China Railway Signal prices HK IPO at bottom

HONG KONG: China Railway Signal & Communication Corp (CRSCC), the world's largest builder of rail traffic control systems, raised $1.4 billion after pricing its Hong Kong initial public offering at the bottom of expectations.

The company priced the 1.75 billion new shares, or about 20 percent of the enlarged share capital, at HK$6.30 each, after marketing the deal in an indicative range of HK$6.30 to HK$8.00, Thomson Reuters publication IFR said on Saturday, citing people familiar with the plans.