Profitable High Speed Rail" Responds to IPO Inquiries
When the high-speed rail rang, the gold was in danger. On October 25, the Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as the "Beijing-Shanghai High-speed Railway") pre-disclosed its IPO; on November 8, in the announcement of the work meeting of the Commission issued by the Securities and Futures Commission, the name of the Beijing-Shanghai high-speed railway appeared in It is on the list of companies that will be reviewed. If it can go to the meeting smoothly, the Beijing-Shanghai high-speed rail will break the shortest record of the Industrial Wealth Union from reporting to the meeting in 23 days, and this "most profitable high-speed rail" IPO has undoubtedly become the biggest bright spot in the IPO market this year.
Provide high-speed rail transportation and line use services
Recently, in the "Feedback on Application Documents for the Initial Public Offering of Beijing-Shanghai High-speed Railway Co., Ltd." (referred to as "Feedback"), the CSRC put forward whether the Beijing-Shanghai high-speed rail is an asset management company rather than a high-speed rail passenger transportation company. "Question. In this regard, relevant persons said in an interview with the China Securities Journal reporter that the main business of the Beijing-Shanghai high-speed rail is to provide passengers with high-speed rail transportation services, and to provide other railway transportation companies with line use services. The Beijing-Shanghai high-speed rail company does not have a business corresponding to asset management, nor does it obtain business income through asset management activities, and does not have any characteristics of an asset management company.
Beijing-Shanghai high-speed IPO speeds up China's railway marketization process
The rapid myth created by the Postal Savings Bank's IPO may be broken by the Beijing-Shanghai high-speed rail. A few days ago, the Beijing-Shanghai high-speed railway updated its prospectus to further disclose the company's assets, which was only two weeks before it officially declared its A-share listing. This speed has set a new record in the time from the application of IPO projects to the completion of feedback in recent years.
Beijing-Shanghai high-speed railway will accelerate the marketization of railways on Thursday
According to the announcement issued by the CSRC, the Beijing-Shanghai high-speed rail will be launched on November 14. If successfully passed, the Beijing-Shanghai high-speed rail is expected to refresh the record of the fastest IPO meeting. On November 10, relevant persons stated that the listing of the Beijing-Shanghai high-speed rail is not purely fundraising to solve the problem of capital shortage in the operating process, but to drive the reform of the institutional mechanism of the entire railway industry.
Beijing-Shanghai high-speed rail builds a slimming version of the Big Mac
Although the Securities and Futures Commission is asking whether the Beijing-Shanghai high-speed rail is an asset management company, there can be no suspense in the listing of the Beijing-Shanghai high-speed rail. The pre-disclosure update was completed just two weeks after the official IPO application. Industry insiders expect its IPO process. May break the speed of Post Bank. What's more special is that, as a super large-cap stock, the Beijing-Shanghai high-speed rail has broken the practice of issuing 10% of the total share capital to 15%, and the raised funds may reach 35 billion yuan, which is expected to become the third largest IPO in the history of A-shares. It can be seen that the Beijing-Shanghai high-speed rail is going through the green channel, which is likely to set a new record for the fastest IPO.
SFC "tortures" Beijing-Shanghai High-speed Rail: Is it an asset management company?
Known as "cash cows", how much money the Beijing-Shanghai high-speed rail makes is finally revealed. Let's take a look at the beautiful transcripts: daily earnings of nearly 35 million, only 67 employees, 67 people manage 180 billion assets, per capita management of more than 270 billion assets, more than 1 billion person-time delivery, these are the "ace of the Beijing-Shanghai high-speed rail" "label.
The scale of fundraising will super-industrial Fulian Beijing-Shanghai high-speed rail will also "lightning" pass
The listing progress of Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as "Beijing-Shanghai High-speed Railway") has been the biggest hot spot in the IPO market this year. It opened operation on June 30, and has already transported 940 million passengers. Recently, the CSRC announced the latest queuing status of the Beijing-Shanghai high-speed rail. At present, the Beijing-Shanghai high-speed rail has entered the "team" of pre-disclosure updates. At the same time, the CSRC also published feedback on its application documents, which raised 54 issues including normative, information disclosure, financial and accounting information, and four other categories. In the feedback opinion, the CSRC made detailed inquiries on the disclosure of the main business of the Beijing-Shanghai Expressway, the company's positioning, related party transactions, and competition in the same industry, and received ...
