Guangshen Railway Company Limited (GNGYF) 20-F27 Apr 212020 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2020shares
Disclosure of classes of share capital [line items]
Entity Registrant Name	GUANGSHEN RAILWAY CO LTD
Entity Central Index Key	0001012139
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Incorporation, State or Country Code	F4
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
H shares [member]
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	1,431,300,000
A shares [member]
Disclosure of classes of share capital [line items]
Entity Common Stock, Shares Outstanding	5,652,237,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)¥ / $	Dec. 31, 2020USD ($)¥ / $		Dec. 31, 2019CNY (¥)
Non-current assets
Fixed assets - net	¥ 23,016,415	$ 3,527,420	[1]	¥ 23,566,081
Right-of-use assets	3,183,470	487,888	[1]	3,037,618
Construction-in-progress	2,778,676	425,851	[1]	2,378,974
Prepayments for fixed assets and construction-in-progress	36,744	5,631	[1]	41,377
Goodwill	281,255	43,104	[1]	281,255
Investments in associates	196,848	30,168	[1]	174,686
Deferred tax assets	422,954	64,821	[1]	291,250
Long-term prepaid expenses	43,889	6,726	[1]	40,807
Financial assets at fair value through other comprehensive income	377,631	57,874	[1]	351,045
Long-term deposits	160,000	24,521	[1]	0
Long-term receivable	23,734	3,637	[1]	26,103
Total non-current assets	30,521,616	4,677,641	[1]	30,189,196
Current assets
Assets classified as held for sale	0	0	[1]	2,183
Materials and supplies	296,406	45,426	[1]	271,259
Trade receivables	3,721,677	570,372	[1]	4,502,084
Prepayments and other receivables	695,522	106,593	[1]	366,077
Short-term deposits	60,000	9,195	[1]	0
Cash and cash equivalents	1,485,232	227,622	[1]	1,562,334
Total current assets	6,258,837	959,209	[1]	6,703,937
Total assets	36,780,453	5,636,850	[1]	36,893,133
Capital and reserves attributable to the Company's equity holders
Share capital	7,083,537	1,085,600	[1]	7,083,537
Share premium	11,562,657	1,772,055	[1]	11,562,657
Other reserves	3,266,425	500,602	[1]	3,266,425
Retained earnings	6,280,219	962,486	[1]	7,263,107
Capital and reserves attributable to the Company's equity holders	28,192,838	4,320,743	[1]	29,175,726
Non-controlling interests	(36,669)	(5,620)	[1]	(36,445)
Total equity	28,156,169	4,315,123	[1]	29,139,281
Non-current liabilities
Lease liabilities	1,315,693	201,639	[1]	1,117,936
Deferred tax liabilities	58,913	9,029	[1]	61,405
Deferred income	104,939	16,083	[1]	97,467
Total non-current liabilities	1,479,545	226,750	[1]	1,276,808
Current liabilities
Trade payables	2,073,922	317,842	[1]	1,538,098
Contract liabilities	215,305	32,996	[1]	458,820
Payables for fixed assets and construction-in-progress	2,914,696	446,697	[1]	1,802,592
Dividends payable	13,749	2,107	[1]	12,890
Income tax payable	697	107	[1]	250,594
Current portion of lease liabilities	61,880	9,484	[1]	58,490
Accruals and other payables	1,849,656	283,471	[1]	2,355,560
Other current liability	14,834	2,272	[1]	0
Total current liabilities	7,144,739	1,094,976	[1]	6,477,044
Total liabilities	8,624,284	1,321,727	[1]	7,753,852
Total equity and liabilities	¥ 36,780,453	$ 5,636,850	[1]	¥ 36,893,133
Closing foreign exchange rate	6.5250	6.5250

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

CONSOLIDATED COMPREHENSIVE INCO

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT $ in Thousands	12 Months Ended
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT $ in Thousands	Dec. 31, 2020CNY (¥)¥ / $¥ / shares	Dec. 31, 2020USD ($)¥ / $$ / shares		Dec. 31, 2019CNY (¥)¥ / shares	Dec. 31, 2018CNY (¥)¥ / shares
Revenue
Total revenue	¥ 16,349,366,000	$ 2,505,650	[1]	¥ 21,178,351,000	¥ 19,828,018,000
Operating expenses
Employee benefits	(7,684,435,000)			(8,078,943,000)	(7,446,415,000)
Materials and supplies	(1,296,779,000)			(1,736,886,000)
Depreciation of right-of-use assets	(65,511,000)			(65,324,000)
Depreciation of fixed assets	(1,662,179,000)			(1,637,298,000)	(1,609,743,000)
Amortization of leasehold land payments	0			0	(55,782,000)
Total operating expenses	(18,186,790,000)	(2,787,248)	[1]	(20,076,414,000)	(18,658,213,000)
Derecognition of land use right	1,188,645,000	182,168	[1]	0	0
Reversal of impairment losses on financial assets, net	358,000	55	[1]	0	1,061,000
Other losses - net	(3,841,000)	(589)	[1]	(29,096,000)	(108,613,000)
Operating profit/(loss)	(652,262,000)	(99,964)	[1]	1,072,841,000	1,062,253,000
Finance costs-net	(60,645,000)	(9,294)	[1]	(56,710,000)	(630,000)
Share of results of associates, net of tax	22,162,000	3,396	[1]	(7,039,000)	7,177,000
Profit/(Loss) before income tax	(690,745,000)	(105,862)	[1]	1,009,092,000	1,068,800,000
Income tax (expense)/credit	132,645,000	20,329	[1]	(261,128,000)	(289,766,000)
Profit/(Loss) for the year	(558,100,000)	(85,533)	[1]	747,964,000	779,034,000
Other comprehensive income	0	0		0	0
Total comprehensive income for the year, net of tax	(558,100,000)	(85,533)	[1]	747,964,000	779,034,000
Profit/(Loss) attributable to:
Equity holders of the Company	(557,876,000)	(85,498)	[1]	748,439,000	784,059,000
Non-controlling interests	(224,000)	(35)	[1]	(475,000)	(5,025,000)
Profit/(Loss) for the year	(558,100,000)	(85,533)	[1]	747,964,000	779,034,000
Total comprehensive income attributable to:
Equity holders of the Company	(557,876,000)	(85,498)	[1]	748,439,000	784,059,000
Non-controlling interests	(224,000)	(35)	[1]	(475,000)	(5,025,000)
Total comprehensive income for the year, net of tax	¥ (558,100,000)	$ (85,533)	[1]	¥ 747,964,000	¥ 779,034,000
Earnings/(Loss) per share for profit attributable to the equity holders of the Company during the year
Basic and diluted \| (per share)	¥ (0.08)	$ (0.01)	[1]	¥ 0.11	¥ 0.11
Earnings/(Loss) per equivalent ADS
Basic and diluted \| (per share)	¥ (3.94)	$ (0.60)	[1]	¥ 5.28	¥ 5.53
Closing foreign exchange rate \| ¥ / $	6.5250	6.5250
Railroad business [member]
Revenue
Passenger	¥ 4,114,522,000	$ 630,578	[1]	¥ 8,009,590,000	¥ 8,108,384,000
Freight	1,698,576,000	260,318	[1]	2,112,596,000	1,849,360,000
Railway network usage and other transportation related services	9,572,330,000	1,467,024	[1]	9,903,382,000	8,865,635,000
Total revenue	15,385,428,000	2,357,920	[1]	20,025,568,000	18,823,379,000
Operating expenses
Business tax and surcharge	(29,443,000)	(4,512)	[1]	(55,127,000)	(16,242,000)
Employee benefits	(7,185,147,000)	(1,101,172)	[1]	(7,507,439,000)	(6,912,390,000)
Equipment usage and related services charges	(4,971,366,000)	(761,895)	[1]	(5,715,665,000)	(5,370,634,000)
Land use right leases	0	0		0	(58,490,000)
Materials and supplies	(1,064,667,000)	(163,167)	[1]	(1,416,128,000)	(1,342,344,000)
Repair and facilities maintenance costs, excluding materials and supplies	(1,147,603,000)	(175,878)	[1]	(1,073,731,000)	(917,898,000)
Depreciation of right-of-use assets	(54,179,000)	(8,303)	[1]	(53,992,000)	0
Depreciation of fixed assets	(1,631,331,000)	(250,012)	[1]	(1,612,683,000)	(1,581,685,000)
Cargo logistics and outsourcing service charges	(462,708,000)	(70,913)	[1]	(220,113,000)	(171,390,000)
Amortization of leasehold land payments	0	0		0	(44,450,000)
Utility and office expenses	(88,731,000)	(13,599)	[1]	(137,117,000)	(98,820,000)
Others	(607,130,000)	(93,047)	[1]	(1,150,190,000)	(1,095,845,000)
Total operating expenses	(17,242,305,000)	(2,642,498)	[1]	(18,942,185,000)	(17,610,188,000)
Other businesses [member]
Revenue
Total revenue	963,938,000	147,730	[1]	1,152,783,000	1,004,639,000
Operating expenses
Employee benefits	(499,288,000)	(76,519)	[1]	(571,504,000)	(534,025,000)
Materials and supplies	(232,112,000)	(35,573)	[1]	(320,748,000)	(315,983,000)
Depreciation of right-of-use assets	(11,332,000)	(1,737)	[1]	(11,332,000)	0
Depreciation of fixed assets	(30,848,000)	(4,728)	[1]	(24,615,000)	(28,058,000)
Amortization of leasehold land payments	0	0		0	(11,332,000)
Utility and office expenses	(42,933,000)	(6,580)	[1]	(82,550,000)	(53,759,000)
Others	(127,972,000)	(19,613)	[1]	(123,480,000)	(104,868,000)
Total operating expenses	¥ (944,485,000)	$ (144,750)	[1]	¥ (1,134,229,000)	¥ (1,048,025,000)

