Report of Foreign Issuer (6-k)

Name of Company

Guangshen Railway Company Limited

28 April 2015

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2015

Commission File Number: 1-14362

GUANGSHEN RAILWAY COMPANY LIMITED

(Translation of registrant’s name into English)

No. 1052 Heping Road, Shenzhen

People’s Republic of China 518010

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- )

EXHIBIT


Number		Description of Document

99.1		Overseas Regulatory Announcement First Quarterly Report for 2015

FORWARD-LOOKING STATEMENTS

Certain information contained in this Form 6-K are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of words or phrases such as “is expected to,” “will,” “is anticipated,” “plan to,” “estimate,” “believe,” “may,” “intend,” “should” or similar expressions, or the negative forms of these words, phrases or expressions, or by discussions of strategy. Such statements are subject to risks, uncertainties and other factors that could cause the registrant’s actual results to differ materially from its historical results and those presently anticipated or projected. A discussion of the most significant risks, uncertainties and other factors is included in the annual report on Form 20-F that the registrant files with the Commission each year.

You are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date on which such statements were made. Among the factors that could cause the registrant’s actual results in the future to differ materially from any opinions or statements expressed with respect to future periods include changes in the economic policies of the PRC government, an economic slowdown in the Pearl River Delta region and elsewhere in mainland China, increased competition from other means of transportation, delays in major development projects, occurrence of health epidemics or outbreaks in Hong Kong or China, foreign currency fluctuations and other factors beyond the registrant’s control.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Guangshen Railway Company Limited

Dated: April 28, 2015

	By:	/s/ Guo Xiang Dong

	Name:	Guo Xiang Dong

	Title:	Company Secretary

Exhibit 99.1

LOGO

(a joint stock limited company incorporated in the People’s Republic of China)

(Stock Code: 00525)

OVERSEAS REGULATORY ANNOUNCEMENT

FIRST QUARTERLY REPORT FOR 2015

In accordance with the requirements of the China Securities Regulatory Commission (“CSRC”), Guangshen Railway Company Limited (the “Company”) is required to issue a first quarterly report.

The financial information set out in this quarterly report has not been audited, and has been prepared in accordance with the PRC Enterprise Accounting Standards.

This announcement is made in accordance with Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

1.	IMPORTANT NOTICE

1.1

The board of directors, supervisory committee, directors, supervisors and senior management of the Company warrant that the contents of this quarterly report are authentic, accurate and complete, and there are no misrepresentations or misleading statements contained in or material omissions from this quarterly report, and severally and jointly accept the related legal responsibility.

1.2	All directors of the Company attended the meeting of the board of directors to consider this quarterly report.

1.3	Mr. Wu Yong, Chairman of the Company, Mr. Shen Yi, General Manager, Mr. Tang Xiangdong, Chief Accountant and Mr. Lin Wensheng, Head of Finance Department hereby declare that the authenticity, accuracy and completeness of the financial statements contained in this quarterly report are warranted.

1.4	The financial statements contained in the Company’s first quarterly financial report for 2015 have not been audited.

— 1 —

2.	PRINCIPAL FINANCIAL DATA AND CHANGES IN SHAREHOLDERS OF THE COMPANY

2.1

Principal financial data

Unit: ¥ Currency: RMB


	At the end of this reporting period		At the end of last year		Increase/decrease as compared with the end of last year (%)
Total assets		30,363,308,957		30,536,662,375		(0.57	)

Net assets attributable to shareholders of listed company		27,008,117,274		26,745,840,611		0.98

	From the beginning of the year to the end of the reporting period		From the beginning of last year to the end of the reporting period of last year		Increase/decrease as compared with the same period of last year (%)
Net cash flow from operating activities		855,076,631		674,922,478		26.69

	From the beginning of the year to the end of the reporting period		From the beginning of last year to the end of the reporting period of last year		Increase/decrease as compared with the same period of last year (%)
Revenues from operation		3,678,860,629		3,513,651,535		4.70
Net profit attributable to shareholders of listed company		262,276,663		97,179,218		169.89
Net profit attributable to shareholders of listed company after extraordinary gain or loss		273,343,101		111,643,464		144.84
Weighted average return on net assets (%)		0.98		0.36		Increase by 0.62 percentage point
Basic earnings per share (¥/share)		0.037		0.014		164.29
Diluted earnings per share (¥/share)		0.037		0.014		164.29

— 2 —

Extraordinary gain or loss items and amounts

x Applicable ¨ Not applicable

Unit: ¥ Currency: RMB


Item	Amount for the period
Net gain or loss on disposal of non-current assets		(14,294,505	)
Government grants included in profit or loss for the period		672,755
Reversal of impairment provision for receivables subject to individual impairment assessment test		5,648
Other non-operating income and expenses other than the items above, net		(756,318	)
Effect of minority interests (after tax)		2,698
Effect of income tax		3,303,284

Total		(11,066,438	)


Note:		Extraordinary losses are expressed in negative figures.

