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href="https://web.archive.org/web/20160604163804/mailto:/?subject=CRRC%20gains%20on%20fundraising%20deal%20after%20hiatus%20&body=Here%20is%20something%20from%20Nikkei%20Asian%20Review%20that%20might%20interest%20you%3A%0D%0ACRRC%20gains%20on%20fundraising%20deal%20after%20hiatus%20%0D%0Ahttp://s.nikkei.com/1U7JZRC">Mail</a></li> </ul> </div> <div class="article-box"> <div class="detail"> <div class="feature-article"> <div class="date-area">May 30, 2016 11:45 pm JST</div> <h1 class="title">CRRC gains on fundraising deal after hiatus </h1> <p>KAZUMI SAKURADA, NQN staff writer</p> </div> <img src="/web/20160604163804im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2015/201511/20151120/20151126_crrc/3322133-1-eng-GB/20151126_CRRC_article_main_image.jpg" width="580" alt=""/> <p class="img-caption"> CRRC bullet trains (Photo by Tetsuya Abe) </p> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p>HONG KONG -- Chinese train builder <a href="/web/20160604163804/http://asia.nikkei.com/Company/07C4LK-E" target="_self" alt="07C4LK-E" class="mwMoTrg">CRRC</a> got a bounce in the Shanghai market Monday after a two-week pause in trading as investors responded favorably to a round of fundraising in the works.</p><p>Its shares rose 4.4% from the previous close on May 13, ending the day at 9.50 yuan. Trading in Shanghai had been suspended since May 16 pending an important announcement. The company also gained in Hong Kong.</p><div class="page_limit free"></div><div class="page_limit"></div><p>CRRC announced Saturday plans to sell up to roughly 1.38 billion yuan-denominated A-shares to five companies, including parent CRRC Group and the state-owned China Development Bank, in a private placement. The deal, amounting to a combined equity stake of 5.7% when completed, will raise as much as 12 billion yuan ($1.82 billion). CRRC will use 6 billion yuan for debt repayment, with the rest going toward business operations.</p><p>Each share will be priced at 8.66 yuan, a discount from the 9.10 yuan Shanghai closing price of May 13.</p><p>China's National Development and Reform Commission is looking to spend around 4.7 trillion yuan from 2016 to 2018 on 303 rail and other infrastructure projects, according to reports including an article published online Monday by the Hong Kong Economic Journal. This also fueled CRRC's rally.</p><p>But major investment houses see CRRC's rail investments slowing this year, and some brokerages have lowered its target share price slightly.</p> </div> </div> <div id="modal-screen_zoom"></div> </div> <div id="07C4LK-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <span class="sub-title-a300">Asia300</span> <h3 class="mwmo-title"><a href="/web/20160604163804/http://asia.nikkei.com/Company/07C4LK-E">CRRC Corp. Ltd.</a></h3> <p class="a300ctry">China</p> <table> <tr> <th>Market(Ticker):</th> <td>HKG(1766)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Producer Manufacturing<br>Trucks/Construction/Farm Machinery</td> </tr> <tr> <th>Market cap(USD):</th> <td>37,319.6M</td> </tr> <tr> <th>Shares:</th> <td>27,288.8M</td> </tr> </table> <div class="more"> <a href="/web/20160604163804/http://asia.nikkei.com/Company/07C4LK-E">about CRRC Corp. Ltd.</a> </div> </div> </div>  <div class="pagination no-border"></div> <div class="related-company"> <h2 class="related-header">Related companies</h2> <p class="company-list"> <a href="/web/20160604163804/http://asia.nikkei.com/Company/07C4LK-E">CRRC Corp. 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