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

CONSOLIDATED CASH FLOWS STATEME

CONSOLIDATED CASH FLOWS STATEMENT	12 Months Ended
CONSOLIDATED CASH FLOWS STATEMENT	Dec. 31, 2020CNY (¥)¥ / $	Dec. 31, 2020USD ($)¥ / $		Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Cash flows from operating activities
Cash generated from operations	¥ 1,587,621,000	$ 243,314,000	[1]	¥ 2,748,668,000	¥ 3,600,022,000
Income tax paid	(251,448,000)	(38,536,000)	[1]	(353,423,000)	(338,620,000)
Net cash generated from operating activities	1,336,173,000	204,778,000	[1]	2,395,245,000	3,261,402,000
Cash flows from investing activities
Payments for acquisition of fixed assets, construction-in-progress and prepayment for fixed assets, net of related payables	(853,347,000)	(130,781,000)	[1]	(2,441,116,000)	(2,683,053,000)
Proceeds from disposal of fixed assets	32,599,000	4,996,000	[1]	3,036,000	392,000
Proceeds from disposal of assets classified as held for sale	132,086,000	20,243,000	[1]	263,943,000	587,123,000
Interest received	0	0	[1]	857,000	1,765,000
Payment of investment	(26,586,000)	(4,074,000)	[1]	(29,799,000)	(24,832,000)
(Increase)/Decrease in short-term deposits with maturities more than three months, net	(220,000,000)	(33,716,000)	[1]	109,000,000	(1,000,000)
Dividends received	7,735,000	1,185,000	[1]	7,047,000	6,473,000
Net cash used in investing activities	(927,513,000)	(142,147,000)	[1]	(2,087,032,000)	(2,113,132,000)
Cash flows from financing activities
Transactions with non-controlling interests	0	0		0	(3,349,000)
Dividends paid to the Company's shareholders	(425,012,000)	(65,136,000)	[1]	(425,012,000)	(566,683,000)
Payments of lease liabilities	(60,750,000)	(9,310,000)	[1]	(59,620,000)	0
Net cash used in financing activities	(485,762,000)	(74,446,000)	[1]	(484,632,000)	(570,032,000)
Net increase/decrease in cash and cash equivalents	(77,102,000)	(11,815,000)	[1]	(176,419,000)	578,238,000
Cash and cash equivalents at beginning of year	1,562,334,000	239,438,000	[1]	1,738,753,000	1,160,515,000
Cash and cash equivalents at end of year	¥ 1,485,232,000	$ 227,622,000	[1]	¥ 1,562,334,000	¥ 1,738,753,000
Closing foreign exchange rate	6.5250	6.5250

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ¥ in Thousands, $ in Thousands	CNY (¥)¥ / $	USD ($)¥ / $		Share capital [member]CNY (¥)	Share capital [member]USD ($)	[1]	Share premium [member]CNY (¥)	Share premium [member]USD ($)	[1]	Statutory surplus reserve [member]CNY (¥)	Statutory surplus reserve [member]USD ($)	[1]	Discretionary surplus reserve [member]CNY (¥)	Discretionary surplus reserve [member]USD ($)	[1]	Other reserves [member]CNY (¥)	Other reserves [member]USD ($)	[1]	Retained earnings [member]CNY (¥)	Retained earnings [member]USD ($)	[1]	Total [member]CNY (¥)	Total [member]USD ($)	[1]	Non-controlling interests [member]CNY (¥)	Non-controlling interests [member]USD ($)	[1]
Special reserve - Safety Production Fund (Note 24)																¥ 0
Balance at beginning of year at Dec. 31, 2017	¥ 28,607,408			¥ 7,083,537			¥ 11,562,738			¥ 2,618,549			¥ 304,059			181,941			¥ 6,884,180			¥ 28,635,004			¥ (27,596)
Total comprehensive income for the year, net of tax	779,034			0			0			0			0			0			784,059			784,059			(5,025)
Profit for the year	779,034			0			0			0			0			0			784,059			784,059			(5,025)
Other comprehensive income	0			0			0			0			0			0			0			0			0
Appropriation	0			0			0			0			0			242,456			(242,456)			0			0
Utilization	0			0			0			0			0			(242,456)			242,456			0			0
Appropriations from retained earnings (Note 24)	0			0			0			83,612			0			0			(83,612)			0			0
Disposal of subsidiaries	(3,430)			0			(81)			0			0			0			0			(81)			(3,349)
Transaction with owners:	(566,683)			0			0			0			0			0			(566,683)			(566,683)
Dividends relating to the year	(566,683)			0			0			0			0			0			(566,683)			(566,683)			0
Balance at end of year at Dec. 31, 2018	28,816,329			7,083,537			11,562,657			2,702,161			304,059			181,941			7,017,944			28,852,299			(35,970)
Special reserve - Safety Production Fund (Note 24)	0			0			0			0			0			0			0			0			0
Total comprehensive income for the year, net of tax	747,964			0			0			0			0			0			748,439			748,439			(475)
Profit for the year	747,964			0			0			0			0			0			748,439			748,439			(475)
Other comprehensive income	0			0			0			0			0			0			0			0			0
Appropriation	0			0			0			0			0			264,871			(264,871)			0			0
Utilization	0			0			0			0			0			(264,871)			264,871			0			0
Appropriations from retained earnings (Note 24)	0			0			0			78,264			0			0			(78,264)			0			0
Transaction with owners:	(425,012)			0			0			0			0			0			(425,012)			(425,012)			0
Dividends relating to the year	(425,012)			0			0			0			0			0			(425,012)			(425,012)			0
Balance at end of year at Dec. 31, 2019	29,139,281			7,083,537			11,562,657			2,780,425			304,059			181,941			7,263,107			29,175,726			(36,445)
Special reserve - Safety Production Fund (Note 24)	0			0			0			0			0			0			0			0			0
Total comprehensive income for the year, net of tax	(558,100)	$ (85,533)	[1]	0			0			0			0			0			(557,876)			(557,876)			(224)
Profit for the year	(558,100)	(85,533)	[1]	0			0			0			0			0			(557,876)			(557,876)			(224)
Other comprehensive income	0	0		0			0			0			0			0			0			0			0
Appropriation	0			0			0			0			0			281,277			(281,277)			0			0
Utilization	0			0			0			0			0			(281,277)			281,277			0			0
Appropriations from retained earnings (Note 24)	0			0			0			0			0			0			0			0			0
Transaction with owners:	(425,012)			0			0			0			0			0			(425,012)			(425,012)			0
Dividends relating to the year	(425,012)			0			0			0			0			0			(425,012)			(425,012)			0
Balance at end of year at Dec. 31, 2020	28,156,169	$ 4,315,123	[1]	7,083,537	$ 1,085,600		11,562,657	$ 1,772,055		2,780,425	$ 426,119		304,059	$ 46,599		181,941	$ 27,884		6,280,219	$ 962,486		28,192,838	$ 4,320,741		(36,669)	$ (5,620)
Special reserve - Safety Production Fund (Note 24)	¥ 0			¥ 0			¥ 0			¥ 0			¥ 0			¥ 0			¥ 0			¥ 0			¥ 0
Closing foreign exchange rate \| ¥ / $	6.5250	6.5250

