IPO of bullet train operator delayed

HONG KONG - The State-owned Beijing-Shanghai High-Speed Railway, the operator of China's new Beijing-Shanghai bullet train, will further delay its $5 billion listing plan, which was originally targeted for next year, following last month's deadly train crash, sources said on Wednesday.

The delay is the latest blow to the industry after China CNR Corp Ltd announced last week the recall of 54 bullet trains used on the Beijing-Shanghai line. The recall will reduce services by 25 percent.

Beijing-Shanghai High-Speed Railway had hoped for an initial public offering in Hong Kong and Shanghai as early as 2012, but any listing is now unlikely in the immediate future, IFR, a Thomson Reuters publication, said citing bankers.