Guangshen Railway Company Limited (GNGYF) 6-K This Circular Is Important and Requires Your Immediate Attention

Exhibit 99.4

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

(Stock Code: 00525)

OVERSEAS REGULATORY ANNOUNCEMENT

FIRST QUARTERLY REPORT FOR 2017

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. Hu Lingling, General Manager, Mr. Tang Xiangdong, Chief Accountant and Mr. Lin Wensheng, Chief 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 2017 have not been audited.

— 1 —

2. THE OVERALL INFORMATION 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		32,567,620,906		32,870,258,463		(0.92	)
Net assets attributable to shareholders of listed company		28,336,557,785		28,054,057,540		1.01
	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		935,053,568		59,032,728		1,483.96
	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		4,309,396,605		4,011,817,621		7.42
Net profit attributable to shareholders of listed company		282,500,245		326,589,658		(13.50	)
Net profit attributable to shareholders of listed company after extraordinary gain or loss		283,941,537		338,065,803		(16.01	)
Weighted average return on net assets (%)		1.00		1.18		Decrease by 0.18 percentage point
Basic earnings per share (¥/share)		0.040		0.046		(13.04	)
Diluted earnings per share (¥/share)		0.040		0.046		(13.04	)

Note: Return on net assets represents the difference between the amounts of “Increase/decrease for the period as compared with the same period of last year (%)”.

— 2 —

Extraordinary gain or loss items and amounts

☒  Applicable    ☐  Not applicable

Unit: ¥ Currency: RMB
Item	Amount for the period
Gain or loss on disposal ofnon-current assets		(3,340,013	)
Government grants included in profit or loss for the period, other than government grants closely related to the normal operation of the Company and granted on anon-going basis in accordance with specific standard amount or quantity in compliance with national policies		1,580,467
Write back of the provision for impairment of accounts receivable that is individually tested for impairment		400
Othernon-operating income and expenses other than aforesaid items		(9,584	)
Effect of income tax		327,438
Total		(1,441,292	)

Note:Extraordinary losses are expressed in negative figures.

— 3 —

2.2 Total number of shareholders, shareholding of top ten shareholders and top ten holders of tradable shares (or holders of shares without selling restrictions) at the end of the reporting period

											Unit: Shares
Total number of shareholders
(Number)												260,191
Shareholding of top ten shareholders
					Number
	Number of				of shares		Subject to pledge
	shares held				with selling		or frozen
	at the end		Percentage		restrictions		Status of				Nature of
Name of shareholder (Full name)	of the period		(%)		held		shares		Number		shareholder
Guangzhou Railway (Group) Company		2,629,451,300		37.12		—		None		—		State-owned legal person
HKSCC NOMINEES LIMITED (Note)		1,448,932,051		20.45		—		Unknown		—		Foreign legal person
China Securities Finance Corporation Limited		100,285,292		1.42		—		Unknown		—		State-owned legal person
Central Huijin Asset Management Co., Ltd.		85,985,800		1.21		—		Unknown		—		State-owned legal person
Taiyuan Iron & Steel (Group) Company Limited		30,781,989		0.43		—		Unknown		—		State-owned legal person
Kuwait State Investment Bureau — Self fund		30,046,698		0.42		—		Unknown		—		Other
Harvest Fund — Agricultural Bank of China — Harvest CSI Financial Asset Management Plan		28,101,600		0.40		—		Unknown		—		Other
Zhongou Fund — Agricultural Bank of China — Zhongou CSI Financial Asset Management Plan		28,101,600		0.40		—		Unknown		—		Other
Southern Fund — Agricultural Bank of China — Southern CSI Financial Asset Management Plan		28,101,600		0.40		—		Unknown		—		Other
Yinhua Fund — Agricultural Bank of China — Yinhua CSI Financial Asset Management Plan		27,824,900		0.39		—		Unknown		—		Other

— 4 —

Shareholding of top ten shareholders

Number

Number of

of shares

Subject to pledge

shares held

with selling

or frozen

at the end

Percentage

restrictions

Status of

Nature of

Name of shareholder (Full name)

of the period

(%)

held

shares

Number

shareholder

Industrial and Commercial Bank of China Limited — China Southern Consumption Vitality Flexible Allocation Hybrid Initiated Securities Investment Fund