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
GENERAL INFORMATION	Dec. 31, 2020
GENERAL INFORMATION [abstract]
Disclosure of general information	1. GENERAL INFORMATION Guangshen Railway Company Limited (the "Company") was established as a joint stock limited company in the People’s Republic of China (the "PRC") on 6 March 1996. On the same date, the Company assumed the business operations of certain railroad and other related businesses (collectively the "Businesses") that had been undertaken previously by its predecessor, Guangshen Railway Company (the "Predecessor"), certain subsidiaries of the Predecessor; and by Guangzhou Railway (Group) Company (the "Guangzhou Railway Group") and certain of its subsidiaries prior to the formation of the Company. The Predecessor was controlled by and was under the administration of the Guangzhou Railway Group. Pursuant to a restructuring agreement entered into between the Guangzhou Railway Group, the Predecessor and the Company in 1996, the Company issued to the Guangzhou Railway Group 100% of its equity interest in the form of 2,904,250,000 ordinary shares (the "State-owned Domestic Shares") for the exchange of assets and liabilities associated with the operations of the Businesses (the "Restructuring"). After the Restructuring, the Predecessor changed its name to Guangzhou Railway (Group) Guangshen Railway Enterprise Development Company. In 2017, its name was changed to Shenzhen Guangzhou Railway Group Guangshen Railway Industry Development General Company (the "GIDC"). In May 1996, the Company issued 1,431,300,000 shares, representing 217,812,000 H Shares ("H Shares") and 24,269,760 American Depositary Shares ("ADSs", one ADS represents 50 H Shares) in a global public offering for cash of approximately RMB4,214,000,000 in order to finance the capital expenditure and working capital requirements of the Company and its subsidiaries (collectively defined as the "Group"). In December 2006, the Company issued 2,747,987,000 A Shares on the Shanghai Stock Exchange through an initial public offering of shares in order to finance the acquisition of the business and related assets and liabilities associated with the railway transportation business ("Yangcheng Railway Business") of Guangzhou Railway Group Yangcheng Railway Enterprise Development Company The principal activities of the Group are the provision of passenger and freight transportation on railroads. The Group also operates certain other businesses, which principally include services offered in railway stations; and sales of food, beverages and merchandises on board the trains and in the railway stations. The registered address of the Company is No. 1052 Heping Road, Luohu District, Shenzhen, Guangdong Province, the People’s Republic of China. The financial statements were authorized for issue by the board of directors of the Company on 27 April 2021. The English names of all companies listed in the financial statements are direct translations of their registered names in Chinese if no registered names in English are available.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [abstract]
Disclosure of summary of significant accounting policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the Group consisting of Guangshen Railway Company Limited and its subsidiaries. 2.1 Basis of preparation (a) Compliance with IFRS The consolidated financial statements have been prepared in accordance with all applicable International Financial Reporting Standards ("IFRS") as issued by International Accounting Standards Board ("IASB"). (b) Historical cost convention The consolidated financial statements have been prepared on a historical cost basis except for financial assets at fair value through other comprehensive income (“FVOCI”) are measured at fair value. (c) Going concern basis As at December 31, 2020, the Group had net current liabilities of RMB885,902,000 and capital expenditure contracted for but not recognized as liabilities of RMB444,270,000 (see note 40). Considering the current financial position, operating plan and usable bank facilities amounting to RMB1,500,000,000 of the Group, the Board of Directors believes that the Group has sufficient liquidity for the following 12 months. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. (d) New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for their annual reporting period commencing January 1, 2020: · Covid-19-Related Rent Concessions – amendments to IFRS 16 · Definition of Material – amendments to IAS IAS · Definition of a Business – amendments to IFRS · Revised Conceptual Framework for Financial Reporting The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. (e) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2020 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Effective for annual periods beginning on or after Amendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use January 1, 2022 Annual Improvements to IFRS Standards 2018–2020 January 1, 2022 Amendments to IFRS 3 Reference to the Conceptual Framework January 1, 2022 Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract January 1, 2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current January 1, 2023 Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture To be determined 2.2 2.2.1 Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (a) Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the ： - fair values of the assets transferred, - liabilities incurred to the former owners of the acquired business - equity interests issued by the group - fair value of any asset or liability resulting from a contingent consideration arrangement, and - fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IAS 39 in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and Intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. (b) Changes in ownership interests in subsidiaries without change of control The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity. (c) Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities, which means that amounts previously recognized in other comprehensive income are reclassified to profit or loss. 2.2.2 Investments in subsidiaries are accounted for at cost less impairment. Cost also includes direct attributable costs investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable. Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investee’s net assets including goodwill. 2.3 Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting after initially being recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group's investments in associates include goodwill identified on acquisition. Upon the acquisition of the ownership interest in an associate, any difference between the cost of the associate and the Group’s share of the net fair value of the associate’s identifiable assets and liabilities is accounted for as goodwill. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The Group’s share of post-acquisition profit or loss is recognized in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount within 'share of result of associates', included in the consolidated comprehensive income statement. Profits or losses and other comprehensive income resulting from upstream and downstream transactions between the Group and its associates are recognized in the Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. In the Company’s balance sheet, investments in associates are accounted for at cost less provision for impairment losses. Cost also includes direct attributable costs of investment. The results of associates are accounted for by the Company on the basis of dividend received and receivable. 2.4 Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the senior executives of the Company that make strategic decisions. 2.5 (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in Renminbi ("RMB"), which is the Company’s functional and the Group’s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses are presented in the consolidated comprehensive income statement within "Finance costs - net". 2.6 Fixed assets are stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items (for the case of fixed assets acquired by the Company from Predecessor during the Restructuring, the revaluated amount in the Restructuring was deemed costs). Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost amount, after taking into account the estimated residual value of not more than 4% of cost, of each asset over its estimated useful life. The estimated useful lives are as follows: Buildings (a) 20 to 40 years Tracks, bridges and service roads (a) 16 to 100 years Locomotives and rolling stock 20 years Communications and signaling systems 8 to 20 years Other machinery and equipment 4 to 25 years (a) The estimated useful lives of some buildings, tracks, bridges and service roads exceed the initial lease periods of the land use rights from operation lease; and the initial period of certain land use right acquired (note 2.26), on which these assets are located. The Group will renew the term of land use right upon its expiry in strict compliance with requirements of relevant laws and regulations. There is no substantive impediment for the renewal except for public interests. In addition, based on the provision of the land use right operating lease agreement entered into with Guangzhou Railway Group (note 8), the Company can renew the lease at its own discretion upon expiry of the operating lease term. Based on the above consideration, the directors of the Company consider the current estimated useful lives of those assets to be reasonable. The assets residual values and estimated useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.11). Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within "other losses - net", included in the consolidated comprehensive income statement. 2.7 Construction-in-progress represents buildings, tracks, bridges and service roads under construction, and mainly includes the construction related costs for the associated facilities of the existing railway lines of the Group. Construction-in-progress is stated at cost, which includes all expenditures and other direct costs, site restoration costs, prepayments attributable to the construction and interest charges arising from borrowings used to finance the construction during the construction period, less impairment loss. Construction-in-progress is not depreciated until such assets are completed and ready for their intended use. From time to time, certain railway assets of the Group require major modifications and improvements. The carrying amounts are transferred from fixed assets to construction-in-progress. The carrying amounts, including costs of modifications, are transferred back to fixed assets upon completion of the improvement projects. 2.8 Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of identifiable net assets acquired. Goodwill arising from acquisitions of subsidiaries’ business is disclosed separately on the consolidated balance sheet. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units ("CGUs"), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken at least annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently reversed. 2.9 Assets that subjected to amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (CGUs). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting period. 2.10 (a) The Group classifies its financial assets in the following measurement categories: · those to be measured at amortized cost; or · those to be measured subsequently at FVOCI; The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in profit or loss or other comprehensive income (“OCI”) . For investments in equity instruments that are not held for trading, the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. (b) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on the trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. (c) At initial recognition, the Group measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Equity instruments The Group subsequently measures all equity investments at fair value. For investments in equity instruments that are not held for trading, over which the Group has no control, joint control or significant influence are measured at FVOCI. Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment, any related balance within the FVOCI reserve is reclassified to retained earnings. Dividends from such investments continue to be recognized in profit or loss as other income when the Group’s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group measures all of its debt instruments at amortized cost. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated comprehensive income statement. (d) The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost, including trade receivables, other receivables and long-term receivable. Management recognized provision for credit losses on the basis of exposure at default and ECL rates which include consideration of historical credit loss experience, current status and forward-looking information. For financial assets subject to ECL measurement except trade receivables, on each balance sheet day, the Group assesses the significant increase in credit risk since initial recognition or whether an asset is considered to be credit impaired, ‘Three-stage’ expected credit loss models are established and staging definition are set for each of these financial assets class. A financial instrument which are not considered to have significantly increased in credit risk since initial recognition is classified in ‘Stage 1’. The impairment provision is measured at an amount equal to the 12-month expected credit losses for these financial assets. If a significant increase in credit risk since initial recognition is identified but the financial instrument is not yet deemed to be credit-impaired, the financial instrument is moved to ‘Stage 2’. The impairment provision is measured based on expected credit losses on a lifetime basis. If the financial instrument is credit-impaired, the financial instrument is then moved to ‘Stage 3’. The impairment provision is measured based on expected credit losses on lifetime basis. For the financial Instruments in Stage 1 and Stage 2, the Group calculates the interest income based on its gross carrying amount (i.e. amortized cost) before adjusting for impairment provision using the effective interest method. For the financial instruments in Stage 3, the interest income is calculated based on the carrying amount of the asset, net of the impairment provision, using the effective interest method. Financial assets that are originated or purchased credit impaired are financial assets that are impaired at the time of initial recognition, and the impairment provision for these assets is the expected credit loss for the entire lifetime. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables. 2.11 Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. 2.12 Long-term prepaid expenses include the various expenditures that have been incurred but should be recognized as expenses over more than one year in the current and subsequent periods. Long-term prepaid expenses are amortized on the straight-line basis over the expected beneficial period and are presented at actual expenditure incurred, net of accumulated amortization. 2.13 Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, financial assets and investment property that are carried at fair value, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale are presented separately from the other assets in the balance sheet. 2.14 Materials and supplies are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method. Materials and supplies are charged as fuel costs and repair and maintenance expenses when consumed. The cost of materials and supplies may not be recoverable if they are damaged, become wholly or partially obsolete, or if their selling prices have declined due to various reasons. When such circumstances happen, cost of materials and supplies is written to net realizable value, which is the estimated selling price less applicable variable expenses. 2.15 Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of trade and other receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade and other 2.16 Cash and cash equivalents include cash on hand; deposits held at call with banks; and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 2.17 Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 2.18 The Group’s financial liabilities include trade payables, other payables (excluding other tax payables, employee salary and benefits payables and advances), payables for fixed assets and construction-in-progress, dividends payable and lease liabilities. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. Trade payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. The Group derecognizes financial liability when, and only when, the Group’s obligations are discharged, canceled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. 2.19 The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. (a) Current income tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the PRC where the Company’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provision where appropriate on the basis of amounts expected to be paid to the tax authorities. (b) Deferred income tax Inside basis differences Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Outside basis differences Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, and associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Generally the Group is unable to control the reversal of the temporary difference for associates. Only when there is an agreement in place that gives the Group the ability to control the reversal of the temporary difference in the foreseeable future, deferred tax liability in relation to taxable temporary differences arising from the associate’s undistributed profits is not recognized. Deferred income tax assets are recognized on deductible temporary differences arising from investments in subsidiaries, and associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilized. (c) Offsetting Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority . 2.20 (a) Defined contribution plan The Group pays contributions to defined contribution schemes operated by the local government for employee benefits in respect of pension and unemployment. The Group also pays contribution to defined contribution schemes operated by Guangzhou Railway Group for employee supplementary pension benefit. The Group has no further payment obligations once the contributions have been paid. The contributions to the defined contribution schemes are recognized as staff costs when they are due. (b) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. 2.21 Provisions are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of

