CHINA: China's largest railway and metro vehicle manufacturer raised 13·9bn yuan with an IPO in Shanghai in December. Beijing-based China Northern described it as 'a milestone in the development of CNR', which is particularly strong in the production of metro cars. CNR sold 2·5 billion shares at 5·56 yuan, the top of its indicated price range.

The funds will be used to boost production, as the company expects China to spend 5000bn yuan on railway expansion by 2020.