— 3 —

2.2

Total number of shareholders, shareholding of top ten shareholders and top ten shareholders holding shares without selling restrictions at the end of the reporting period

Unit: Share


Total number of shareholders (Number)		333,358


Shareholding of top ten shareholders
Name of shareholder (Full name)	Number of shares held at the end of the period		Percentage (%)		Number of shares with selling restrictions held		Subject to pledge or frozen				Nature of shareholder
Name of shareholder (Full name)	Number of shares held at the end of the period		Percentage (%)		Number of shares with selling restrictions held		Status of shares		Number		Nature of shareholder
Guangzhou Railway (Group) Company		2,629,451,300		37.12		—		None		—		State-owned legal person
HKSCC NOMINEES LIMITED (Note)		1,401,670,781		19.79		—		Unknown		—		Foreign legal person
Taiyuan Iron & Steel (Group) Co., Ltd.		50,776,147		0.72		—		Unknown		—		State-owned legal person
Boshi Value Growth Securities Investment Fund		30,999,846		0.44		—		Unknown		—		Other
Zhonghai Trust Co., Ltd. — Jinhai 5 Investment Capital Trust Securities		22,052,297		0.31		—		Unknown		—		Other
Industrial and Commercial Bank of China Limited — China Merchants Blue Chip Stock Securities Investment Fund		19,888,796		0.28		—		Unknown		—		Other
Huarong International Trust Co., Ltd – Huarong Liu He 1 Securities Investment Single Capital Trust		16,697,888		0.24		—		Unknown		—		Other
Bank of China Limited — Harvest Shanghai and Shenzhen 300 index exchange-traded Index Securities Investment Funds		14,386,727		0.20		—		Unknown		84,500		Other
SWS MU Fund Management Co., Ltd – ICBC – Guo Jin Zheng Quan Co., Ltd		14,228,091		0.20		—		Unknown		—		Other
JF Asset Management – Clients’ capital		13,503,759		0.19		—		Unknown		—		Other

— 4 —


Shareholding of top ten shareholders holding shares without selling restrictions
Name of shareholders (Full name)	Number of shares held without selling		Class and number of shares
Name of shareholders (Full name)	restrictions		Class		Number
Guangzhou Railway (Group) Company		2,629,451,300		Renminbi- denominated ordinary shares		2,629,451,300
HKSCC NOMINEES LIMITED (Note)		1,401,670,781		Overseas listed foreign shares		1,401,670,781
Taiyuan Iron & Steel (Group) Co., Ltd.		50,776,147		Renminbi- denominated ordinary shares		50,776,147
Boshi Value Growth Securities Investment Fund		30,999,846		Renminbi- denominated ordinary shares		30,999,846
Zhonghai Trust Co., Ltd. — Jinhai 5 Investment Capital Trust Securities		22,052,297		Renminbi- denominated ordinary shares		22,052,297
Industrial and Commercial Bank of China Limited — China Merchants Blue Chip Stock Securities Investment Fund		19,888,796		Renminbi- denominated ordinary shares		19,888,796
Huarong International Trust Co., Ltd – Huarong Liu He 1 Securities Investment Single Capital Trust		16,697,888		Renminbi- denominated ordinary shares		16,697,888
Bank of China Limited — Harvest Shanghai and Shenzhen 300 index exchange-traded Index Securities Investment Funds		14,386,727		Renminbi- denominated ordinary shares		14,386,727
SWS MU Fund Management Co., Ltd – ICBC – Guo Jin Zheng Quan Co., Ltd		14,228,091		Renminbi- denominated ordinary shares		14,228,091
JF Asset Management – Clients’ capital		13,503,759		Renminbi- denominated ordinary shares		13,503,759
Statement regarding connected relationship or concerted action of the above shareholders		The Company is unaware whether the above shareholders are connected or concerted parties as defined in Measures on Administration of Acquisitions of Listed Companies.