FINANCIAL RISK MANAGEMENT

FINANCIAL RISK MANAGEMENT	12 Months Ended
FINANCIAL RISK MANAGEMENT	Dec. 31, 2020
FINANCIAL RISK MANAGEMENT [abstract]
Disclosure of financial risk management	1. FINANCIAL RISK MANAGEMENT 3.1 The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, cash flow and fair value interest rate risk and other price risk), credit risk and liquidity risk. The Group’s overall risk management strategy seeks to minimize the potential adverse effects on the financial performance of the Group. (a) Market risk (i) Foreign currency risk The Group mainly operates in the PRC with most of the transactions settled in RMB. RMB is also the functional and presentation currency of the Group. RMB is not freely convertible into other foreign currencies. The conversion of RMB denominated balances into foreign currencies is subject to the rates and regulations of foreign exchange control promulgated by the PRC government. Any foreign currency denominated monetary assets and liabilities other than in RMB would subject the Group to foreign exchange exposure. The Group’s objective of managing the foreign currency risk is to minimize potential adverse effects arising from foreign transaction movements. Depending on volatility of specific foreign currency being exposed, measures are taken by management to manage the foreign currency positions. The following table shows the Group’s foreign currency denominated monetary assets (in RMB thousands equivalent) : Currency As at December 31 Monetary assets denomination 2019 2020 Cash and cash equivalents HKD 88,892 27,003 Cash and cash equivalents USD 8 29 Other receivables HKD 713 - 89,613 27,032 The Group may experience a loss as a result of any foreign currency exchange rate fluctuations in connection with monetary assets shown above. The Group has not used any means to hedge the exposure. As at December 31, 2020, if RMB had weakened/strengthened by 5% against the HKD with all other variables held constant, loss after tax for the year would have been RMB1,008,000 (2019: RMB3,360,000) higher/lower, mainly as a result of foreign exchange gains/losses on translation of HKD-denominated cash in banks. The impact of exchange fluctuations of USD is not expected to be significant. (ii) Cash flow and fair value interest rate risk Other than deposits held in banks and long-term receivable, the Group does not have significant interest-bearing assets or liabilities. The average interest rate of deposits held in banks in the PRC throughout the year was approximately 3.63% (2019: 1.53 % ) per annum . Any change in the interest rate promulgated by the People’s Bank of China from time to time is not considered to have a significant impact to the Group. As at December 31, 2020 and 2019, the Group had no interest bearing debts, which may expose the Group to any interest rate risk. (iii) Other price risk The Group’s exposure to price risk arises from equity investments held by the Group and classified as FVOCI (note 15). As at December 31, 2020, if the expected price of the equity investments held by the Group increased/decreased by 5% with all other variables held constant, other comprehensive income for the year would have been RMB14,161,000 (2019: RMB13,164,000) higher/lower. (b) Credit risk Credit risk arises from cash and cash equivalents, term deposits, trade and other receivables (excluding prepayments) and long-term receivable. The carrying amounts of each class of the above financial assets represent the Group’s maximum exposure to credit risk in relation to financial assets. (i) Risk management Cash and term deposits are placed with reputable banks. There was no recent history of default of cash and cash equivalents and term deposits from such financial institutions. The Group considers that there is no significant credit risk and is not subject to any material losses due to the default of the banks . For trade and other receivables as well as long-term receivable, the Group manages the credit risk exposure by setting related policies. The Group set credit period for its customers/debtors considering the customers/debtors’ financial conditions, the possibilities of obtaining collaterals from third parties , credit records and other factors comprehensively . The credit period are monitored on an ongoing basis by the management. For those customers/debtors with poor credit records, the Group mitigates credit risk by setting a shorter credit period or canceling the credit period. The Group’s trade and other receivables as well as long-term receivable are mainly receivables and deposits incurred from provision of railway operation service or sales of goods. Management performs ongoing credit evaluations of its customers/debtors’ financial condition and generally does not require collateral from the customers/debtors. After assessing the expected realisability and timing for collection of the outstanding balances, the Group maintains a provision for impairment of receivables. Taking into account the past experience with customers/debtors and the collection status, the Group considers that there is no significant credit risk. There were no other financial assets carrying a significant exposure to credit risk. None of the financial assets that are fully performing has been renegotiated in the current year. (i) Impairment of financial assets The Group has three types of financial assets that are subject to the expected credit loss model: trade receivables, other receivables and long-term receivable. While cash and cash equivalents and term deposits are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial. Trade receivables The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss provision for all trade receivables. The Group categorizes the trade receivables into the following portfolios based on credit risk characteristics: · Portfolio 1: receivable incurred from revenues collected and settled through the CSRG; · Portfolio 2: receivable incurred from revenue from railway operation; · Portfolio 3: receivable incurred from revenue other than railway operation and revenues collected and settled without the CSRG; and · Portfolio 4: bank acceptance that represents lower credit risk. Provision for credit losses are recognized on the basis of exposure at default and ECL rates which include consideration of historical credit loss experience, current status and forward-looking information. In considering the forwarding-looking information, the Group considers the risk of economy downturn, external market environment, technical environment and changes in customer’s conditions. In 2020, the Group takes into consideration the uncertainty affected by the outbreak of Coronavirus Disease 2019 (“COVID-19 outbreak”). On that basis, the loss provision as at December 31, 2020 and 2019 was determined for trade receivables (in RMB thousands): As at December 31, 2019 As at December 31, 2020 Carrying amount ECL rates Loss provision Carrying amount ECL rates Loss provision Portfolio 1 232,848 - - 202,484 - - Portfolio 2 4,033,727 1.42% (57,201) 3,429,198 1.68% (57,690) Portfolio 3 196,694 2.00% (3,934) 150,699 2.00% (3,014) Portfolio 4 99,950 - - - - - 4,563,219 (61,135) 3,782,381 (60,704) The loss provision for trade receivables as at December 31, 2020 and 2019 reconciles to the opening loss provision as follows: Trade receivables 2019 RMB’000 2020 RMB’000 Opening loss provision as at January 1 61,212 61,135 Receivables written off during the year as uncollectible (77) (73) Reversal of impairment loss provision - (358) Closing loss provision at December 31 61,135 60,704 Other financial assets at amortized cost Other financial assets at amortized cost include other receivables, and long-term receivables. Impairment on other receivables and long-term receivables is measured as either 12-month expected credit losses or lifetime expected credit loss, depending on whether there has been a significant increase in credit risk since the initial recognition. If a significant increase in credit risk of a deposit or receivable has occurred since the initial recognition, then the impairment is measured as lifetime expected credit losses. On that basis, the loss provision as at December 31, 2020 and 2019 for other receivables was as follows (in RMB thousands): As at December 31, 2019 As at December 31, 2020 Carrying amount ECL rates Loss provision Carrying amount ECL rates Loss provision Stage 1 250,863 2.38% (5,959) 601,821 0.99% (5,959) Stage 2 - - - - - - Stage 3 4,631 100% (4,631) 4,631 100% (4,631) 255,494 (10,590) 606,452 (10,590) Impairment losses on trade and other receivables and long-term receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. (c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Management monitors rolling forecasts of the Group’s liquidity reserves (comprising cash and cash equivalents) on the basis of expected cash flows. As at December 31, 2020, the Group had net current liabilities of RMB885,902,000 and capital expenditure contracted for but not recognized as liabilities of RMB444,270,000 (see note 40). Taking into account of the factors mentioned in note 2.1(c), the Board of Directors believes that the Group has sufficient liquidity for the following 12 months. The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant. Less than Between 1 and 5 years Over 5 years Carrying amount RMB’000 RMB’000 RMB’000 RMB’000 At December 31, 2019 Trade and other payables excluding non-financial liabilities 2,683,828 - - 2,683,828 Payables for fixed assets and construction-in-progress 1,802,592 - - 1,802,592 Lease liabilities 58,490 233,960 4,796,180 5,088,630 Dividends payable 12,890 - - 12,890 4,557,800 233,960 4,796,180 9,587,940 At December 31, 2020 Trade and other payables excluding non-financial liabilities 3,417,934 - - 3,417,934 Payables for fixed assets and construction-in-progress 2,914,696 - - 2,914,696 Lease liabilities 61,880 258,820 5,665,980 5,986,680 Dividends payable 13,749 - - 13,749 6,408,259 258,820 5,665,980 12,333,059 3.2 The Group’s objectives of managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. As at December 31, 2020 and 2019, the Group has no short-term loans, long-term loans, bond payables or long-term payables. Management considered that such capital structure is appropriate. 3.3 According to amendment to IFRS 7 for financial instruments that are measured in the balance sheet at fair value, it requires disclosure of fair value measurements by level of following fair value measurement hierarchy: · Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). · Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2). · Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). As at December 31, 2020 and 2019, the Group did not have any financial instruments that were measured at fair value except for FVOCI (note 15). The following table presents the Group's assets that are measured at fair value at December 31, 2020: Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Assets Financial assets at FVOCI - - 377,631 377,631 The following table presents the Group's assets that are measured at fair value at December 31, 2019: Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Assets Financial assets at FVOCI - - 351,045 351,045 There were no transfers between levels 1, 2 and 3 or changes in valuation techniques during the year (2019: nil). The following table presents the changes in level 3 items for the periods ended December 31, 2020 and 2019: Financial assets at FVOCI Opening balance as at January 1, 2019 321,246 Acquisitions 29,799 Dividend received and recognized in other losses - net 7,047 Closing balance December 31, 2019 351,045 Acquisitions 26,586 Dividend received and recognized in other losses - net 7,735 Closing balance as at December 31, 2020 377,631 Financial assets and liabilities of the Group measured at amortized cost include trade and other receivables, long-term receivable, term deposits, cash and cash equivalents, and trade and other payables, of which the fair values approximate their carrying amounts.

