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Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

China Railway Group Ltd H / Equity Bottom-Up

<ul><li>China Railway Group, or CRG, and China Railway Erju, or Erju, which is 49% owned by CRG, announced their preliminary reorganisation plan.</li><li>CRG will swap its equipment and component manufacturing operation for Erju's existing business.</li><li>The companies have not yet finalised the scope of assets involved, but CRG has stated that no additional share issuance is required for this transaction.</li><li>In our view, this marks the beginning of a new wave of State-Owned Enterprise reform, and we are likely to see more assets swap/injection and mergers among key SOEs in the near future.</li></ul><p>Analyst: John Hu</p><p>Full report below the fold....&nbsp;</p>

China Railway Group, or CRG, and China Railway Erju, or Erju, which is 49% owned by CRG, announced their preliminary reorganisation plan.CRG will swap its equipment and component manufacturing operation for Erju's existing business.The companies have not yet finalised the scope of assets involved, but CRG has stated that no additional share issuance is required for this transaction.In our view, this marks the beginning of a new wave of State-Owned Enterprise reform, and we are likely to see more assets swap/injection and mergers among key SOEs in the near future.Analyst: John HuFull report below the fold....&nbsp;

China Railway Construction Corp (1186 HK)

New Asset Swap Plan Provides Earnings Accretion