Sihai network

The issue price of Beijing Shanghai high-speed railway raised more than 30 billion yuan

The Beijing Shanghai high-speed railway is about to 'drive into' A shares. In the early morning of January 3, the Beijing Shanghai high-speed railway disclosed the prospectus for the initial public offering of shares and other announcements, locking the issue price at 4.88 yuan / share, corresponding to the issue P / E ratio of 23.39 times, breaking the 'red line' of 23 times the IPO P / E ratio of the A-share main board.

The IPO plans to issue no more than 6.286 billion shares, accounting for no more than 12.80% of the total share capital after issuance, which is less than 15% of the previous declaration.

Even so, the total amount of funds raised is expected to exceed 30 billion yuan, reaching 30.674 billion yuan. After deducting the issuance expenses (excluding value-added tax), the net amount of funds raised is 30.634 billion yuan.

According to the prospectus, after deducting the issuance expenses, the raised funds are intended to be used to acquire 65.0759% of the equity of Jingfu Anhui company. The acquisition consideration is 50 billion yuan. The difference between the acquisition consideration and the raised funds of nearly 19.4 billion yuan is solved through self raised funds.

The prospectus shows that the IPO sponsorship and underwriting fee is 17.3626 million yuan (excluding VAT), the lead underwriter is CSC securities, and the joint lead underwriters are CITIC Securities and CICC.

Similar to the previously issued postal savings bank, this huge issuance also introduced strategic placement. The announcement shows that the final number of strategic placement shares is 3.074 billion shares, accounting for about 48.90% of the number of shares issued this time.

According to the relevant arrangements for the issuance, the Beijing Shanghai high-speed railway will hold an online roadshow on the issuance from 14:00 to 17:00 on January 3, 2020 (Friday, t-1), and investors will make offline and online subscription at 4.88 yuan / share on January 6, 2020 (T-day).

As the most profitable high-speed railway line in China, Beijing Shanghai high-speed railway took the lead in opening the prelude to railway asset securitization.

According to the prospectus, from 2016 to 2018, the Beijing Shanghai high-speed railway successively realized an operating revenue of 26.258 billion yuan, 29.555 billion yuan and 31.158 billion yuan, and realized a net profit attributable to the parent company of 7.903 billion yuan, 9.053 billion yuan and 10.248 billion yuan. In the first three quarters of 2019, the cumulative revenue and net profit were RMB 25.002 billion and RMB 9.52 billion respectively. In the letter of intent for initial public offering issued on December 25, 2019, Beijing Shanghai high speed railway predicts that the revenue in 2019 will be 31.5-33 billion yuan, a year-on-year increase of 1.10% - 5.91%; It is estimated that the net profit in 2019 will be RMB 11 billion-12 billion, with a year-on-year increase of 7.34% - 17.10%.

Asset securitization is also the focus of reform pushed by China Railway Group in recent years.

On January 2, Lu Dongfu, chairman and party secretary of China National Railway Group Co., Ltd. (hereinafter referred to as "China National Railway Group"), revealed at the 2020 annual working meeting that in 2019, China National Railway Group continued to strengthen the operation and development of Railway Assets, vigorously promoted the capitalization and equity securitization of Railway Assets, made positive progress, approved the IPO of Beijing Shanghai high speed railway company, and China Railway special goods Jinying heavy industry and other listing work were actively promoted. He said that in 2020, we will continue to promote the stock reform and listing of high-quality assets and the refinancing of listed enterprises, and study and explore the stock reform and listing of key enterprises such as regional railway companies and design group companies.

He said that we should make full use of existing listed companies, promote asset M & A and revitalize stock assets.