But the big question is: Will MTRC stock prove to be a winner for its investors?
CNN: Hong Kong Packs the Train
To help make the MTRC IPO a hit, Hong Kong citizens were offered 5.25% off the institutional price.
But from Sept. 25 to 28, it was the public's turn to give MTRC a lift, financially speaking.
The government can help MTRC by granting it property development rights and continuing to share construction costs with it.
But that may raise hackles from quarters opposed to special deals for private entities, as the MTRC will soon become.
While it may command much public goodwill for the invaluable service it renders, as a business entity, MTRC has an unimpressive balance sheet.
With passenger revenues stagnant, MTRC's bottom line depends a lot on proceeds from the sale of property atop its stations, which tend to bounce up and down.
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