China Everbright arm plans IPO
China Everbright Greentech plans to raise up to HK$3.3bn ($426 million) from a Hong Kong IPO, according to an announcement from Hong Kong-listed parent China Everbright International. Everbright Greentech will sell 560m shares, or 28% of the company’s enlarged share capital, at an indicative price range of HK$5.18–$5.9 each. The company is current premarketing the deal. According to the announcement, existing shareholders of Everbright International can subscribe to Everbright Greentech shares on a preferential basis of one reserved share for every integral multiple of 81 Everbright International shares. ation reporting a 7 percent rise for overall sales. Many in the industry had feared that consumers rushing to buy smallengine cars before a tax increase at the end of 2016 would lead to weaker sales in the first few months of 2017. Roughly 70-75 percent of Ford cars sold in China qualified for the tax cut, which applies to vehicles with engine capacity of 1.6 litres or below, Ford Chief Executive Mark Fields told reporters in Shanghai on Saturday ahead of the release of Ford’s March figures. CRRC Corp agreed a sale of 22 meter-gauge trains to Malaysia on Wednesday. The contract between the CRRC Zhuzhou Electric Locomotive and the Malaysian Transport Ministry was signed in Changsha, capital of Hunan province. The order includes 13 four-car trains with supercapacitor energy storage. The supercapacitor shortens the time it takes to start the trains and reuses 85 percent of the energy generated in braking. The trains can run up to 100 km per hour. The other nine, the world’s fastest meter-gauge trains, can run at 160 km per hour. Twenty of the trains will be made at a plant of the CRRC Zhuzhou Electric Locomotive in Malaysia. The first two trains will be delivered at the end of next year.