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State-owned engineering and construction conglomerate building railways, roads and infrastructure domestically and abroad.
State-owned engineering and construction conglomerate building railways, roads and infrastructure domestically and abroad.
Wins contracts from government bodies and state-owned clients and recognises revenue as work proceeds, so new contract wins set future sales. Design, equipment and property units sit alongside construction. China Railway Engineering Group, a central state-owned parent, controls it, and the same company's A shares trade in Shanghai as 601390.
In one line: A Chinese Bechtel/Fluor for rail and infrastructure construction.
Moat: narrow (scale, installed base, regulatory licence). State-owned scale and a track record on China's rail buildout support project wins domestically and via Belt & Road.
Headquarters: Beijing, China · Founded: 2000 · Employees: 289,250
Size China Railway (0390.HK) is a Hong Kong Industrials company (Engineering & Construction) with a market value of $15.0B, the 117th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.14 on 6 Nov 2026.
Performance Over six months the shares fell 18.9%, against -14.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +2.5%); the operating margin is 3.7% (peer median 6.6%).
Valuation It trades at 3.6× forward earnings against a peer median of 14.4× (2nd cheapest of 20).
Capital Return on invested capital runs 2.4 points below its cost of capital (5.1% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$1.18T | HK$1.19T | HK$1.26T | HK$1.40T | HK$1.34T |
| Revenue growth | — | -6% | -10% | +4% | — |
| Gross profit | HK$104B | HK$105B | HK$118B | HK$133B | HK$125B |
| EBITDA | HK$66.7B | HK$65.6B | HK$65.8B | HK$70.3B | HK$66.4B |
| Net income | HK$20.8B | HK$22.7B | HK$29.0B | HK$35.1B | HK$34.2B |
| Free cash flow | -HK$10.6B | HK$4.75B | -HK$10.8B | -HK$2.12B | HK$14.9B |
| Capital expenditure | HK$71.7B | HK$64.6B | HK$62.3B | HK$62.9B | HK$71.6B |
| Total debt | n/a | HK$697B | HK$609B | HK$530B | HK$493B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Railway 0390.HK | $15.0B | -19% | -4% | 4% | 3.6× | n/a |
| China Railway Construction 1186.HK | $11.4B | -22% | -5% | 4% | 3.2× | n/a |
| China Communications Construction 1800.HK | $12.8B | -26% | -5% | 4% | 3.1× | n/a |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0390.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | +2.8% | 5th lowest of 21 |
| 6-month return | -18.9% | -14.0% | 8th lowest of 21 |
| Distance from 52-week high | -40.5% | -22.2% | 5th lowest of 21 |
| Revenue growth (TTM) | -3.5% | +2.5% | 6th lowest of 21 |
| Operating margin | 3.7% | 6.6% | 3rd lowest of 21 |
| Forward P/E | 3.6× | 14.4× | 2nd cheapest of 20 |
| ROIC minus cost of capital | -2.4 pp | +1.1 pp | 5th lowest of 21 |
| EV / EBITDA | 13.0× | 10.9× | 6th most expensive of 15 |
| Net debt / EBITDA | 8.2× | 1.7× | 2nd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Railway 0390.HK | Hong Kong | $15.0B | -19% | -4% | 4% | 3.6× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |