Printmgr File

As filed with the Securities and Exchange Commission on April 27, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number: 1-14362 广深铁路股份有限公司 (Exact name of Registrant as specified in its charter) GUANGSHEN RAILWAY COMPANY LIMITED (Translation of Registrant’s name into English) People’s Republic of China (Jurisdiction of incorporation or organization) No. 1052 Heping Road, Luohu District, Shenzhen, People’s Republic of China 518010 (Address of Principal Executive Offices) Mr. Tang Xiangdong Telephone: (86-755) 2558-8150 Email: [email protected] Facsimile: (86-755) 2559-1480 No. 1052 Heping Road, Luohu District, Shenzhen, People’s Republic of China 518010 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Name of Each Exchange on which Title of Each Class Trading Symbol(s) Registered None None None Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: American Depositary Shares, each representing 50 Class H ordinary shares, par value RMB 1.00 per share Indicate the number of outstanding shares of each of the Registrant’s classes of capital or common stock as of December 31, 2020: Domestic shares (A shares), par value RMB1.00 per share 5,652,237,000 H shares, par value RMB1.00 per share 1,431,300,000* * Includes 114,614,200 H shares in the form of American Depositary Shares. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”). Yes ☐ No ☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated File ☐ Emerging Growth Company ☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13 (a) of the Exchange Act. ☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued Other ☐ by the International Accounting Standards Board ☒ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ TABLE OF CONTENTS Page Forward-Looking Statements 1 Certain Terms and Conventions 1 PART I 4 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS 4 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 4 ITEM 3. KEY INFORMATION 4 A. Selected Financial Data 4 B. Capitalization and Indebtedness 7 C. Reasons for the Offer and Use of Proceeds 7 D. Risk Factors 7 ITEM 4. INFORMATION ON THE COMPANY 19 A. History and Development of the Company 19 B. Business Overview 24 C. Organizational Structure 38 D. Property, Plant and Equipment 38 ITEM 4A. UNRESOLVED STAFF COMMENTS 39 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 39 A. Operating Results 41 B. Liquidity and Capital Resources 56 C. Research and Development, Patents and Licenses, etc. 58 D. Trend Information 59 E. Off-Balance Sheet Arrangements 60 F. Tabular Disclosure of Contractual Obligations 60 G. Safe Harbor 61 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 61 A. Directors and Senior Management 61 B. Compensation 70 C. Board Practices 73 D. Employees 75 E. Share Ownership 77 i TABLE OF CONTENTS (continued) Page ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 77 A. Major Shareholders 77 B. Related Party Transactions 79 C. Interests of Experts and Counsel 91 ITEM 8. FINANCIAL INFORMATION 91 A. Consolidated Statements and Other Financial Information 91 B. Significant Changes 92 ITEM 9. THE OFFER AND LISTING 92 A. Offer and Listing Details 92 B. Plan of Distribution 92 C. Markets 92 D. Selling Shareholders 93 E. Dilution 93 F. Expenses of the Issue 93 ITEM 10. ADDITIONAL INFORMATION 93 A. Share Capital 93 B. Memorandum and Articles of Association 94 C. Material Contracts 109 D. Exchange Controls 109 E. Taxation 110 F. Dividends and Paying Agents 119 G. Statement by Experts 119 H. Documents on Display 119 I. Subsidiary Information 119 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 119 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 121 A. Debt Securities 121 B. Warrants and Rights 121 C. Other Securities 121 D. American Depositary Shares 122 ii TABLE OF CONTENTS (continued) Page PART II 123 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 123 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 123 ITEM 15. CONTROLS AND PROCEDURES 123 ITEM 16. ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 124 ITEM 16B. CODE OF ETHICS 125 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 125 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 126 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 126 ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT 126 ITEM 16G. CORPORATE GOVERNANCE 126 ITEM 16H. MINE SAFETY DISCLOSURE 126 PART III 126 ITEM 17. FINANCIAL STATEMENTS 126 ITEM 18. FINANCIAL STATEMENTS 126 ITEM 19. EXHIBITS 126 iii Forward-Looking Statements Certain information contained in this annual report are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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 our actual results to differ materially from our historical results and those presently anticipated or projected. 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 our actual results in the future to differ materially from any opinions or statements expressed with respect to future periods include changes in the economic policy of the PRC government, changes in the Pearl River Delta economy and elsewhere in mainland China, increased competition from other means of transportation, delays in major development projects, occurrence of health epidemics, such as the recent COVID-19 pandemic, and political instability in Hong Kong or China, foreign currency fluctuations and other factors beyond our control. When considering such forward-looking statements, you should keep in mind the factors described in “ITEM 3. KEY INFORMATION – D. Risk Factors” and other cautionary statements appearing in “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS” of this annual report. Such risk factors and statements describe circumstances that could cause actual results to differ materially from those contained in any forward-looking statement. Certain Terms and Conventions Solely for the convenience of the reader, this annual report contains translations of amounts from RMB into U.S.

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