EXHIBIT 8.1 TO ANNUAL REPORT ON FORM 20-F LIST OF SUBSIDIARIES OF GUANGSHEN RAILWAY COMPANY LIMITED The following table lists information concerning the subsidiaries of Guangshen Railway Company Limited: JURISDICTION OF PERCENTAGE OF INTEREST NAME INCORPORATION HELD BY GUANGSHEN RAILWAY - ---- --------------- -------------------------- DIRECTLY HELD BY THE COMPANY Guangzhou Guangshen Railway Dong Qun Industries Company Limited PRC 100% Shenzhen Fu Yuan Enterprise Development Company PRC 100% Shenzhen Guangshen Railway Civil Engineering Company PRC 100% Shenzhen Guangshen Railway Travel Service Ltd. PRC 100% Shenzhen Jian Kai Trade Company PRC 100% Shenzhen Xiang Qun Enterprise Company PRC 100% Shenzhen Jing Ming Industrial & Commercial Company Limited PRC 100% Shenzhen Railway Station Travel Service Company(i) PRC 70% Shenzhen Longgang Pinghu Qun Yi Railway Store Loading and PRC 55% Unloading Company Dongguan Changsheng Enterprise Company PRC 51% Guangshen Railway Electric Service Limited PRC 100% Shenzhen Railway Station Passenger Services Company Limited PRC 100% INDIRECTLY HELD BY THE COMPANY Shenzhen Nantie Engineering and Construction Supervision PRC 100% Company Limited Shenzhen Guangshen Railway Economic and Trade Enterprise PRC 100% Company Shenzhen Railway Property Management Company Limited PRC 100% Shenzhen North Station Auto Repair Plant PRC 100% Shenzhen North Station Loading and Unloading Transportation PRC 100% Company Shenzhen North Station Railway Industry Technology Development PRC 100% Company Shenzhen Yuezheng Enterprise Company Limited PRC 100% Guangzhou Donglian Travel Service Company Limited(i) PRC 70% Shenzhen Road Multi-modal Transportation Company Limited PRC 60% - -------------------- (i) Sino-foreign equity or co-operative joint ventures.