Note:		1,401,670,781 H shares of the Company, which accounted for 97.93% of the H share capital in issue of the Company, were held by HKSCC NOMINEES LIMITED in the capacity of various clients.

— 5 —

2.3

Total number of preference shareholders, shareholding of top ten preference shareholders and top ten preference shareholders holding shares without selling restrictions at the end of the reporting period

¨ Applicable x Not applicable

3.	SIGNIFICANT EVENTS

3.1

Significant changes of key accounting items and financial indicators and reasons for changes

x Applicable ¨ Not applicable

Unit: ¥ Currency: RMB


Balance sheet	Item	31 March 2015		31 December 2014		% change			Major reason analysis

(1)	Receipts in advance		120,888,856		237,096,690		(49.01	)	Decrease in receipts in advance from passenger tickets.

(2)	Tax payable		284,270,252		211,638,233		34.32		Increase in income tax payable.

Statement of profit	Item	January to March 2015		January to March 2014		% change			Major reason analysis

(1)	Management expenses		56,716,867		292,005,011		(80.58	)	Adjustment of the base for calculating social security fee.

(2)	Income tax expenses		86,691,380		33,048,352		162.32		Increase in gross profit.

(3)	Net profit attributable to shareholders of the parent		262,276,663		97,179,218		169.89		Increase in revenue and decrease in cost.

(4)	Basic earnings per share		0.037		0.014		164.29		Increase in net profit.

— 6 —


Cash flow statement	Item	January to March 2015		January to March 2014		% change			Major reason analysis

(1)	Tax paid		140,513,638		268,015,525		(47.57	)	Decrease in prepaid income tax.

(2)	Cash received relating to other investment activities		—		504,637,500		(100.00	)	Recovery of fixed deposits in the same period of last year.

(3)	Cash paid to acquire or construct fixed assets, intangible assets and other long-term assets		562,360,970		414,038,200		35.82		Payment for the amount payable for fixed assets and other long-term assets during last year.

3.2

Progress and impact of significant events and analysis and explanations for solutions

¨ Applicable x Not applicable

3.3

Status of fulfillment of commitments undertaken by the Company and shareholders holding 5% or above

x Applicable ¨ Not applicable

During the reporting period, the commitments of Guangzhou Railway (Group) Company, the largest shareholder of the Company are as follows:

(1)

Guangzhou Railway (Group) Company and any of its subsidiaries would not engage, directly or indirectly, by any means, in any business activities that may compete with the railway transportation and related businesses of the Company within the service territory of the Company. After the acquisition of the transportation operational assets and businesses of Guangzhou-Pingshi Railway Line, Guangzhou Railway (Group) Company and any of its subsidiaries would not engage in horizontal competition with the Company either.

(2)

Guangzhou Railway (Group) Company would reduce the number of connected transactions as much as practicable in its operation relations with the Company. For necessary connected transactions, Guangzhou Railway (Group) Company would perform these connected transactions on the basis of openness, impartiality and fairness without abusing its position as a substantial shareholder and behaving in a manner that is detrimental to the interests of the Company.

— 7 —

(3)

Guangzhou Railway (Group) Company would lease the land of Guangzhou-Pingshi Railway Line to the Company after securing the land by way of licensed operation. Guangzhou Railway (Group) Company and the Company entered into a land lease agreement that became effective on January 1, 2007, pursuant to which, the land use right for the Guangzhou-Pingshi Railway Line was leased to the Company by Guangzhou Railway (Group) Company for a leasing term of 20 years. It was agreed by the two parties that the annual land rent should not exceed RMB74 million.

(4)

Guangzhou Railway (Group) Company issued an undertaking letter in relation to enhancement on managing unreleased information to the Company in October 2007 to enhance the management of unreleased information.

During the reporting period, the above undertakings were regularly performed without any existence of breach.

3.4

Caution and explanation as to the anticipated loss of accumulated net profit from the beginning of the year to the end of the next reporting period or significant changes over the same period of last year

¨ Applicable x Not applicable

3.5

Implementation of cash dividend policy during the reporting period

On 25 March 2015, the Company held the fifth meeting of the Seventh Session of the Board of Directors, at which the profit distribution proposal of the Company for 2014 was reviewed and passed. The board of directors proposed payment of a final cash dividend for 2014 of RMB0.05 (including tax) per share to all shareholders based on the total share capital of 7,083,537,000 shares on 31 December 2014, totalling RMB354,176,850. The proposal is subject to approval at the Annual General Meeting of 2014 of the Company to be convened on 28 May 2015.

