China CNR Corp, one of the country's two big train makers, has priced its A-share initial public offering at 5.56 yuan a share, the top of an indicated range, raising 13.9 billion yuan ($2.04 billion).

CNR's IPO, China's fourth-largest this year, attracted 1 trillion yuan ($146.45 billion) in subscriptions, the company said.

Analysts said the high valuations of China's train makers may not be excessive.


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