This article is from WeChat public account: China Economic Weekly (ID: ChinaEconomicWeekly), reporter: Li Huimin, editor: Lu Jiangtao
Beijing-Shanghai High-speed Railway Co., Ltd. (hereinafter referred to as “Beijing-Shanghai High-speed Railway”) released the “IPO Public Offering Announcement” in the early morning of January 3, stating that in this offering, the company expects to raise a total of RMB 30.674 billion in capital. Online and offline purchases will be made on January 6.
“The most profitable” high-speed rail company is about to land on A shares
The announcement shows that the Beijing-Shanghai high-speed railway issued public shares of 628,563,600 shares, accounting for about 12.8% of the company’s total share capital after the issuance, all of which are public issuance of new shares and no transfer of old shares. After this issuance, the company’s total share capital is 4910648 million shares.
According to the announcement, the Beijing-Shanghai high-speed rail and the joint lead underwriters negotiated and determined this issue based on the quotations of offline investors and comprehensively considering the issuer’s fundamentals, the industry in which they are located, market conditions, raised capital requirements, and underwriting risks. The secondary issue price is 4.88 yuan / share, and this price corresponds to a discounted P / E ratio of 23.39 times after deducting non-recurring gains and losses and low net profit.
It is worth noting that the Beijing-Shanghai high-speed rail can be said to be the first stock to break the issue of 23 times the “red line” price-earnings ratio. Some people in the industry told the reporter of “China Economic Weekly” that this is the embodiment of marketization choices and the market’s recognition of the value of the Beijing-Shanghai high-speed railway company. A brokerage analyst told a reporter of China Economic Weekly that as a non-science and technology innovation board enterprise, the Beijing-Shanghai high-speed railway can be described as the first company that has exceeded 23 times the P / E ratio “red line” in recent years. Comprehensive changes in the IPO issue of board companies are coming.
The announcement shows that the Beijing-Shanghai high-speed railway will be purchased online and offline on January 6th, and no subscription funds are required to be paid. The offline issuance purchase date is the same as the online purchase date on January 6, 2020, of which the offline purchase time is 9: 30-15: 00, and the online purchase time is 9: 30-11: 30, 13:00 -15: 00.
Beijing-Shanghai high-speed rail is known as the “most profitable” high-speed rail line. According to the company’s previous disclosures, the Beijing-Shanghai high-speed railway’s operating income in the first three quarters of 2016, 2017, 2018 and 2019 was 26.258 billion yuan, 29.555 billion yuan, 31.158 billion yuan and 25.002 billion yuan, and net profits were 7.903 billionYuan, 9.053 billion yuan, 10.248 billion yuan, and 9.520 billion yuan.
For this issuance, the company stated that it is estimated that the total amount of funds raised from the issuance will be 30.674 billion yuan, after deducting the issuance expenses of 40.33 million yuan, the net amount of raised funds is expected to be 30.634 billion yuan.
Accelerate the operation and development of the assets of the China Railway Group
A striking feature of the Beijing-Shanghai high-speed rail listing is that it surpassed Industrial Wealth and became the fastest A-share company in the past 10 years. From the application of listing materials on October 22, 2019 to the meeting on November 14, 2019, the Beijing-Shanghai high-speed rail only took 23 days.
This also reflects from one aspect that China National Railway Group Co., Ltd. (hereinafter referred to as the “National Railway Group”) has accelerated the marketization construction in recent years, and has continued to increase the trend of asset securitization and asset operation and development.
A reporter from China Economic Weekly learned from the National Railway Group that in 2019, the National Railway Group will continue to increase the operation and development of railway assets, vigorously promote the capitalization of railway assets, securitization, and promote the reform and listing of railway high-quality asset shares. In addition to the Beijing-Shanghai high-speed rail IPO passing the review and approval of the issuance committee, the railway company officially declared the listing of the science and technology board, and the listing work of China Railway Special Goods Company and Golden Eagle Heavy Industry Co., Ltd. was also actively promoted. The operating joint venture company achieved an operating income of 378.5 billion yuan, a year-on-year increase of 15.2%.