CRITICAL ACCOUNTING ESTIMATES A

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	12 Months Ended
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS	Dec. 31, 2020
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS [abstract]
Disclosure of critical accounting estimates and judgements	1. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (a) Provision for impairment of trade receivables The provision for impairment of trade receivables are recognized on the basis of exposure at default and ECL rates which include consideration of historical credit loss experience, current status and forward-looking information, taking into account the customers/debtors’ credit records, historical payment records, financial conditions and the capabilities of collaterals and guarantors comprehensively. The Group reviews the key assumptions related to ECL calculation on a regular basis. In 2020, the Group took into consideration the uncertainty affected by the COVID-19 outbreak, and incorporate relevant impacts into the key macro-economic assumptions and factors used in the forward-looking estimation, such as the risk of economy downturn, external market environment, technical environment and changes in customer’s conditions. Where the actual loss is different from the amounts that were initially recorded based on above estimate, such differences will impact the carrying value of trade receivables of the Group in future periods. (b) Goodwill Impairment Goodwill impairment reviews are undertaken at least annually or more frequently if events or changes in circumstances indicate a potential impairment. The recoverable amount of a cash-generating unit (“CGU”) or groups of CGUs when goodwill is included in the carrying amount of that unit or units is the higher of value in use and the fair value less costs to sell. In 2020, the Group’s transportation business was greatly affected by the COVID-19 outbreak and the relevant control and prevention measures. Recoverable amount of CGU when goodwill is included in the carrying amount of that unit based on value-in-use calculations which require the use of assumptions. The key assumptions used by the management is disclosed in note (9). The uncertainly of the development of COVID-19 epidemic and control measures have also increased the estimation uncertainty relating to the key assumptions used for cash flow projections, including growth rate, gross margin and pre-tax discount rate, which could lead to a different assessment result affected by the management judgement.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2020
SEGMENT INFORMATION [abstract]
Disclosure of segment information	1. SEGMENT INFORMATION The chief operating decision-makers have been identified as the senior executives of the Company. Senior executives of the Company review the Group’s internal reporting in order to assess performance and allocate resources. The operating segments were determined based on these management reports. Senior executives evaluate the business from a perspective of revenues and operating results generated from railroad and related business conducted by the Company ("the Railway Transportation Business"). Other segments mainly include on-board catering services, leasing, sales of materials, sale of goods and other businesses related to railway transportation provided by the subsidiaries of the Company. Senior executives of the Company assess the performance of the operating segments based on a measure of the profit before income tax. Other information provided, except as noted below, to senior executives of the Company is measured in a manner consistent with that in the consolidated financial statements. The segment results for 20 18, 201 9 and 2020 are as follows: The Railway Transportation Business All other segments Elimination Total 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue - Railroad and Business 18,823,379 20,025,568 15,385,428 - - - - - - 18,823,379 20,025,568 15,385,428 - Other Businesses 779,719 938,066 859,658 273,274 271,452 144,203 (48,354) (56,735) (39,923) 1,004,639 1,152,783 963,938 Total revenue 19,603,098 20,963,634 16,245,086 273,274 271,452 144,203 (48,354) (56,735) (39,923) 19,828,018 21,178,351 16,349,366 Timing of revenue recognition - Over time 19,480,546 20,826,847 16,139,060 89,590 110,214 47,619 (48,354) (56,735) (39,923) 19,521,782 20,880,326 16,146,756 - At a point in time 122,552 136,787 85,664 183,684 161,238 74,118 - - - 306,236 298,025 159,782 - Lease - - 20,362 - -- 22,466 - - - - -- 42,828 19,603,098 20,963,634 16,245,086 273,274 271,452 144,203 (48,354) (56,735) (39,923) 19,828,018 21,178,351 16,349,366 Segment result 1,120,148 1,045,581 (584,770) (26,078) (36,489) (105,975) (25,270) - - 1,068,800 1,009,092 (690,745) Finance costs - net 451 56,439 60,464 179 271 181 - - - 630 56,710 60,645 Share of results of associates, net of tax 7,177 (7,039) 22,162 - - - - - - 7,177 (7,039) 22,162 Depreciation of fixed assets 1,603,106 1,633,185 1,657,475 6,637 4,113 4,704 - - - 1,609,743 1,637,298 1,662,179 Depreciation of right-of-use assets - 53,992 54,179 - 11,332 11,332 - - - - 65,324 65,511 Amortization of leasehold land payments 44,450 - - 11,332 - - - - 55,782 - - Amortization of long-term prepaid expenses 12,596 16,008 18,886 313 430 454 - - - 12,909 16,438 19,340 Impairment of fixed assets 10,364 20,697 11,835 - - - - - - 10,364 20,697 11,835 Provision for impairment of materials and supplies 11,361 10,793 - - - - - - - 11,361 10,793 - Reversal of impairment losses on financial assets - - (78) (280) - (358) A reconciliation of the segment results to profit of 201 8 , 201 9 and 2020 is as follows: The Railway Transportation Business All other segments Elimination Total 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment result 1,120,148 1,045,581 (584,770) (26,078) (36,489) (105,975) (25,270) - - 1,068,800 1,009,092 (690,745) Income tax (expense)/credit (291,202) (262,942) 130,468 1,436 1,814 2,177 - - - (289,766) (261,128) 132,645 Profit/(Loss) for the year 828,946 782,639 (454,302) (24,642) (34,675) (103,798) (25,270) - - 779,034 747,964 (558,100) The Group is domiciled in the PRC. All the Group's revenues were generated in the PRC, and the total assets are also located in the PRC . The Railway Transportation Business All other segments Elimination Total 2019 2020 2019 2020 2019 2020 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Total segment assets 36,691,272 36,573,556 485,891 443,479 (284,030) (236,582) 36,893,133 36,780,453 Total segment assets include: Investment in associates 174,686 196,848 - - - - 174,686 196,848 Additions to non-current assets (other than financial instruments and deferred tax assets) 1,757,394 1,748,748 3,097 679 - - 1,760,491 1,749,427 Total segment liabilities 7,348,182 8,184,773 595,487 656,875 (189,817) (217,364) 7,753,852 8,624,284 Revenues of approximately RMB4,502,560,136 (2018: RMB3,966,988,000 and 2019: RMB4,400,273,000) were derived from Guangzhou Railway Group and its subsidiaries. These revenues are attributable to the Railway Transportation Business. Except that, no revenues derived from a single external customer have exceeded 10% of the total revenues.

