Early
New Yiye
A prospectus on the official website at the end of the month at the end of the month of the China Securities Regulatory Commission has attracted much attention in the market and has not yet diminished.
The Securities and Futures Commission announced the instructions for the first public offering of the stock offering (IPO) of the Beijing -Shanghai Express Railway Co., Ltd., which revealed that the listing of 50 billion yuan (RMB, the same below, the same is S $ 9.7 billion) is expected to reach A shares.The fifth largest IPO level in history is also the largest IPO in nine years.According to Chinese media reports, according to the official recent review of the IPO, the Beijing -Shanghai high -speed rail may obtain A -share tickets as soon as the first quarter of next year.
The Beijing -Shanghai high -speed railway is more than 1,300 kilometers in length, and seven provinces and cities including Beijing, Tianjin, Hebei, Shandong, Anhui, Jiangsu, and Shanghai are connected to the two major economic areas of Beijing -Tianjin -Hebei and the Yangtze River Delta.The company launched a listing work in February this year. It was officially accepted at the end of last month, and it suddenly became one of the important topics in the capital market.
It also attracted the attention that the prospectus first disclosed the operation and performance of the Beijing -Shanghai high -speed rail for the first time.Data show that from the end of June 2011 to the end of September this year, the Beijing -Shanghai high -speed railway has sent nearly 1.1 billion passengers. The average annual net profit from 2016 to 2018 is about 9 billion yuan, and the net profit in the first three quarters of this year has exceeded 95100 million yuan.According to this calculation, the Beijing -Shanghai high -speed rail has an average of nearly 35 million yuan per day and a profitability of more than 90 % of A -share listed companies.
However, the Beijing -Shanghai high -speed railway is the same as all railway projects, and it is not profitable at the beginning.It only turned to profit after four years of investment, and the construction cost of more than 220 billion yuan has not been fully covered, reflecting the characteristics of the early investment in the high -speed rail project and the cost of maintenance and maintenance costs.
In fact, the foundation of the 18 -thirds of the 18 -thirds of the 18 -thirds of China Railway Bureau Group, which was disclosed for the first time disclosed by the prospectus at the same time, showed that about two -thirds have not got rid of the loss.Last year, only six of them achieved profitability, and the remaining 12 of them suffered to varying degrees. Among them, railway bureaus groups such as Chengdu, Shenyang, Harbin, and other railway bureaus loses more than 10 billion yuan.In the first half of this year, although the situation improved slightly, only seven were profitable. The remaining 11 were losing money. The most serious is still the three railway bureau groups of Chengdu, Shenyang and Harbin.Essence
The condition of improving the capital of the high -speed rail is obviously a top priority, and listing is regarded as one of the channels for raising funds.Even if the Beijing -Shanghai high -speed rail is called the most profitable high -speed rail project by some media, its investment return period is also very long. Therefore, public opinion is generally affirming that listing will help improve its financial situation.
Some analysts believe that listing will regulate the management of railway itself and improve the level of corporate governance and corporate transparency.As a company with a total asset size of nearly 200 billion yuan, the Beijing -Shanghai high -speed railway has only 67 employees as of the end of September this year, of which 25 are still borrowed and more than 51 years old.Simply put, they have a per capita management of 2.8 billion yuan in assets.
The company has realized that this will constitute a greater risk of managing assets and warn in the prospectus that if the number of employees and capabilities in the future cannot meet the needs of the company's scale expansion and business development, it will affect the company's response ability and development vitality, and then thenWeakening the company's competitiveness has a certain impact on the company's future development.
These management and financial risks have discounted some social capital in recent years. Some data show that China's current railway asset securitization level is less than 3%, which is far lower than the international level, and it is concentrated on the freight line.Because of this, the securitization of railway assets is considered to be a must -avoid risk.If the Beijing -Shanghai high -speed rail, which has a relatively stable capital flow, is listed on the market, may promote other similar projects to follow up, helping to expand huge securitization space, and gradually realize the key reform work deployed by railway securitization earlier.
From such a macro perspective, there are also expected to revitalize other railway assets.As of the end of last year, China ’s national railway operating mileage reached more than 131,000 kilometers, of which more than 29,000 kilometers of high -speed rail were exceeded, far exceeding the total of other countries in the world, but the total liabilities still reached more than 50 trillion yuan.Looking forward to the future, the official has set up the national railway and high -speed railway business mileage to about 150,000 kilometers and 38,000 kilometers in 2025. It is expected that liabilities will still be heavy or even more heavy.
In the long run, in order to achieve such large -scale railway plans and future sustainable operations and long -term development, it is probably not enough to rely on a few profitable line support or a large number of official subsidies, and the support of the capital market will become increasingly important.This can also ensure that the train fare that ordinary people are most concerned about at the level is at a reasonable and popular level.
