Chinese train maker delays shareholder vote on fundraising plan

China South Locomotive and Rolling Stock Corp (CSR; 601766.SH, 1766.HK) announced on Wednesday that it will delay shareholder voting on a US$1.7 billion fundraising plan, citing the recent deadly high-speed train crash and volatility in US markets, Reuters reported. CSR originally said it would sell 1.83 billion shares at RMB6.02 (US$0.92) apiece, but it now plans to provide additional details to shareholders, “to help investors make an accurate judgment of the company and the industry’s growth prospects.” CSR shares have fallen over 10% in the past seven business days as markets reacted to news of a high-speed train crash outside Wenzhou on July 23, in addition to widespread reports of quality problems with China’s high-speed rail network.