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 company’s board approved a proposal for China Railway Construction Heavy Industry (CRCHI) to sell shares on the Science and Technology Board, or the Star Market, China Railway said in a filing to the Shanghai Stock Exchange. The flotation is awaiting approval from the bourse.
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