26,967,645

0.38

—

Unknown

—

Other

Nationwide Social Security Fund 111 Portfolio

25,489,400

0.36

—

Unknown

—

Other

— 5 —

Shareholding of top ten shareholders holding shares without selling restrictions
Name of shareholders	Number of shares held without selling		Class and number of shares
(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)				Renminbi-denominated ordinary shares		33,504,602
		1,448,932,051		Overseas listed foreign shares		1,415,427,449
China Securities Finance Corporation Limited		100,285,292		Renminbi-denominated ordinary shares		100,285,292
Central Huijin Asset Management Co., Ltd.		85,985,800		Renminbi-denominated ordinary shares		85,985,800
Taiyuan Iron & Steel (Group) Company Limited		30,781,989		Renminbi-denominated ordinary shares		30,781,989
Kuwait State Investment Bureau — Self fund		30,046,698		Renminbi-denominated ordinary shares		30,046,698
Harvest Fund — Agricultural Bank of China — Harvest CSI Financial Asset Management Plan		28,101,600		Renminbi-denominated ordinary shares		28,101,600
Zhongou Fund — Agricultural Bank of China — Zhongou CSI Financial Asset Management Plan		28,101,600		Renminbi-denominated ordinary shares		28,101,600
Southern Fund — Agricultural Bank of China — Southern CSI Financial Asset Management Plan		28,101,600		Renminbi-denominated ordinary shares		28,101,600
Yinhua Fund — Agricultural Bank of China — Yinhua CSI Financial Asset Management Plan		27,824,900		Renminbi-denominated ordinary shares		27,824,900
Industrial and Commercial Bank of China Limited — China Southern Consumption Vitality Flexible Allocation Hybrid Initiated Securities Investment Fund		26,967,645		Renminbi-denominated ordinary shares		26,967,645
Nationwide Social Security Fund 111 Portfolio		25,489,400		Renminbi-denominated ordinary shares		25,489,400
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: 33,504,602 A shares and 1,415,427,449 H shares of the Company were held by HKSCC NOMINEES LIMITED in the capacity of various clients.

— 6 —

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    ☒  Not applicable

— 7 —

3. SIGNIFICANT EVENTS

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

☒  Applicable    ☐  Not applicable

				Unit: ¥ Currency: RMB
Balance Sheet	Item	31 Mar 2017		31 Dec 2016		Movement (%)			Major reason analysis
(1)	Bank balances and cash		1,910,729,129		1,467,656,179		30.19		Increase in the receipt of transportation settlement and receivable for the prior period.
(2)	Other current assets		44,314,019		156,071,675		(71.61	)	Decrease in input VAT which has not been received or verified for the period.
(3)	Receipts in advance		121,853,982		295,088,301		(58.71	)	Decrease in receipt of passenger fare in advance.
Cash Flow Statement	Item	Jan – Mar 2017		Jan – Mar 2016		Movement (%)			Major reason analysis.
(1)	Net cash flows from operating activities		935,053,568		59,032,728		1,483.96		Increase in the receipt of transportation settlement and receivable for the prior period.

— 8 —

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

☐  Applicable    ☒  Not applicable

3.3 Commitments which have not been fulfilled during the reporting period

☐  Applicable    ☒  Not applicable

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    ☒  Not applicable

3.5 Implementation of cash dividend policy during the reporting period

On 29 March 2017, the Company held the fifteenth meeting of the Seventh Session of the Board of Directors, at which the profit distribution proposal of the Company for 2016 was reviewed and passed. The board of directors proposed payment of a final cash dividend for 2016 of RMB0.08 (including tax) per share to all shareholders based on the total share capital of 7,083,537,000 shares on 31 December 2016, totalling RMB566,682,960. The proposal is subject to approval at the Annual General Meeting of 2016 of the Company.

3.6 Progress on implementation of internal control

During the reporting period, the Company has completed the evaluation of internal control for 2016 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 2016. 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).