In addition, in 2019, the National Railway Group continued to deepen the reform of the railway investment and financing system. Xiong’an High-speed Railway, Haoji Railway and other projects attracted social investment of 11.7 billion yuan; a number of comprehensive land development projects of the National Railway Group were implemented, realizing land and ground Asset disposal gains exceeded 20 billion yuan.
Introduction of relevant persons from the National Railway Group, in 2019, the new industry chain of the Group has accelerated its development. The mixed-reform enterprises such as the National Railway Jixun Company and China Railway SF International Express Co., Ltd. have continued to improve their operations. 100 million person-times, “Double 11” e-commerce Golden Week Railway Express sent 30,000 tons of goods, an increase of 38.6%; Internet ordering completed 3.7 million orders, an increase of 92%; High-speed rail + shared car business covering 24 cities, completed 4 in the year Million orders, an increase of 8.8% year-on-year.
As for the important work content of 2020, the China Railway Group stated that it will ensure that the Beijing-Shanghai high-speed railway, China Railway Special Goods, Golden Eagle Heavy Industry, and Railroad Corporation have achieved substantial results in their share reform and listing work, and explore regional railway companies, Design group companies and other key companies’ stock reform and listing work. China Railway Group will make full use of existing listed companies to promote asset mergers and acquisitions and reorganization.Living stock assets.
In addition, “In 2020, the implementation plan of the national railway enterprise’s high-quality asset marketization of debt-to-equity swaps will be improved, and communication and connection with banking institutions will be strengthened. The industrial structure adjustment and layout optimization of subordinate enterprises will be promoted, and the reform of mixed ownership will be promoted.” The Group stated that “it will open up new growth points for railway operation and development. Promote the implementation of a number of comprehensive land development projects. Strengthen the cooperation in the production and research of advantageous railway projects, promote the industrialization of scientific and technological achievements and realize operating benefits. Make good use of the National Railway Financing Leasing Company Platform to deepen the reform of investment and financing of railway equipment. Improve the service platform of the National Railway Jixun Corporation and expand the railway passenger service industry chain. “
The new high-speed rail line was put into operation 5474 kilometers last year, and the Fuxing opened nearly a thousand lines a day.
Behind the optimistic view of the Beijing-Shanghai high-speed rail market, China’s high-speed rail construction has achieved fruitful results. The main channel of the “eight vertical and eight horizontal” high-speed railways has become more and more dense.
In 2019, 51 new projects including Beijing-Zhangzhou High Speed Rail, Beijing-Xiong Intercity Railway from Beijing to Daxing Airport, Beijing-Hong Kong High-speed Rail Changgan Section, Chengdu-Guizhou High-speed Rail, Zhengxiang Section of Zhengyu High-speed Railway, Xuyan High-speed Railway, Haoji Railway, etc. The line is completed and put into production.
According to the data of the National Railway Group, in 2019, the national railway fixed assets investment was 802.9 billion yuan, of which the national railway was 751.1 billion yuan; 8,489 kilometers of new railway lines were put into operation, of which 5474 kilometers were high-speed railway lines. As of the end of 2019, the operating mileage of national railways has reached more than 139,000 kilometers, of which 35,000 kilometers are high-speed railways.
By the end of 2019, there will be more than 10 new lines joining the high-speed rail family, including the Beijing-Zhangzhou high-speed rail that will become a “net red”.
In 2020, the State Railway Group will ensure the production of more than 4,000 kilometers of new lines, including 2,000 kilometers of high-speed rail.
When returning home at the end of the year, the most commonly asked sentence has quietly turned into: “Does your home have a high-speed rail?”
In the northwest, Inner Mongolia ’s first high-speed rail, the Zhanghu High-speed Rail, will be opened to traffic simultaneously with the Da-Zhang High-speed Rail and the Beijing-Zhang High-speed Rail. Passengers in the Beijing-Tianjin-Hebei region can realize a “one-day trip” to the Inner Mongolia steppe. In the Central Plains, the Zhengzhou-Xiangyang high-speed railway from Zhengzhou to Xiangyang, Zhengzhou-Fuyang high-speed railway, Beijing-Hong Kong high-speed railway Shangqiu to Hefei section opened the same day, Nanyang, Zhoukou and other agricultural cities with a population of 10 million have ended the history of high-speed railway.
