中国南方机车车辆工业集团公司(China South Locomotive and Rolling Stock)计划6月在上海和香港两地进行首次公开发行(IPO)，筹集多达21亿美元的资金。这表明，尽管沪港两地股市大跌，但市场仍存在对中国基础设施类股的需求。

China South Locomotive and Rolling Stock plans to raise up to $2.1bn in a dual¹ Shanghai and Hong Kong initial public offering scheduled for June, reflecting continued demand for China infrastructure² stocks in spite of the slump³ in both markets.

据知情人士透露，中国南车拟在上海发行约25%的股份，另外在香港发行15%的股份，发行计划仍有待中国监管部门的最终批准。

China Southern Railway, as the company is also known, is set to float about 25 per cent of its shares in Shanghai and another 15 per cent in Hong Kong, pending⁴ final approval from Chinese regulators, according to a person familiar with the transaction.

上证综指已从去年10月的高位下跌近50%，同期内香港恒生指数的跌幅为25%。

Shanghai’s composite index has fallen by almost 50 per cent from its October peak, compared with a 25 per cent decline in Hong Kong’s benchmark Hang Seng index during the same period.

尽管在过去几个月中，两地股市的下跌迫使许多企业及其保荐人取消了上市计划，但中国基础设施领域的发行项目逆势而动。今年3月，另一家铁路基础设施企业中国铁建(China Railway Construction)通过沪港两地的首次公开发行筹资57亿美元，其发行获得了大幅超额认购。中国南车的首次公开发行由麦格理(Macquarie)和中国国际金融有限公司(China International Capital Corp)担任保荐人。麦格理和中金公司昨日均拒绝置评。

While the declines in both markets have forced many companies and their sponsors to scrap⁵ listing plans over the past few months, the country’s infrastructure projects have bucked⁶ the trend. In March, China Railway Construction, another railway infrastructure company, raised $5.7bn in a dual Shanghai and Hong Kong offering that was heavily oversubscribed. China Southern Railway’s IPO is being arranged by Macquarie and China International Capital Corp. Macquarie and CICC declined to comment yesterday.

中国铁建吸引了知名投资者的强劲需求，其中包括香港大亨李兆基和郑裕彤、新加坡的淡马锡(Temasek)，甚至美国耶鲁大学(Yale University)。

China Railway Construction attracted strong demand from high-profile investors⁷ such as Hong Kong tycoons⁸ Lee Shau-kee and Cheng Yu-tung, Temasek of Singapore and even Yale University.

预计中国南车也将吸引到类似的一批 “基础投资者”，他们将优先获得新股认购权，作为回报，他们将承诺至少在一年内不抛出股票。

China Southern Railway is expected to sign up a similar roster⁹ of “cornerstone investors”, who are given preferential access to an offering in return for a commitment not to sell the shares for at least one year.

知情人士称：“基础投资者（对中国南车）很感兴趣，但目前还没到所有人都已敲定的程度。

“Cornerstones are very interested [in China Southern Railway] but it’s not at the stage where anyone has signed up yet,” the person said.

今年1、2月份，中国增强铁路基础设施领域投资的需求，以一种出人意料的方式表现出来，50年不遇的雪灾致使交通网络陷于瘫痪。

China’s need for increased investment in railway infrastructure was illustrated¹⁰ in dramatic fashion in January and February, when the country’s worst winter storms in 50 years paralysed transportation networks.

在这场危机中，政府奋力保证将煤炭从北方矿区运到全国各地的电厂。

During the crisis, the government struggled to guarantee the delivery of coal from northern mines to power plants across the country.

雪灾还致使数百万农民工滞留在南部的广东省，他们无法在广州搭乘火车，返回内陆省份与家人团聚、共度春节。

The winter weather also stranded¹¹ millions of migrant workers in southern Guangdong province after they were unable to board trains in Guangzhou to spend the Chinese lunar new year with their families in inland provinces.

记者无法与中国南车方面取得联系，以获取其置评。

China Southern Railway could not be reached for comment.