Chinese rail operator China Railway Corp. (CRC) is selling a 49% stake of its wholly owned subsidiary Bullet Train Networks Technology Ltd. for at least 3 billion yuan (USD 478 million), according to a filing posted on the China Beijing Equity Exchange. The decision was made in an effort to bring in private money to cut down on mounting debt.
Interested buyer must have “a strong financial profile, liquidity and good credit,” the filing said. In addition, the filing laid out rules excluding foreign ownership of the stake. CRC set up Bullet Train Networks in December with 50 million yuan (USD 7.9 million) in capital. Bullet Train Networks is the sole operator of Wi-Fi services on select bullet trains.
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