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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  China Railway Construction Corporation Limited    601186   CNE1000009T1

CHINA RAILWAY CONSTRUCTION CORPORATION L

(601186)
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China Railway Construction : OVERSEAS REGULATORY ANNOUNCEMENT - CLARIFICATION ANNOUNCEMENT

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09/04/2019 | 10:02am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

OVERSEAS REGULATORY ANNOUNCEMENT

This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The following sets out the "Clarification Announcement of China Railway Construction Corporation Limited" published by China Railway Construction Corporation Limited (the "Company") on the website of the Shanghai Stock Exchange and newspapers in the PRC on 5 September 2019, for your reference only.

By order of the Board

China Railway Construction Corporation Limited

CHEN Fenjian

Chairman

Beijing, the PRC

5 September 2019

As at the date of this announcement, the board of directors comprises Mr. CHEN Fenjian (Chairman and Executive Director), Mr. ZHUANG Shangbiao (President and Executive Director), Mr. CHEN Dayang (Executive Director), Mr. LIU Ruchen (Executive Director), Mr. GE Fuxing (Non-executive Director), Mr. WANG Huacheng (Independent Non-executive Director), Mr. Patrick SUN (Independent Non-executive Director), Mr. CHENG Wen (Independent Non-executive Director) and Ms. Amanda Xiao Qiang LU (Independent Non-executive Director).

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Stock code: 601186 Stock short name: CRCC Announcement No.: Lin 2019-066

CHINA RAILWAY CONSTRUCTION CORPORATION LIMITED

CLARIFICATION ANNOUNCEMENT

The board of directors of the Company and all directors warrant that there are no false representations or misleading statements contained in, or material omissions from this announcement, and severally and jointly accept responsibilities for the truthfulness, accuracy and completeness of this announcement.

  1. Description on the rumour
    Recently, certain media reported that China Railway Construction Heavy Industry Co., Ltd. (hereinafter referred to as "Railway Construction Heavy Industry"), a subsidiary of the Company, has commenced its spin-off plan since last year, and has currently completed its conversion into a joint stock company. Railway Construction Heavy Industry complies with the new rules on spin-off and listing of A shares as set out by China Securities Regulatory Commission (the "CSRC"), and will in the future expedite the listing of its A shares.
  1. Clarification
    The relevant resolution in relation to the overseas listing of Railway Construction Heavy Industry has been considered and approved by the Company at the 8th meeting of the fourth session of the board of directors held in June 2018, and the relevant resolution has been subsequently approved at the 2018 first extraordinary general meeting convened in September 2018. The Company has since then been proactively promoting relevant work progresses while studying and analysing the relevant policies and requirements. There are still uncertainties about the specific scheme.
    In August 2019, the CSRC issued the Draft for Soliciting Opinions on Certain
    Provisions for the Pilot Scheme of Domestic Listing for Subsidiary Companies Derived from the Divestiture of Listed Companies( 上 市 公 司 分 拆 所 屬 子 公 司 境 內 上 市 試 點 若 干 規 定(徵 求 意 見 稿)》) (hereinafter referred to as the "Provisions") in order to seek public opinions on the Provisions, the Company has also initiated research on the relevant content of the Provisions. As of the date of this announcement, CSRC is still soliciting opinion on the Provisions and relevant conditions and provisions of spin-offlisting are not yet determined. As such, the Company is still uncertain whether it fulfils the relevant provisions required by the CSRC in relation to spin-offlisting, and the relevant matters have not yet undergone the review procedures of the board of directors and the general meeting, thus there still exists considerable uncertainties regarding the spin-offlisting of Railway Construction Heavy Industry.

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  1. Risk warning
    Investors of the Company are reminded that the Company's designated media for information disclosure are China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily and the websites of the Shanghai Stock Exchange (http://www.sse.com.cn) and The Stock Exchange of Hong Kong Limited (http://www.hkex.com.hk). Investors shall only rely on the information disclosed by the Company through formal announcements via the aforementioned media, and are advised to exercise caution and be reminded of the risks involved when dealing in the shares of the Company.

Announcement is hereby given.

The Board of Directors of

China Railway Construction Corporation Limited

5 September 2019

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Disclaimer

CRCC - China Railway Construction Corporation Limited published this content on 04 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 September 2019 14:01:03 UTC

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Financials (CNY)
Sales 2019 811 B
EBIT 2019 32 888 M
Net income 2019 20 394 M
Debt 2019 74 594 M
Yield 2019 2,43%
P/E ratio 2019 6,51x
P/E ratio 2020 5,90x
EV / Sales2019 0,25x
EV / Sales2020 0,24x
Capitalization 129 B
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 11,97  CNY
Last Close Price 9,76  CNY
Spread / Highest target 69,1%
Spread / Average Target 22,7%
Spread / Lowest Target 0,41%
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NameTitle
Shang Biao Zhuang President & Executive Director
Xi Rui Cao Chairman-Supervisory Board
Fen Jian Chen Chairman
Xiuming Wang Chief Financial Officer & Chief Accountant
Guo Bin Xia Executive Director
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