3.6

Progress on implementation of internal control

During the reporting period, the Company has completed the evaluation of internal control for 2014 in accordance with the relevant requirements of the PRC and overseas securities regulatory authorities for internal control of listed companies and disclosed the Internal Control Evaluation Report for the Year 2014. Price Waterhouse Coopers Zhong Tian LLP has reviewed the effectiveness of the relevant internal control set out in the Company’s financial reporting, and has issued an unqualified audit opinion. The abovementioned reports have been disclosed on the SSE’s website (http://www.sse.com.cn), HKExnews’ website (http://www.hkexnews.hk) and the Company’s website (http://www.gsrc.com).

— 8 —

In 2015, the Company will strive to perfect its internal control system, regulate the implementation of its internal control system and strengthen the supervision and inspection of internal control in accordance with the Basic Standard for Enterprise Internal Control and its implementation guidelines jointly promulgated by five authorities of the PRC, Section 404 of the United States Sarbanes-Oxley Act and the relevant requirements of the PRC or overseas securities regulatory authorities, to promote the healthy and sustainable development of the Company.

— 9 —

4.	APPENDIX

4.1

FINANCIAL STATEMENTS

Combined Balance Sheet

31 March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Balance at the end of the period		Balance at the beginning of the period
Current assets:
Bank balances and cash		2,010,832,431		1,769,056,659
Trade receivables		2,232,284,833		2,313,404,994
Prepayments		30,371,668		46,361,710
Interests receivable		2,878,411		700,569
Other receivables		141,463,660		142,514,320
Inventories		392,689,272		400,508,871

Total current assets		4,810,520,275		4,672,547,123

Non-current assets:
Available-for-sale financial assets		53,825,879		53,825,879
Long-term receivables		30,690,709		30,197,014
Long-term equity investment		149,359,778		147,101,613
Fixed assets		23,820,214,012		24,176,101,970
Consturction-in-progress		439,845,473		401,434,222
Intangible assets		665,981,248		671,113,049
Goodwill		281,254,606		281,254,606
Long-term prepaid expenses		22,945,121		22,004,395
Deferred income tax assets		67,665,441		67,583,833
Other non-current assets		21,006,415		13,498,671

Total non-current assets		25,552,788,682		25,864,115,252

Total assets		30,363,308,957		30,536,662,375

— 10 —

Combined Balance Sheet (continued)

31 March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Balance at the end of the period		Balance at the beginning of the period
Current assets:
Trade payables		2,143,414,272		2,533,257,896
Receipts in advance		120,888,856		237,096,690
Staff remuneration payable		175,320,754		174,905,248
Tax payable		284,270,252		211,638,233
Dividends payable		544,131		548,020
Other payables		502,024,053		503,987,676

Total current liabilities		3,226,462,318		3,661,433,763

Non-current liabilities:
Deferred income		88,150,162		88,770,917

Total non-current liabilities		88,150,162		88,770,917

Total liabilities		3,314,612,480		3,750,204,680

Owners’ equity:
Share capital		7,083,537,000		7,083,537,000
Capital reserves		11,562,737,107		11,562,737,107
Surplus reserves		2,596,782,586		2,596,782,586
Retained earnings		5,765,060,581		5,502,783,918

Total equity attributable to owners of the parent		27,008,117,274		26,745,840,611

Minority interests		40,579,203		40,617,084

Total owners’ equity		27,048,696,477		26,786,457,695

Total liabilities and owners’ equity		30,363,308,957		30,536,662,375

Chairman: Wu Yong General Manager: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

— 11 —

Company Balance Sheet

31 March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Balance at the end of the period		Balance at the beginning of the period
Current assets:
Bank balances and cash		2,000,650,707		1,759,849,029
Trade receivables		2,217,116,886		2,300,152,675
Prepayments		30,363,359		46,334,481
Interests receivable		2,743,812		607,944
Dividends receivable		—		6,078,958
Other receivables		179,427,718		196,158,312
Inventories		388,626,546		395,772,730

