The market-oriented reform of railway speed up "the first share of China's high-speed railway" Beijing Shanghai high-speed railway officially opened for purchase "

On January 6, the Beijing Shanghai high speed railway, known as the "first share of China's high speed railway", officially opened its subscription, with an issue price of 4.88 yuan / share, a total IPO of 30.674 billion yuan, and an issue price earnings ratio of 23.39 times, breaking the "red line" of 23 times the IPO price earnings ratio of A-share main board.

this is only part of the market-oriented reform of China National Railway Group Co., Ltd. (hereinafter referred to as "China Railway Group"). The reporter of "economic reference" learned from the annual working conference of China Railway Group held recently that in 2020, a three-year reform action plan for China railway enterprises will be formulated, and the timetable, roadmap and major measures for deepening railway reform will be made clear. Tieke rail company, China Railway Special Products Co., Ltd., Jinying Heavy Industry Co., Ltd. and other enterprises will speed up their listing, while promoting the reform of mixed ownership, and attracting social capital to participate in railway construction. It is understood that the Beijing Shanghai high-speed railway, with a total length of 1318km, was put into operation on June 30, 2011, running through seven provinces and cities including Beijing, Tianjin, Hebei, Shandong, Anhui, Jiangsu and Shanghai. As the most profitable high-speed rail line in China, the operating revenue from 2016 to 2018 was 26.258 billion yuan, 29.555 billion yuan and 31.158 billion yuan respectively, and the net profit attributable to the parent was 7.903 billion yuan, 9.053 billion yuan and 10.248 billion yuan respectively. It is estimated that the revenue in 2019 will be 31.5-33 billion yuan, with a year-on-year growth of 1.10% - 5.91%; the net profit in 2019 will be 11-12 billion yuan, with a year-on-year growth of 7.34% - 17.10%.

from October 22, 2019 to November 14, 2019, the Beijing Shanghai high-speed railway only took 23 days, setting a new record of IPO.

"pricing, cost, capacity and Reinvestment will be the four core variables that will affect the economic returns of the Beijing Shanghai high speed railway in the future." Guotai Junan research report pointed out. Qu Yongzhong, an analyst at Northeast Securities, also believes that the capacity of Beijing Shanghai high-speed railway will still have 10% growth space in the future. The pricing of high-speed railway passenger transport has independent rights. The raised funds are intended to purchase Beijing Fuzhou Anhui company. Short-term profits are affected and long-term performance is better. The head of relevant departments of

National Railway Group said that Beijing Shanghai high speed railway company has a stable growth and will inject blue chips with outstanding performance into China's stock market after listing, which is conducive to optimizing resource allocation through the capital market, realizing capital expansion and efficient development of the main railway transportation industry, and improving economic and social benefits; it is conducive to the establishment of market-oriented operation mechanism for national railway enterprises, and realizing the goal of China Maintain and increase the value of assets to form an industry demonstration effect. (Li Xueli)