The hottest industry deepens the IPO path of China

2022-08-10
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Industry depth: the "IPO" road of China's high-speed rail guide: on the eve of the 2008 Beijing Olympic Games, the opening and operation of the Beijing Tianjin intercity high-speed rail with a total length of 120 kilometers and a speed of 350 kilometers per hour is also the beginning of China's large-scale investment and construction of high-speed rail. In the view of the industry, the booming high-speed rail construction market is a huge bright spot in the next few years

on the eve of the 2008 Beijing Olympic Games, the opening and operation of the Beijing Tianjin intercity high-speed railway with a total length of 120 kilometers and a speed of 350 kilometers per hour is also the beginning of the large-scale investment and construction of China's high-speed railway

in the view of the industry, the booming high-speed rail construction market is a huge bright spot in the next few years. Whether this bright spot can really shine, it is urgent to solve the capital problem. For such a huge railway project, apart from the cutting-edge technology that needs to be broken through in all links, the most headache for the management is financing

On November 28, 2009, Daqin Railway (601006) announced that the general meeting of shareholders had passed the proposal of public additional issuance. Daqin Railway plans to publicly issue 2billion shares, raising about 16.5 billion yuan for the acquisition of 32.8 billion yuan of assets of the major shareholder Taiyuan Railway Bureau. The assets to be purchased by Daqin Railway are the main transportation stations and depots of Taiyuan Bureau, including 20 main transportation stations and depots subordinate to Taiyuan Bureau, which have jurisdiction over 7 railway trunk lines and 5 railway branch lines, as well as their related directly affiliated units

in this regard, people have checked whether the fuse has been damaged, and it is speculated that Taiyuan Bureau wants to backdoor the listing and financing of Daqin Railway. Subsequently, more and more news spread about the financing of China's railway construction through listing

on March 3, there was another rumor in the market that the Beijing Shanghai high-speed railway was expected to be listed in 2010, with a financing scale of 30-50 billion yuan. However, on March 6, Liu Zhijun, Minister of railways, said publicly, "the Beijing Shanghai high-speed railway will not be put into operation until 2011. After three years, its performance will be good, and it will not be able to meet the listing requirements until 2014." Although there is no hope of listing within this year, the minister's words at least indicate that the Beijing Shanghai high-speed railway is expected to be financed through the capital market

in the view of Hong Liang, an analyst at Galaxy Securities, "railway financing through listing is a normal way. Because the financial support that the government can give is limited after all, and it is difficult to get in place quickly. If you don't want to delay the project due to capital problems, you need to financing through various ways."

"in contrast, the process of government funding and bank loans is cumbersome, and the high-speed rail track built high without occupying land does not have enough land as loan guarantee. Even if these problems are solved, the total amount of funds in these two parts is certainly not enough to support such a huge project. Therefore, with the help of the capital market, listing and financing is definitely a shortcut." A banker told me

make full use of various financing channels

in fact, the financing of railway construction projects in China has been fully utilized except for the few involved in listing

data show that in 2006, two years after the promulgation of the medium and long term railway plan, large-scale investment and construction increased the railway bonds issued by the Ministry of Railways to 40billion yuan that year. In the following three years, the railway bonds, medium-term notes and short-term financing bills issued by the Ministry of Railways increased year by year. Up to now, the Ministry of Railways has held 263billion yuan of railway construction bonds, 60billion yuan of medium-term notes and 30billion yuan of short-term financing bills. The asset liability level has increased from 40.02% in 2003 to 48.81% in 2008 and 52% in 2009

at the same time, on February 10, 4.537% of the equity of Beijing Shanghai High Speed Railway Co., Ltd. was listed and transferred on the Beijing Equity Exchange, including its cyrolite acrylic copolymer. The transfer price was 6billion yuan, and the transferor was China Railway Construction and Investment Corporation under the Ministry of railways. Some media said that the transfer was a public bidding to introduce new strategic investors; In addition, a person close to the Ministry of Railways told: "the statistics of 2008 show that in the field of railway construction, there are 102 joint-venture railway companies across the country, and the mileage of newly-built joint-venture railways is more than 30000 kilometers. In addition, social security funds, insurance funds and nearly 150 domestic and foreign enterprises have invested and participated in the construction of various projects, so that the plastic strips will not break."

"at present, the construction of high-speed railway in China is mainly divided into two aspects: one is the construction of infrastructure, including subgrade, bridge, railway track, etc.; the other is the locomotive, including carriage, electronic equipment, vehicle accessories, etc." A person close to China Railway Construction told. Then, the enterprises that benefit from the construction of high-speed rail can be divided into two categories

for these two types of enterprises, the above-mentioned bankers believe that the financing with enterprises as the main body is also a new way, "the primary market financing dominated by joint ventures is a good way at the macro level, but in the secondary market, a single civil engineering enterprise is not as advantageous as a science and technology enterprise. In fact, large projects need financing, and at the enterprise level, undertaking projects also bears a huge financing task."

"securities" has previously reported on the financing plans successively launched by China Railway, China Railway Construction and the second tier of CSR and CNR, which benefit from the construction of high-speed rail. For the third tier enterprises with technology as their core competitiveness, Li Jianjian, an industry analyst at Founder Securities, said: "for listed companies with technological advantages, it is relatively possible and easy to realize equipment financing to re measure the torque. For example, Jinxi axle (600495), Shidai new material (600458) and Jinyi real estate (601002) Etc., these enterprises have relatively leading technological advantages, and are closely related to the manufacturing of high-speed railway locomotives in China. Therefore, it is feasible to rely on these listed companies to undertake the refinancing after the project. "

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