FIXED ASSETS - NET

FIXED ASSETS - NET	12 Months Ended
FIXED ASSETS - NET	Dec. 31, 2020
FIXED ASSETS - NET [abstract]
Disclosure of fixed assets-net	1. FIXED ASSETS - NET Buildings Tracks, Locomotives Communications Other Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 At January 1, 2019 Cost 7,590,161 14,735,949 8,218,284 2,034,318 6,631,867 39,210,579 Accumulated depreciation (2,835,968) (3,522,517) (2,608,404) (1,595,335) (4,453,743) (15,015,967) Impairment (2,881) - - - (7,483) (10,364) Net book amount 4,751,312 11,213,432 5,609,880 438,983 2,170,641 24,184,248 Year ended December 31, 2019 Opening net book amount 4,751,312 11,213,432 5,609,880 438,983 2,170,641 24,184,248 Other additions 4,975 2,185 948 28 96,443 104,579 Transfer in from construction-in-progress (Note 7) 238,599 110,172 65,903 87,732 241,212 743,618 Transfer out to construction-in-progress for improvement/ modifications(Note 7) (10,523) (44,034) (484,992) (24,994) (27,658) (592,201) Transfer in from construction-in-progress after repair 27,451 121,591 716,082 28,712 58,802 952,638 Reclassifications (102) 102 238 (412) 174 - Disposals (8,529) (87,439) (49,855) (5,526) (17,468) (168,817) Depreciation charges (321,779) (214,909) (661,484) (87,880) (351,246) (1,637,298) Impairment charge (20,697) - - - - (20,697) Impairment write-off - - - - 11 11 Closing net book amount 4,660,707 11,101,100 5,196,720 436,643 2,170,911 23,566,081 At December 31, 2019 Cost 7,825,870 14,817,730 8,102,522 1,852,565 6,757,634 39,356,321 Accumulated depreciation (3,141,585) (3,716,630) (2,905,802) (1,415,922) (4,579,251) (15,759,190) Impairment (23,578) - - - (7,472) (31,050) Net book amount 4,660,707 11,101,100 5,196,720 436,643 2,170,911 23,566,081 Year ended December 31, 2020 Opening net book amount 4,660,707 11,101,100 5,196,720 436,643 2,170,911 23,566,081 Other additions 4,196 - 47,666 2,178 98,138 152,179 Transfer in from construction-in-progress (Note 7) 396,446 198,800 1,932 28,733 154,590 780,501 Transfer out to construction-in-progress for improvement/ modifications(Note 7) (129) (231,996) (434,216) (9,759) (9,028) (685,129) Transfer in from construction-in-progress after repair 6,291 292,244 744,298 38,726 20,241 1,101,800 Reclassifications - - - 45 (45) - Disposals (26,206) (95,020) (68,749) (5,747) (29,281) (225,003) Depreciation charges (335,123) (218,396) (669,210) (90,451) (348,999) (1,662,179) Impairment charge - - (11,835) - - (11,835) Closing net book amount 4,706,182 11,046,732 4,806,606 400,368 2,056,527 23,016,415 At December 31, 2020 Cost 8,183,873 14,896,863 7,750,874 1,829,279 6,837,991 39,498,880 Accumulated depreciation (3,454,113) (3,850,131) (2,932,433) (1,428,911) (4,773,992) (16,439,580) Impairment (23,578) - (11,835) - (7,472) (42,885) Net book amount 4,706,182 11,046,732 4,806,606 400,368 2,056,527 23,016,415 (a) As at December 31, 2020, the ownership certificates of certain buildings of the Group with an aggregate carrying value of approximately RMB1,518,731,000 (2019: RMB1,626,540,000) had not been obtained by the Group. These kind of buildings are classified as below: Carrying value as at December 31 2019 RMB’000 Carrying value as at December 31 2020 RMB’000 Reason for delay in obtaining the ownership certificates Certificates for buildings under application procedures 1,040,897 980,689 The Group commenced such application procedures with the respective authorities in China, there has been progress made and the Group’s management does not expect any major difficulties in obtaining the remaining ownership certificates. Certain buildings located on the land of which the land use right certificates have not been obtained 49,846 48,103 According to relevant laws and regulations in China, the land use right certificates of the land on which these buildings are located must be obtained before the Group can start the application for the respective housing ownership certificates. As a result, the Group will start to apply for the ownership certificates of these buildings after they have completed the procedures to obtain the land use right certificates. Certain buildings attached to pieces of land which is held by lease 535,797 489,939 Such land is held by lease under certain operating lease arrangements. Due to the fact that the Group does not have the underlying land use right certificates for such land, therefore, the Group cannot apply for the respective ownership certificates of the buildings constructed on top of it. According to the lease agreements and communication with the lessors, and as confirmed by the Company’s legal counsel, the Group possesses the right to use and/or own such buildings without the certificates. After consultation made with the Company’s legal counsel, the directors of the Company consider that there is no legal restriction for the Group to apply for and obtain the ownership certificates of these buildings and it should not lead to any significant adverse impact on the operations of the Group. (b) As at December 31, 2020, fixed assets of the Group with an aggregate net book value of approximately RMB171,954,000 (2019: RMB172,218,000) had been fully depreciated but they were still in use.

CONSTRUCTION-IN-PROGRESS

CONSTRUCTION-IN-PROGRESS	12 Months Ended
CONSTRUCTION-IN-PROGRESS	Dec. 31, 2020
CONSTRUCTION-IN-PROGRESS [abstract]
Disclosure of construction-in-progress	1. CONSTRUCTION-IN-PROGRESS 2019 2020 RMB’000 RMB’000 At January 1 1,828,372 2,378,974 Transfer in from fixed assets for improvement/modifications (Note 6) 592,201 685,128 Other additions 1,654,657 1,596,875 Transfer to fixed assets (Note 6) (743,618) (780,501) Transfer out to fixed assets after improvement/modifications (Note 6) (952,638) (1,101,800) At December 31 2,378,974 2,778,676 Construction-in-progress as at December 31, 2020 mainly comprise of improvement projects for road existing railway equipment in the PRC. For the year ended December 31, 2020, no interest expense (2019: nil) had been capitalized in the construction-in-progress balance as there were no third party borrowings during the year. As at December 31, 2020, the balance of the provision for writing down the construction-in-progress was approximately RMB15,456,000 (2019: RMB15,456,000).

RIGHT-OF-USE ASSETS AND LEASE L

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES	12 Months Ended
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES	Dec. 31, 2020
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES [abstract]
Disclosure of right-of-use and lease liabilities	1. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES 2020 Land use right (a) Lease of Land use right Total RMB’000 RMB’000 RMB’000 Cost As at January 1 2,389,526 1,177,246 3,566,772 Additions(b) 9,355 202,008 211,363 As at December 31 2,398,881 1,379,254 3,778,135 Accumulated depreciation As at January 1 (515,776) (13,378) (529,154) Additions(b) (52,133) (13,378) (65,511) As at December 31 (567,909) (26,756) (594,665) Net book value As at December 31 1,830,972 1,352,498 3,183,470 As at January 1 1,873,750 1,163,868 3,037,618 The amounts recognized in the Consolidated Comprehensive Income Statement for the year relating to the lease contracts are as follows: 2019 2020 RMB’000 RMB’000 Depreciation charge of right-of-use assets 65,324 65,511 Interest expense on lease liabilities 57,670 57,629 Expense relating to short-term leases 684,037 846,606 807,031 969,746 The total cash outflow for leases in 2020 was RMB907,355,000(2019: RMB743,657,000) The remaining lease period of right-of-use assets as at December 31, 2020 was lease of between 11 to 86 years. (a) As at December 31, 2020, the ownership certificates of land with an aggregate carrying value of approximately RMB56,881,000 that was acquired through assets/business acquisition and group restructuring have not yet been changed from the names of the respective original owners to the name of the Company; and the ownership certificates of the land use rights of the Group with an aggregate carrying value of approximately RMB1,182,379,000 (2019: RMB1,201,115,000) had not been obtained by the Group due to the following fact: Carrying value as at 2020 RMB’000 Reason for delay in obtaining the ownership certificates Certain pieces of land associated with the operations of Guangshen Line IV, one of the railway lines operated by the Company 1,182,379 Due to the fact that Guangshen Line IV spans across several cities, counties and villages in China, it is practically cumbersome and time consuming for the Group to coordinate and execute the procedures for acquiring the respective land use rights certificates with the respective local bureaus and authorities governing the title registration and transfer, and therefore, the progress of acquiring the formal title certificates has been progressing slowly. After consultation made with the Company’s legal counsel, the directors of the Company consider that there is no legal restriction for the Group or the Company to apply for and obtain the land use right certificates and it should not lead to any significant adverse impact on the operations of the Group or the Company. (b) As at December 31, 2020, the Group recognized an addition of right-of-use assets and lease liabilities amounted to RMB202,008,000 to reflect the latest lease payment arrangement with Guangzhou Railway Group (note 2.26).

