China CNR plans IPO

China CNR plans to sell up to 3 billion shares in an initial public offering to fund expansion, Bloomberg reported. The IPO application will be reviewed by the securities regulator on August 21. Beijing-based China CNR is already the second-largest maker of rail and rapid transit vehicles in China, and along with China South Locomotive and Rolling Stock, the country’s biggest maker of rail vehicles, controls 95% of China’s rail-car market. The shares to be offered represent 34% of the company’s enlarged capital and will help fund US$941 million in projects. China International Capital will manage the sale. No price details were provided in the prospectus.