China Railway Construction plans to spin off its high-end equipment manufacturing unit and list it on Shanghai’s new technology board, as the nation’s biggest contractor of railway projects seeks funds to enhance its R&D capabilities.
The proposal came less than a week after the watchdog, China Securities Regulatory Commission, rolled out a rule that makes it easier for publicly traded companies to spin off subsidiaries for domestic listings. “It is necessary for the company to spin off CRCHI to further consolidate core competitiveness in high-end equipment manufacturing and promote sustainable development of the company, ” China Railway said in the statement.
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