GOODWILL

GOODWILL	12 Months Ended
GOODWILL	Dec. 31, 2020
GOODWILL [abstract]
Disclosure of goodwill	1. GOODWILL RMB’000 Year ended December 31, 2019 and 2020 Opening net book amount 281,255 Additions - Impairment - Closing net book amount 281,255 At December 31, 2019 and 2020 Cost 281,255 Accumulated impairment - Net book amount 281,255 On December 31, 2020 and 2019, the outstanding balance of goodwill arose from the excess of a purchase consideration paid by the Company over the aggregate fair values of the identifiable assets, liabilities and contingent liabilities of the Yangcheng Railway Business acquired by the Company in 2007. On January 1, 2009, the Group integrated the Yangcheng Railway Business with the Group’s railway business in order to improve the operation efficiency. As a result, the management considers that the Yangcheng Railway Business and the Group’s other railway business (collectively the " Combined Railway Transportation Business " ) represents the lowest level of CGUs within the Group at which goodwill is monitored for internal management purposes. As a result, the goodwill balance has been allocated to the CGU comprising the Combined Railway Transportation Business. The recoverable amount of the CGU is determined based on higher of value-in-use and fair value less costs to sell. These calculations use pre-tax cash flow projections based on financial forecasts prepared by management covering a five-year period. Cash flows beyond the five-years period are extrapolated using the estimated growth rates stated below. Goodwill is allocated to CGU for the purpose of impairment testing, by comparing the carrying amount with the recoverable amount of Combined Railway Transportation Business. If the recoverable amount is lower than the carrying amount, the difference is recognized directly in profit or loss. The allocation is not changed in 2020. In 2020, the Group’s Combined Railway Transportation Business was greatly affected by the COVID-19 outbreak and the relevant control and prevention measures. Based on the assessment result, there is no need to recognize impairment charges against goodwill. By taking into consideration of the uncertainly of the development of COVID-19 outbreak and the relevant control and prevention measures, the Group estimated the growth rate and gross margin based on past experience and its expectations for the market development. The management expect the impact of the COVID-19 epidemic on the Group’s business would recover in the coming 1-2 years, and the revenue growth rate within the five-year period would reach up to 32%. Cash flows beyond the five-year period are extrapolated using the estimated growth rates, which doesn’t exceed the long-term average growth rate of the industry. The discount rate used is pre-tax and reflect specific risks relating to the railway transportation business segment. As at December 31, 2020, the recoverable amount calculated based on value-in-use exceeded carrying value of the CGU by RMB3,937 million (2019: RMB4,997 million). The key assumptions used for value-in-use calculations are as follows: Railroad business 2019 2020 Revenue growth rate (within the five-year period) 8% 8% - 32% Long-term growth rate (beyond the five-year period) 2% 3% Gross margin 8% - 16% 3% - 8% Pre-tax discount rate 12% 12% Even if the long-term growth rate used in the value-in-use calculation for the CGU in Combined Railway Transportation Business had been 10% lower than management’s estimates as at December 31, 2020, the Group would not need to recognize impairment charges against goodwill. Even if the estimated pre-tax discount rate applied to the discounted cash flows for the CGU in Combined Railway Transportation Business had been 1% higher than management’s estimates as at December 31, 2020, the Group would not need to recognize impairment charges against goodwill.

SUBSIDIARIES

SUBSIDIARIES	12 Months Ended
SUBSIDIARIES	Dec. 31, 2020
SUBSIDIARIES [abstract]
Disclosure of subsidiaries	1. SUBSIDIARIES The following is a list of the principal subsidiaries at December 31, 2020: Name of the entity Place of incorporation and nature of legal entity Principal activities and place of operation Proportion of equity interests held by the Company (%) Proportion of equity interests held by the Group (%) Proportion of equity interests (%) Registered capital RMB’000 Dongguan Changsheng Enterprise Company Limited China, Warehousing in the PRC 51% 51% 49% 38,000 Shenzhen Fu Yuan Enterprise Development Company Limited China, Hotel management in the PRC 100% 100% - 18,500 Shenzhen Pinghu Qun Yi Railway Store Loading and Unloading Company Limited China, Cargo loading and unloading, warehousing, freight transportation in the PRC 100% 100% - 10,000 Shenzhen Guangshen Railway Economic and Trade Enterprise Company Limited China, Catering management in the PRC 100% 100% - 2,000 Shenzhen Railway Station Passenger Services Company Limited China, Catering services and sales of merchandise in the PRC 100% 100% - 1,500 Guangshen Railway Station Dongqun Trade and Commerce Service Company Limited China, Sales of merchandises in the PRC 100% 100% - 1,020 Guangzhou Railway Huangpu Service Company Limited China, Cargo loading and unloading, warehousing, freight transportation in the PRC 100% 100% - 379 Zengcheng Lihua Stock Company Limited ("Zengcheng Lihua”)(i) China, Real estate construction, provision of warehousing, cargo uploading and unloading services in the PRC 44.72% 44.72% 55.28% 107,050 (i) According to the Articles of Association of Zengcheng Lihua, the remaining shareholders are all natural persons and none of these individuals holds more than 0.5% equity interest in Zengcheng Lihua. All directors of Zengcheng Lihua were appointed by the Company. After considering all shareholders of Zengcheng Lihua other than the Company are individuals with individual interest holding of less than 0.5% and such individuals do not act in concert, and also all directors of Zengcheng Lihua were appointed by the Company, the directors of the Company consider that the Company has the de facto control over the board and the substantial financial and operating decisions of Zengcheng Lihua. As at December 31, 2020, the non-wholly owned subsidiaries individually and in aggregate is not significant to the Group. Therefore, financial information of the non-wholly owned subsidiaries are not disclosed

INVESTMENTS IN ASSOCIATES

INVESTMENTS IN ASSOCIATES	12 Months Ended
INVESTMENTS IN ASSOCIATES	Dec. 31, 2020
INVESTMENTS IN ASSOCIATES [abstract]
Disclosure of investments in associates	1. INVESTMENTS IN ASSOCIATES 2019 2020 RMB’000 RMB’000 Share of net assets 174,686 196,848 Less: provision for impairment - - 174,686 196,848 The movement of investments in associates of the Group during the year is as follows: 2018 2019 2020 RMB’000 RMB’000 RMB’000 Beginning of the year 174,548 181,725 174,686 Share of results after tax 7,177 (7,039) 22,162 End of the year 181,725 174,686 196,848 As at December 31, 2020, the Group had direct interests in the following companies which are incorporated/established and are operating in the PRC: Name of the entity Percentage of equity interest attributable to the Company Paid-in capital Principal activities Guangzhou Tiecheng Enterprise Company Limited ( " Tiecheng " ) 49% RMB343,050,000 Properties leasing and trading of merchandise Shenzhen Guangzhou Railway Civil Engineering Company ( " Shentu " ) 49% RMB64,000,000 Construction of railroad properties The above associates are limited liability companies and are unlisted companies. There are no significant contingent liabilities relating to the Group’s interest in the associates and there are no significant restrictions on the transfer of assets or earnings from the associates to the Group. Set out below are the summarized financial information for Tiecheng and Shentu which are accounted for using the equity method in the consolidated financial statements. Summarized balance sheets Tiecheng Shentu 2019 　 2020 2019 　 2020 RMB’000 RMB’000 RMB’000 RMB’000 Current assets 77,732 93,571 1,612,909 1,974,930 Non-current assets 361,864 373,860 12,941 10,209 Total assets 439,596 467,431 1,625,850 1,985,139 Current liabilities 223,295 221,928 1,485,647 1,828,909 Equity 216,301 245,503 140,203 156,230 Share of net assets 105,987 120,296 68,699 76,552 Carrying amount of interest in associates 105,987 120,296 68,699 76,552 Summarized comprehensive income statements Tiecheng Shentu 2018 2019 2020 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 45,017 45, 673 43,241 851,701 1,222,250 1,519,711 Net profit/(loss) 11,039 (23,350) 29,202 3,608 8,986 16,027 Total comprehensive income for the year 11,039 (23,350) 29,202 3,608 8,986 16,027 Reconciliation of the summarized financial information presented to the carrying amount of its interests in associates as follows: Tiecheng Shentu Total 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Opening net assets 228,612 239,651 216,301 127,609 131,217 140,203 356,221 370,868 356,504 P rofit/(loss) for the year 11,039 (23,350) 29,202 3,608 8,986 16,027 14,647 (14,364) 45,229 Closing net assets 239,651 216,301 245,503 131,217 140,203 156,230 370,868 356,504 401,733 Percentage of ownership interest 49% 49% 49% 49% 49% 49% 49% 49% 49% Carrying value 117,429 105,987 120,296 64,296 68,699 76,552 181,725 174,686 196,848