Total current assets		4,818,929,028		4,704,954,129

Non-current assets:
Available-for-sale financial assets		52,108,000		52,108,000
Long-term receivables		30,690,709		30,197,014
Long-term equity investment		234,281,237		232,023,072
Fixed assets		23,731,807,926		24,086,166,324
Consturction-in-progress		439,845,473		401,434,222
Intangible assets		639,442,133		644,343,941
Goodwill		281,254,606		281,254,606
Long-term prepaid expenses		22,343,638		21,321,811
Deferred income tax assets		67,564,681		67,483,073
Other non-current assets		20,365,501		12,857,757

Total non-current assets		25,519,703,904		25,829,189,820

Total assets		30,338,632,932		30,534,143,949

— 12 —

Company Balance Sheet (continued)

31 March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Balance at the end of the period		Balance at the beginning of the period
Current liabilities:
Trade payables		2,112,734,234		2,508,583,922
Receipts in advance		119,692,078		235,232,876
Staff remuneration payable		173,689,016		173,463,463
Tax payable		276,282,909		203,574,229
Dividends payable		13,020		16,909
Other payables		546,285,367		561,135,302

Total current liabilities		3,228,696,624		3,682,006,701

Non-current liabilities:
Deferred income		88,150,162		88,770,917

Total non-current liabilities		88,150,162		88,770,917

Total liabilities		3,316,846,786		3,770,777,618

Owners’ equity:
Share capital		7,083,537,000		7,083,537,000
Capital reserves		11,564,461,609		11,564,461,609
Surplus reserves		2,596,782,586		2,596,782,586
Retained earnings		5,777,004,951		5,518,585,136

Total equity attributable to owners of the parent		27,021,786,146		26,763,366,331

Total liabilities and owners’ equity		30,338,632,932		30,534,143,949

Chairman: Wu Yong General Manager: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

— 13 —

Combined Statement of Profit

January to March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Amount for the period			Amount for the previous period
I. Total revenues from operation		3,678,860,629			3,513,651,535
Include: Revenues from operation		3,678,860,629			3,513,651,535
II. Total operating costs		3,317,810,564			3,365,296,420
Include: Operating costs		3,252,229,057			3,040,360,719
Business tax and surcharges		17,092,730			24,900,354
Selling expenses		1,599,406			—
Management expenses		56,716,867			292,005,011
Finance costs — net		(9,821,848	)		8,030,836
Assets impairment loss		(5,648	)		(500	)
Add: Gains from investments		2,258,165			796,627
Include: Gains from investments in associates		2,258,165			796,627
III. Profit from operation		363,308,230			149,151,742
Add: Non-operating income		1,089,300			2,441,290
Include: Gain on disposal of non-current assets		4,527			—
Less: Non-operating expenses		15,467,368			21,436,885
Include: Loss on disposal of non-current assets		14,299,032			20,566,922
IV. Gross profit		348,930,162			130,156,147
Less: Income tax expenses		86,691,380			33,048,352
V. Net profit		262,238,782			97,107,795
Net profit attributable to owners of the parent		262,276,663			97,179,218
Profit or loss of minority shareholders		(37,881	)		(71,423	)
VI. Net other comprehensive income after tax		—			—
VII. Total comprehensive income:		262,238,782			97,107,795
Total comprehensive income attributable to owners of the parent		262,276,663			97,179,218
Total comprehensive income attributable to minority shareholders		(37,881	)		(71,423	)
VIII. Earnings per share:
(1) Basic earnings per share (¥/share)		0.037			0.014
(2) Diluted earnings per share (¥/share)		0.037			0.014

Chairman: Wu Yong General Manager: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

— 14 —

Company Statement of Profit

January to March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Amount for the period			Amount for the previous period
I. Revenues from operation		3,581,516,246			3,409,233,878
Less: Operating costs		3,178,687,917			2,966,167,491
Business tax and surcharges		12,246,173			19,597,177
Selling expenses		1,345,273			—
Management expenses		43,026,085			272,218,271
Finance costs — net		(9,682,874	)		8,174,074
Assets impairment loss		(5,648	)		(500	)
Add: Gains from investments		2,258,165			796,627
Include: Gains from investments in associates		2,258,165			796,627
II. Profit from operation		358,157,485			143,873,992
Add: Non-operating income		1,080,728			2,433,680
Include: Gain on disposal of non-current assets		4,527			—
Less: Non-operating expenses		15,450,648			21,430,233
Include: Loss on disposal of non-current assets		14,283,621			20,566,922
III. Gross profit		343,787,565			124,877,439
Less: Income tax expenses		85,367,750			31,371,675
IV. Net profit		258,419,815			93,505,764
V. Total comprehensive income after tax		—			—
VI. Total comprehensive income:		258,419,815			93,505,764
VII. Earnings per share:
(1) Basic earnings per share (¥/share)		N/A			N/A
(2) Diluted earnings per share (¥/share)		N/A			N/A

