[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 7 C. Reasons for the Offer and Use of Proceeds 7 D. Risk Factors 7 ITEM 4. INFORMATION] [ARTICLES OF ASSOCIATION OF GUANGSHEN RAILWAY COMPANY LIMITED (Approved by Special Resolution passed by the Shareholders’ General Meeting held on March 14, 1996) (Amended by Special Resolution Adopted at the Shareholders’ General Meeting Held on June 24, 1997) (Amended by Special Resolution Adopted at the Interim Shareholders’ General Meeting Held on February 8, 2001) (Amended by Special Resolution Adopted at] [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 2015 (in the amount of RMB12,878.8 million, compared to RMB12,729.8 million in 2014) to its railroad and related business revenue in 2015 (in the amount of RMB14,633.7] [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, 2015: Name Country of Percentage of Dongguan Changsheng Enterprise Company Limited PRC 51 % Shenzhen Fu Yuan Enterprise Development Company Limited PRC 100 % Shenzhen Pinghu Qun Yi Railway Store Loading] [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]