— 9 —

In 2017, 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.

Name of Company	Guangshen Railway Company Limited
Legal representative	Wu Yong
Date	26 April 2017

— 10 —

4. APPENDIX

4.1 FINANCIAL STATEMENTS

Combined Balance Sheet

31 March 2017

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		1,910,729,129		1,467,656,179
Trade receivables		3,199,867,138		3,364,365,517
Prepayments		42,335,768		29,210,797
Interests receivable		686,028		1,210,695
Other receivables		135,602,663		143,997,504
Inventories		322,796,081		332,607,262
Other current assets		44,314,019		156,071,675
Total current assets		5,656,330,826		5,495,119,629
Non-current assets:
Available-for-sale financial assets		53,825,879		53,825,879
Long-term receivables		31,919,812		31,406,345
Long-term equity investments		170,036,436		167,604,059
Fixed assets		23,765,937,751		24,276,446,805
Constructions-in-progress		840,490,191		790,308,239
Intangible assets		1,615,068,075		1,626,443,846
Goodwill		281,254,606		281,254,606
Long-term prepaid expenses		7,261,983		7,824,407
Deferred income tax assets		82,971,061		79,929,375
Othernon-current assets		62,524,286		60,095,273
Totalnon-current assets		26,911,290,080		27,375,138,834
Total assets		32,567,620,906		32,870,258,463

— 11 —

Item	Balance at the end of the period			Balance at the beginning of the period
Current liabilities:
Trade payables		2,434,496,534			2,908,708,617
Receipts in advance		121,853,982			295,088,301
Staff remuneration payable		214,335,162			206,341,669
Tax payable		226,776,559			180,869,344
Dividends payable		12,889,946			15,542,144
Other payables		1,070,604,462			1,057,960,605
Total current liabilities		4,080,956,645			4,664,510,680
Non-current liabilities:
Deferred income		106,917,071			106,809,538
Deferred income tax liabilities		68,260,274			68,883,455
Totalnon-current liabilities		175,177,345			175,692,993
Total liabilities		4,256,133,990			4,840,203,673
Owners’ equity:
Share capital		7,083,537,000			7,083,537,000
Capital reserves		11,562,737,107			11,562,737,107
Surplus reserves		2,825,593,469			2,825,593,469
Retained earnings		6,864,690,209			6,582,189,964
Total equity attributable to owners of the parent		28,336,557,785			28,054,057,540
Minority interests		(25,070,869	)		(24,002,750	)
Total owners’ equity		28,311,486,916			28,030,054,790
Total liabilities and owners’ equity		32,567,620,906			32,870,258,463

Chairman: Wu Yong          General Manager: Hu Lingling          Chief Accountant: Tang Xiangdong

Chief of Finance Department: Lin Wensheng

— 12 —

Company Balance Sheet

31 March 2017

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		1,889,371,956		1,449,474,716
Trade receivables		3,184,424,796		3,351,364,676
Prepayments		42,264,196		29,159,588
Interests receivable		629,903		1,193,820
Dividends receivable		—		2,321,954
Other receivables		185,814,249		192,183,276
Inventories		318,635,182		327,818,554
Other current assets		43,896,564		154,964,591
Total current assets		5,665,036,846		5,508,481,175
Non-current assets:
Available-for-sale financial assets		52,108,000		52,108,000
Long-term receivables		31,919,812		31,406,345
Long-term equity investments		253,157,895		250,725,518
Fixed assets		23,665,817,313		24,174,449,267
Constructions-in-progress		839,076,032		788,894,079
Intangible assets		1,303,993,686		1,312,536,580
Goodwill		281,254,606		281,254,606
Long-term prepaid expenses		7,140,045		7,667,192
Deferred income tax assets		94,364,318		91,362,055
Othernon-current assets		32,918,486		30,489,472
Totalnon-current assets		26,561,750,193		27,020,893,114
Total assets		32,226,787,039		32,529,374,289