Chairman: Wu Yong General Manager: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

— 15 —

Combined Cash Flow Statement

January to March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Amount for the period			Amount for the previous period
I. Cash flows from operating activities:
Cash received from sales of goods or rendering of services		3,220,809,751			3,188,206,970
Cash received relating to other operating activities		23,891,792			7,751,040
Sub-total of cash inflows from operating activities		3,244,701,543			3,195,958,010
Cash paid for goods purchased and services accepted		977,673,705			1,057,729,123
Cash paid to and on behalf of employees		1,240,079,757			1,159,859,752
Tax paid		140,513,638			268,015,525
Cash paid relating to other operating activities		31,357,812			35,431,132
Sub-total of cash outflows from operating activities		2,389,624,912			2,521,035,532
Net cash flows from operating activities		855,076,631			674,922,478
II. Cash flows from investing activities:
Cash received relating to other investment activities		—			504,637,500
Sub-total of cash inflows from investing activities		—			504,637,500
Cash paid to acquire or construct fixed assets, intangible assets and other long-term assets		562,360,970			414,038,200
Net cash paid for business combination		50,936,000			79,897,443
Sub-total of cash outflows from investing activities		613,296,970			493,935,643
Net cash flows from investing activities		(613,296,970	)		10,701,857

— 16 —

Combined Cash Flow Statement (continued)

January to March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Amount for the period			Amount for the previous period
III. Cash flows from financing activities:
Cash paid for distribution of dividends or profits or payment of interests		3,889			3,466
Cash paid relating to other financing activities		—			100,000
Sub-total of cash outflows from financing activities		3,889			103,466
Net cash flows from financing activities		(3,889	)		(103,466	)
IV. Effect of foreign exchange rate changes on cash and cash equivalents		—			—
V. Net increase in cash and cash equivalents		241,775,772			685,520,869
Add: Balance of cash and cash equivalents at the beginning of the period		1,665,056,659			412,677,598
VI. Balance of cash and cash equivalents at the end of the period		1,906,832,431			1,098,198,467

Chairman: Wu Yong General Manager: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

— 17 —

Company Cash Flow Statement

January to March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


Item	Amount for the period			Amount for the previous period
I. Cash flows from operating activities:
Cash received from sales of goods or rendering of services		3,123,835,066			3,069,391,016
Cash received relating to other operating activities		20,071,181			7,264,738
Sub-total of cash inflows from operating activities		3,143,906,247			3,076,655,754
Cash paid for goods purchased and services accepted		943,287,444			1,003,224,057
Cash paid to and on behalf of employees		1,196,075,788			1,111,684,301
Tax paid		133,262,042			260,464,371
Cash paid relating to other operating activities		23,410,311			28,920,695
Sub-total of cash outflows from operating activities		2,296,035,585			2,404,293,424
Net cash flows from operating activities		847,870,662			672,362,330
II. Cash flows from investing activities:
Cash received from gains from investments		6,078,958			—
Cash received relating to other investment activities		—			505,837,500
Sub-total of cash inflows from investing activities		6,078,958			505,837,500
Cash paid to acquire or construct fixed assets, intangible assets and other long-term assets		562,208,053			412,197,169
Net cash paid for business combination		50,936,000			79,897,443
Sub-total of cash outflows from investing activities		613,144,053			492,094,612
Net cash flows from investing activities		(607,065,095	)		13,742,888

— 18 —

Combined Cash Flow Statement (continued)

January to March 2015


Prepared by: Guangshen Railway Company Limited		Unit: ¥ Currency: RMB		Audit type: Unaudited


III. Cash flows from financing activities:
Cash paid for distribution of dividends or profits or payment of interests	3,889		3,466
Cash paid relating to other financing activities	—		100,000
Sub-total of cash outflows from financing activities	3,889		103,466
Net cash flows from financing activities	(3,889	)	—103,466
IV. Effect of foreign exchange rate changes on cash and cash equivalents	—		—
V. Net increase in cash and cash equivalents	240,801,678		686,001,752
Add: Balance of cash and cash equivalents at the beginning of the period	1,659,849,029		404,626,412
VI. Balance of cash and cash equivalents at the end of the period	1,900,650,707		1,090,628,164