JiaYuan acted as China law counsel to China Railway Group Limited ("China Railway") on its US$5.5 billion dual listing in Shanghai and Hong Kong. On 21 November 2007, China Railway successfully commenced its US$3.0 billion (RMB22.4 billion) A-share IPO. The Company’s A-shares started trading on the Shanghai Stock Exchange under the ticker of 601390.CH on 3 December 2007. Subsequently, on 30 November 2007, China Railway successfully commenced its US$2.5 billion (HK$19.2 billion) H-share IPO, with an over-allotment option to increase the size of the offering to US$2.8 billion (HK$22.1 billion) on the Hong Kong Stock Exchange ("HKSE"). The Company’s H-shares commenced trading on the main board of the HKSE under the ticker of 0390.HK on 7 December 2007.

This is the largest equity offering for an infrastructure company in Asia ex-Japan. This transaction pioneered the 'first A then H' listing model ever in the history whereby a PRC company's H-shares are listed in Hong Kong closely following the listing of A-shares in Shanghai. This landmark listing model provides Chinese companies with the flexibility of listing in China first to satisfy the latest local requirements as well as strong investor demand and immediately conducting an IPO in Hong Kong to access larger pools of international capital.

China Railway, a FORTUNE Global 500 company and a top-500 world brand, is the largest integrated construction group in Asia and the third largest construction contractor in the world, based on its total contracting revenue in 2006.