The Beijing-Shanghai high-speed rail with an average annual salary of 280,000 employees at the grassroots level will have to increase their salary after the IPO?
On November 6, the Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as the "Beijing-Shanghai High-speed Railway") to be listed was updated with a prospectus. The new prospectus for the Beijing-Shanghai high-speed rail shows that the company has a total of 7 senior employees with an average salary of 544,500 yuan in 2018; 16 middle-level employees with an average salary of 439,900 yuan in 2018; 44 grass-roots employees with an average salary in 2018 It was 283,000 yuan. By position, the Beijing-Shanghai high-speed rail has a total of 23 managers, with an average salary of 465,900 yuan in 2018 (26 managers in 2018); 7 financial staff, an average salary of 297,400 yuan in 2018; 37 technical staff, The average salary in 2018 was 280,400 yuan (39 technicians in 2018).
Beijing-Shanghai high-speed rail IPO "super speed" or the largest A-share IPO in nearly 10 years
The Beijing-Shanghai high-speed rail project's preliminary demonstration communication is relatively sufficient. Its high probability will accelerate the completion of the IPO process in a shorter time and process, and passing the meeting is basically no suspense, so it may also become the most under the IPO approval system The project will soon be completed and even approved. The "speed" set by the IPO recently may be broken. On November 6, the Beijing-Shanghai high-speed railway, another giant project in the IPO queue, completed the pre-disclosure update. This is only two weeks away from its official declaration of A-share listing. And this speed also refreshed the record time of the IPO project application to feedback completion in the past ten years.
Beijing-Shanghai high-speed rail 67 people with 180 billion assets, the Securities and Exchange Commission "tortured": asset management company?
Since the A-share listing was announced last month, and the prospectus was disclosed for the first time, in just two weeks, the Beijing-Shanghai high-speed IPO has received “snack” feedback from the CSRC, refreshing the speed of IPO projects from reporting to feedback in recent years. A series of dazzling numbers of Beijing-Shanghai high-speed rail was surprising, but was "tortured" by the CSRC. The China Securities Regulatory Commission recently released feedback on the Beijing-Shanghai high-speed rail IPO application documents. In this 19-page, 11,000-word document, a total of 53 questions were asked and the sponsoring brokers were required to implement them one by one. One of the core questions is: Is the Beijing-Shanghai high-speed rail an asset management company or a passenger transportation service company? After all, the Beijing-Shanghai high-speed rail has only 67 employees, and the assets under management are as high as 180 billion ...
Railway asset securitization speeds up when Beijing-Shanghai high-speed rail launches IPO
The pace of Beijing-Shanghai high-speed rail listing is getting closer. On October 25, the CSRC disclosed the initial public offering of the Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as the "Beijing-Shanghai High-speed Railway") on its official website, and accepted the Beijing-Shanghai high-speed rail IPO application. In fact, back in October of last year, the Beijing-Shanghai high-speed railway signed a listing counseling agreement with CITIC Securities on the launch of listing. On February 26 this year, the Beijing Supervision Bureau of the China Securities Regulatory Commission disclosed the basic situation of the Beijing-Shanghai high-speed rail IPO and listing counseling on the main board. According to the prospectus, the Beijing-Shanghai high-speed railway intends to issue no more than 7.556 billion shares, accounting for no more than 15% of the total ...
The "most profitable" line Beijing-Shanghai high-speed rail intends to invest 50 billion in A shares to acquire this loss-making company
On October 25, the CSRC disclosed the prospectus (declaration draft) (hereinafter referred to as the prospectus) of the Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as the Beijing-Shanghai High-speed Railway), which is intended to be listed on A shares. This prospectus disclosed to the public for the first time the operation and performance of the Beijing-Shanghai high-speed railway in recent years. From opening to the end of September, the Beijing-Shanghai high-speed rail has sent nearly 1.1 billion passengers, with an average annual net profit of about 9 billion yuan in 2016 ~ 2018, and the net profit in the first three quarters of this year has exceeded 9.5 billion yuan. The Beijing-Shanghai high-speed railway intends to use the entire fundraising to acquire 65% equity of Beijing-Fuzhou Railway Passenger Dedicated Line Anhui Co., Ltd. (hereinafter referred to as Beijing-Fujian Anhui Company) in order to expand network coverage.
