[Page 1 Certain Terms and Conventions 1 PART I 3 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS 3 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 3 ITEM 3. KEY INFORMATION 3 A. Selected Financial Data 3 B. Capitalization and Indebtedness 5 C. Reasons for the Offer and Use of Proceeds 5 D. Risk Factors 5 ITEM 4. INFORMATION] [Statement Explaining How Certain Ratios Were Calculated in the Annual Report The operating expenses ratio of Guangshen Railway Company Limited, or the Company, is the ratio of its total railway operating expenses in 2014 (in the amount of RMB 12,729.8 million, compared to RMB 12,878.8 million in 2013) to its railroad business revenue in 2014 (in the amount of RMB] [List of Subsidiaries of Guangshen Railway Company Limited The following table lists information concerning the significant subsidiaries of Guangshen Railway Company Limited, or the Company, as of December 31, 2014: Name Country of Percentage of Interest Dongguan Changsheng Enterprise Company Limited PRC 51 % Shenzhen Fu Yuan Enterprise Development Company Limited PRC 100 % Shenzhen Pinghu Qun Yi Railway Store] [SARBANES-OXLEY ACT OF 2002 1. I have reviewed this annual report on Form 20-F of Guangshen; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with] [SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002 2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Wu Yong Chairman of the Board of Directors SECTION 906 OF THE U.S. SARBANES-OXLEY ACT OF 2002 2. the information contained in the Report fairly presents, in all]