On 29 December 2009, China CNR Corp. posted the first-day trading in initial public offerings in the Shanghai Stock Exchange (601299.SS). Vice Minister of SASAC Shao Ning and Chairman of CNR Cui Dianguo strike the opening gong. This is a milestone in the development of CNR.
China s biggest maker of rail and subway cars rose as much as 6.5 percent to 5.92 yuan in its Shanghai debut, from the initial public offering price of 5.56 yuan.
Beijing-based CNR, which makes rail cars used in Beijing s subway, sold 2.5 billion shares at the top of its indicated price range. It will use funds to boost train production as China spends five trillion yuan to expand its rail network to a total of about 120,000 kilometers (75,000 miles) by 2020.