Beijing-Shanghai high-speed rail IPO: earning 35 million yuan over 90% of A-share companies
On the evening of October 24, the Securities and Futures Commission disclosed the "IPO and Listing" of Beijing-Shanghai High-speed Railway Co., Ltd., and accepted the Beijing-Shanghai High-speed Railway IPO application materials. Public information shows that the Beijing-Shanghai high-speed railway submitted listing materials to the Securities and Futures Commission on October 22, and received a notice of acceptance from the Securities and Futures Commission on the 23rd. This will be a "Big Mac" IPO. Data show that the Beijing-Shanghai high-speed rail has safely transported 940 million passengers since it opened operation in 2011. The profit of the Beijing-Shanghai high-speed rail company in the three years from 2014-2017 was 28.8 billion yuan. In 2017, it realized a profit of 12.716 billion yuan, earning an average of nearly 35 million yuan a day, and its profitability exceeds 90% of A-share listed companies.
Beijing-Shanghai high-speed rail has an average daily net profit of 35 million yuan and total assets of 187 billion
After eight years of operation, China's largest high-speed railway, the busiest and the busiest, will rush from Beijing to the Shanghai Stock Exchange. Last Friday evening, the Beijing-Shanghai High-speed Railway Co., Ltd. (namely, the Beijing-Shanghai High-speed Railway) disclosed the prospectus for the first time on the official website of the Securities and Futures Commission, and plans to land on the Shanghai Stock Exchange. This means that the Beijing-Shanghai high-speed rail IPO has taken a substantial step. With over 1 billion person-times sent, an average daily net profit of 35 million yuan, and total assets of up to 187 billion ... a series of dazzling data on the prospectus gave the outside world a glimpse of what the company really looks like, and also gave investors a sense of " "Big Mac" is full of capital fantasies.
Beijing-Shanghai high-speed rail IPO receives feedback and Beijing-Shanghai second-tier competition is concerned
On October 25, the CSRC disclosed the prospectus (declaration draft) of the Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as the Beijing-Shanghai High-speed Railway) (hereinafter referred to as the prospectus). This prospectus disclosed to the public for the first time the operation and performance of the Beijing-Shanghai high-speed railway in recent years. New progress has been made in the listing process of the Beijing-Shanghai high-speed rail. On November 6, the Beijing-Shanghai high-speed railway completed the pre-disclosure update of the prospectus declaration. Just two days ago, the China Securities Regulatory Commission provided feedback on the prospectus application report disclosed by the Beijing-Shanghai high-speed railway on October 25, with 54 feedback opinions. The feedback is mainly cut through from the normative, information disclosure, financial and accounting materials, including the first disclosure of the Beijing-Shanghai high-speed rail prospectus application report ...
Beijing-Shanghai High-speed Rail Announces IPO Program Exclusive Sponsor of CITIC Securities
On October 25, the official website of the China Securities Regulatory Commission disclosed the IPO prospectus of the Beijing-Shanghai high-speed rail A-share. (Hereinafter referred to as "CITIC Construction Investment") as the sponsor and lead underwriter. "Fuxing" high-speed train is about to enter the capital market!
Beijing-Shanghai high-speed rail 67 employees managed 18.71 billion assets. Dividends last year accounted for 100% of net profit. Four-year dividends were 24.3 billion.
On October 25, the official website of the CSRC disclosed the prospectus of the Beijing-Shanghai high-speed rail, unveiling the mystery of the Chinese high-speed rail giant. The prospectus shows that the Beijing-Shanghai high-speed railway was completed and opened to traffic on June 30, 2011, and it turned losses into profits in 2014. It is China's first profitable high-speed railway. In the first nine months of 2016, its cumulative net profit reached 36.7 billion yuan. This is closely related to its unique location and road network advantages.
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