Early in 2019, the “ultra-long land flight”-17 units of the Fuxing with a speed of 350 kilometers per hour debuted on the Beijing-Shanghai high-speed rail. Ultra-long version of Fuxing became the world’s equivalentThe longest marshalled trains at travel speeds can meet long-distance, large-volume transportation needs.
Huang Xin, Director of the Passenger Transport Department of the China Railway Group, said: “In response to the changes in passenger flow, we will reasonably arrange the capacity of the Fuxing according to the capacity allocation method of” one map per day “to ensure that the Fuxing has a large passenger capacity and safety High advantage. “
At present, there are an average of 932 passenger trains running on Fuxing daily. The reach of Fuxing covers 28 provincial capitals, municipalities, autonomous regions and Hong Kong Special Administrative Region.
Intelligent high-speed rail attracts attention, and the railway’s independent innovation capability is fully improved
A reporter from China Economic Weekly learned from the National Railway Group that in 2019, the Group actively promoted railway technology innovation, continuously improved the railway technology standard system, and initially established an intelligent railway technology system.
At the end of 2019, the Intelligent Renaissance was put into use in the Beijing-Zhangzhou High-speed Rail. It has made breakthroughs in multiple technologies such as intelligent construction, intelligent equipment, and intelligent operation. It is the first in China to use BIM technology to design, build, and construct The design of an intelligent railway with a speed of 350 kilometers per hour is also the first high-speed railway train in the world to realize an automatic driving function of 350 kilometers per hour.
The Jingxiong Intercity Railway Daxing Airport Station opened for operation in 2019. BIM technology is applied throughout the entire process. 5G signals cover the entire station, with a photovoltaic roof of 100,000 square meters, and the nation’s first fully underground, intelligent, non- People on duty at the substation.
“Based on Smart Beijing Zhang, Smart Jingxiong, etc., the intelligent railway technology system, data system and standard system covering the three areas of intelligent construction, intelligent equipment, and intelligent operation have been initially established.” China Railway Group mentioned The railway intelligent construction results said, “In 2019, the 350 km / h Jingzhang Intelligent EMU and the 250 km / h Fuxing EMU were successfully developed, and the trial and evaluation of the independent C3 train control system and automatic driving system were successfully advanced. The 350 km / h revival Autonomous driving function is further optimized. Develop an intelligent integrated dispatching system and carry out experimental verification of intelligent key technologies of the Haoji Railway. “
On August 23, 2019, the main structure of the underground station of the Beijing-Zhangzhou High-speed Rail Badaling Great Wall Station, the largest buried high-speed railway station at home and abroad, was officially capped, with a depth of 102 meters and an area of over 40,000 square meters, creating a new railway passenger station Record.
On December 22, 2019, the world’s largest spanned cross-strait highway-railway cable-stayed bridge Fuping Railway Pingtan Straits highway-railway dual-use bridge began laying tracks; on December 26th, the world ’s largest design load and speed Iron twoSuspension bridges link the town’s high-speed railroad Wufengshan Yangtze River Bridge successfully, and a series of technological breakthroughs have led the world, bringing the world’s railway suspension bridges into the “high-speed rail era”.
According to the information from the National Railway Group, in 2019, the Group issued 138 enterprise technical standards and standard technical documents, and the railway technical standard system has been continuously improved.
In addition, in the area of supporting facilities, the Beijing-Zhangzhou High-speed Railway Intelligent Traction Substation has wide-area measurement and control protection, fault self-healing reconstruction, early warning and alarm, and active operation and maintenance functions, which greatly improves the reliability of power supply. The intelligent high-speed comprehensive detection train improves the efficiency and quality of dynamic detection with higher accuracy and richer detection capabilities.
In February 2019, with Shanghai Hongqiao Station as the leader, China’s first batch of 5G railway stations started construction. In April 2019, China Railway’s main data center was unveiled, and railway informatization took a key step towards cloud computing and intelligence.
Many “black technologies” have gradually become standard equipment for smart stations. For example, intelligent service robots integrate navigation, inquiry, and luggage transportation into one. Unmanned supermarkets and unmanned restaurants ensure that passengers can purchase and dine independently.