China CNR awaits IPO approval

China CNR Corp, one of China’s leading rolling stock makers, is preparing for a domestic initial public offering that could raise between US$1 billion and US$1.5 billion, the South China Morning Post reported, citing state media. State-owned CNR’s listing application is currently being reviewed by the China Securities Regulatory Commission (CSRC). "CNR is very excited about the CSRC resuming IPOs and hope to enter the capital markets soon," the firm’s chairman Cui Dianguo said. CNR submitted an application for a mainland listing to the regulator in December, but the CSRC had postponed new share issues due to weak asset markets. Analysts said the firm could attain a price-to-earnings ratio of as high as 20 should it list on the mainland.