— 13 —

Item	Balance at the end of the period		Balance at the beginning of the period
Current liabilities:
Trade payables		2,406,476,593		2,877,592,330
Receipts in advance		120,839,565		294,377,879
Staff remuneration payable		210,674,954		203,127,278
Tax payable		221,502,118		173,461,476
Dividends payable		14,446		16,758
Other payables		743,289,677		743,373,683
Total current liabilities		3,702,797,353		4,291,949,404
Non-current liabilities:
Deferred income		106,917,071		106,809,538
Totalnon-current liabilities		106,917,071		106,809,538
Total liabilities		3,809,714,424		4,398,758,942
Owners’ equity:
Share capital		7,083,537,000		7,083,537,000
Capital reserves		11,564,461,609		11,564,461,609
Surplus reserves		2,825,593,469		2,825,593,469
Retained earnings		6,943,480,537		6,657,023,269
Total equity attributable to owners of the parent		28,417,072,615		28,130,615,347
Total liabilities and owners’ equity		32,226,787,039		32,529,374,289

Chairman: Wu Yong          General Manager: Hu Lingling      Chief Accountant: Tang Xiangdong

Chief of Finance Department: Lin Wensheng

— 14 —

Combined Statement of Profit

January to March 2017

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		4,309,396,605			4,011,817,621
Include:Revenues from operation		4,309,396,605			4,011,817,621
II.     Total operating costs		3,934,120,141			3,563,541,890
Include:Operating costs		3,863,361,852			3,498,568,795
Business tax and surcharges		13,591,110			19,374,235
Selling expenses		1,006,776			1,041,614
Management expenses		59,606,761			50,271,616
Finance costs		(3,485,958	)		(5,713,970	)
Assets impairment loss		39,600			(400	)
Add:Gains from investments (loss denoted by “—”)		2,432,377			1,793,992
Include:Gains from investments in associates and joint ventures		2,432,377			1,793,992
III.    Profit from operation (loss denoted by “—”)		377,708,841			450,069,723
Add:Non-operating income		2,037,044			1,222,100
Include:Gain on disposal ofnon-current assets		6,783			580
Less:Non-operating expenses		3,806,174			16,381,897
Include:Loss on disposal ofnon-current assets		3,346,796			15,954,751
IV.   Gross profit (gross loss denoted by “—”)		375,939,711			434,909,926
Less:Income tax expenses		94,507,585			109,602,996
V.     Net profit (net loss denoted by “—”)		281,432,126			325,306,930
Net profit attributable to owners of the parent		282,500,245			326,589,658
Profit or loss of minority shareholders		(1,068,119	)		(1,282,728	)
VI.   Net other comprehensive income after tax		—			—
VII.  Total comprehensive income:		281,432,126			325,306,930
Total comprehensive income attributable to owners of the parent		282,500,245			326,589,658
Total comprehensive income attributable to minority shareholders		(1,068,119	)		(1,282,728	)
VIII. Earnings per share:
(1) Basic earnings per share (¥/share)		0.040			0.046
(2) Diluted earnings per share (¥/share)		0.040			0.046

Chairman: Wu Yong          General Manager: Hu Lingling          Chief Accountant: Tang Xiangdong

Chief of Finance Department: Lin Wensheng

— 15 —

Company Statement of Profit

January to March 2017

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		4,231,098,712			3,899,160,704
Less:Operating costs		3,796,663,516			3,407,304,550
Business tax and surcharges		12,962,302			13,680,477
Selling expenses		1,005,366			1,038,814
Management expenses		43,670,208			34,094,146
Finance costs		(3,328,542	)		(5,551,960	)
Assets impairment loss		39,600			(400	)
Add:Gains from investments (loss denoted by “—”)		2,432,377			11,337,014
Include:Gains from investments in associates and joint ventures		2,432,377			1,793,992
II.     Profit from operation (loss denoted by “—”)		382,518,639			459,932,091
Add:Non-operating income		2,028,804			1,217,616
Include:Gain on disposal ofnon-current assets		6,783			580
Less:Non-operating expenses		3,806,092			16,346,235
Include:Loss on disposal ofnon-current assets		3,346,796			15,954,751
III.    Gross profit (gross loss denoted by “—”)		380,741,351			444,803,472
Less:Income tax expenses		94,284,083			108,246,532
IV.   Net profit (net loss denoted by “—”)		286,457,268			336,556,940
V.     Total comprehensive income after tax		—			—
VI.   Total comprehensive income:		286,457,268			336,556,940
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: Hu Lingling          Chief Accountant: Tang Xiangdong

Chief of Finance Department: Lin Wensheng

— 16 —

Combined Cash Flow Statement

January to March 2017

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		3,658,261,075			2,928,658,383
Cash received relating to other operating activities		58,398,008			9,535,568
Sub-total of cash inflows from operating activities		3,716,659,083			2,938,193,951
Cash paid for goods purchased and services accepted		979,080,680			1,086,470,061
Cash paid to and on behalf of employees		1,606,965,106			1,447,096,646
Tax paid		169,551,309			283,224,794
Cash paid relating to other operating activities		26,008,420			62,369,722
Sub-total of cash outflows from operating activities		2,781,605,515			2,879,161,223
Net cash flows from operating activities		935,053,568			59,032,728
II.     Cash flows from investing activities:
Net cash received from disposal of fixed assets, intangible assets and other long-term assets activities		8,070			16,441
Sub-total of cash inflows from investing activities		8,070			16,441
Cash paid to construct fixed assets, intangible assets and other long-term assets		491,988,688			588,403,164
Sub-total of cash outflows from investing activities		491,988,688			588,403,164
Net cash flows from investing activities		(491,980,618	)		(588,386,723	)

— 17 —

Item	Amount for the period		Amount for the previous period
III.    Cash flows from financing activities:
Net cash flows from financing activities		—		—
IV.   Effect of foreign exchange rate changes on cash and cash equivalents		—		—
V.     Net increase in cash and cash equivalents		443,072,950		(529,353,995	)
Add:Balance of cash and cash equivalents at the beginning of the period		1,359,656,179		2,220,803,114
VI.   Balance of cash and cash equivalents at the end of the period		1,802,729,129		1,691,449,119

Chairman: Wu Yong          General Manager: Hu Lingling          Chief Accountant: Tang Xiangdong

Chief of Finance Department: Lin Wensheng

— 18 —

Company Cash Flow Statement

January to March 2017

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		3,575,296,266			2,823,817,002
Cash received relating to other operating activities		40,759,261			9,383,021
Sub-total of cash inflows from operating activities		3,616,055,527			2,833,200,023
Cash paid for goods purchased and services accepted		948,157,608			1,056,660,468
Cash paid to and on behalf of employees		1,553,132,308			1,386,604,720
Tax paid		162,632,262			274,161,502
Cash paid relating to other operating activities		22,685,183			64,639,545
Sub-total of cash outflows from operating activities		2,686,607,361			2,782,066,235
Net cash flows from operating activities		929,448,166			51,133,788
II.     Cash flows from investing activities:
Cash received from gains from investments		2,321,954			—
Net cash received from disposal of fixed assets, intangible assets and other long-term assets		8,070			16,441
Sub-total of cash inflows from investing activities		2,330,024			16,441
Cash paid to construct fixed assets, intangible assets and other long-term assets		491,880,950			588,403,164
Sub-total of cash outflows from investing activities		491,880,950			588,403,164
Net cash flows from investing activities		(489,550,926	)		(588,386,723	)

— 19 —

Item	Amount for the period		Amount for the previous period
III.    Cash flows from financing activities:
Net cash flows from financing activities		—		—
IV.   Effect of foreign exchange rate changes on cash and cash equivalents		—		—
V.     Net increase in cash and cash equivalents		439,897,240		(537,252,935	)
Add:Balance of cash and cash equivalents at the beginning of the period		1,349,474,716		2,213,739,678
VI.   Balance of cash and cash equivalents at the end of the period		1,789,371,956		1,676,486,743

Chairman: Wu Yong          General Manager: Hu Lingling          Chief Accountant: Tang Xiangdong          Chief of Finance Department: Lin Wensheng

4.2 Audit Report

☐  Applicable ☒  Not applicable

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