DEFERRED TAX ASSETS_(LIABILITIE

DEFERRED TAX ASSETS/(LIABILITIES)	12 Months Ended
DEFERRED TAX ASSETS/(LIABILITIES)	Dec. 31, 2020
DEFERRED TAX ASSETS/(LIABILITIES) [abstract]
Disclosure of deferred tax assets/(liabilities)	1. DEFERRED TAX ASSETS/(LIABILITIES) 2019 2020 RMB’000 RMB’000 Deferred tax assets 366,348 496,920 Less: Offsetting of deferred tax liabilities (75,098) (73,966) Deferred tax assets (net) 291,250 422,954 Deferred tax liabilities (136,503) (132,879) Less: Offsetting of deferred tax assets 75,098 73,966 Deferred tax liabilities (net) (61,405) (58,913) 229,845 364,041 The analysis of deferred tax assets and deferred tax liabilities is as follows: 2019 2020 RMB’000 RMB’000 Deferred tax assets: - Deferred tax assets to be recovered after more than 12 months 144,415 394,474 - Deferred tax assets to be recovered within 12 months 221,933 102,446 366,348 496,920 Deferred tax liabilities: - Deferred tax liabilities to be recovered after more than (133,854) (127,105) - Deferred tax liabilities to be recovered within 12 months (2,649) (5,774) (136,503) (132,879) The movement in deferred tax assets and liabilities of the Group during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: At 2019 (Charged)/ At Credited/ (Charged) At December 31 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets: Deductible tax losses - - - 302,586 302,586 Impairment provision for receivables 17,841 (20) 17,821 (27) 17,794 Impairment provision for fixed assets and construction-in-progress 6,455 5,171 11,626 2,959 14,585 Impairment provision for materials and supplies 9,455 (5,045) 4,410 (4,410) - Differences in accounting base and tax base of government grants 25,429 (2,178) 23,251 2,015 25,266 Differences in accounting base and tax base of employee benefits obligations 45,740 5,063 50,803 35,317 86,120 Loss on disposal of fixed assets 13,348 11,767 25,115 (968) 24,147 Difference in accounting base and tax base of party organization activity fee 7,973 8,303 16,276 10,146 26,422 Difference in accounting base and tax base in the recognition of land disposal proceed 146,781 65,236 212,017 (212,017) - Others - 5,029 5,029 (5,029) - 273,022 93,326 366,348 130,572 496,920 At (Credited) / Charged At (Credited) / Charged At RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax liabilities: Differences in accounting base and tax base in recognition of fixed assets 5,270 (19) 5,251 (493) 4,758 Differences in accounting base and tax base in recognition of leasehold land payments 63,897 (2,493) 61,404 (2,491) 58,913 Changes in the fair value of available-for-sale financial assets 60,647 - 60,647 - 60,647 Others 9,811 (610) 9,201 (640) 8,561 139,625 (3,122) 136,503 (3,624) 132,879 Deferred income tax assets are recognized for tax loss carry-forwards and other temporary difference to the extent that the realization of the related tax benefit through future taxable profits is probable. The Group did not recognize deferred income tax assets in respect of tax losses and other temporary difference amounting to RMB247,705,000(2019: RMB154,921,000) arising from operations of subsidiaries which do not foresee to have enough tax deductible assessable profits in the near future. 2019 2020 RMB’000 RMB’000 Tax losses that can be carried forward (a) 142,469 235,403 Deductible temporary differences 12,452 12,302 154,921 247,705 (a) The tax loss carry-forwards in which no deferred income tax assets were recognized will expire in the following years: 2019 2020 RMB’000 RMB’000 2020 16,745 - 2021 22,090 22,090 2022 22,245 22,245 2023 36,393 36,393 2024 44,996 44,996 2025 - 109,679 142,469 235,403

LONG-TERM PREPAID EXPENSES

LONG-TERM PREPAID EXPENSES	12 Months Ended
LONG-TERM PREPAID EXPENSES	Dec. 31, 2020
LONG-TERM PREPAID EXPENSES [abstract]
Disclosure of long-term prepaid expenses	1. LONG-TERM PREPAID EXPENSES The long-term prepaid expenses mainly represented staff uniforms. The movements of long-term prepaid expenses are set forth as follows: 2019 2020 RMB’000 RMB’000 At January 1 Cost 118,944 129,575 Accumulated amortization (72,330) (88,768) Net book amount 46,614 40,807 Year ended December 31 Opening net book amount 46,614 40,807 Additions 10,631 22,422 Amortization (16,438) (19,340) Closing net book amount 40,807 43,889 At December 31 Cost 129,575 151,997 Accumulated amortization (88,768) (108,108) Net book amount 40,807 43,889

FINANCIAL INSTRUMENTS BY CATEGO

FINANCIAL INSTRUMENTS BY CATEGORY	12 Months Ended
FINANCIAL INSTRUMENTS BY CATEGORY	Dec. 31, 2020
FINANCIAL INSTRUMENTS BY CATEGORY [abstract]
Disclosure of financial instruments by category	1. FINANCIAL INSTRUMENTS BY CATEGORY 2019 2020 RMB’000 RMB’000 Financial assets Financial assets at amortized cost Trade and other receivables excluding prepayments (Notes 20 and 21) 4,746,988 4,317,539 Term deposits (Note 16) - 220,000 Cash and cash equivalents (Note 22) 1,562,334 1,485,232 Long-term receivable (Note 17) 26,103 23,734 FVOCI (Note 15) 351,045 377,631 Total 6,686,470 6,424,136 2019 2020 RMB’000 RMB’000 Financial liabilities Liabilities at amortized cost Trade and other payables excluding non-financial liabilities (Notes 2 7 and 2 9 ) 2,683,828 3,417,934 Payables for fixed assets and construction-in-progress 1,802,592 2,914,696 Dividends payable 12,890 13,749 Lease liabilities 1,176,426 1,175,565 Total 5,675,736 7,521,944

FINANCIAL ASSETS AT FAIR VALUE

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2020
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME [abstract]
Disclosure of financial assets at fair value through other comprehensive income	1. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (a) Classification of financial assets at FVOCI Financial assets at FVOCI are e quity securities which are strategic investments not held for trading, and which the Group has irrevocably elected at initial recognition to recognize in this category. (b) Equity investments at fair value through other comprehensive income 2019 2020 RMB’000 RMB’000 Non-current assets Investments in unlisted companies 351,045 377,631 The FVOCI mainly represent equity interests held by the Group in certain unlisted companies with percentage ownership less than 2% individually. On disposal of these equity investments, any related balance within the FVOCI reserve is reclassified to retained earnings. (c) Amounts recognized in profit or loss and other comprehensive income During the year, the following gains were recognized in profit or loss and other comprehensive income. 2020 2019 RMB’000 RMB’000 Dividends from equity investments at FVOCI recognized in profit or loss in other losses - net (Note 33) 7,735 7,047 - Related to investments held at the end of the reporting period 7,735 7,047 (d) Fair value Information about the methods and assumptions used in determining fair value is provided in note 3.3. All of the financial assets at FVOCI are denominated in RMB. For an analysis of the sensitivity of the assets to price risk refer to note 3.1(a)(iii).

TERM DEPOSITS

TERM DEPOSITS	12 Months Ended
TERM DEPOSITS	Dec. 31, 2020
TERM DEPOSITS [abstract]
Disclosure of term deposits	1. TERM DEPOSITS 2019 2020 RMB’000 RMB’000 Current assets Short term deposits - 60,000 Non-current assets Long term deposits - 160,000 The original effective interest rate of term deposits was 3.63% per annum (2019: 1.53% per annum).

LONG-TERM RECEIVABLE

LONG-TERM RECEIVABLE	12 Months Ended
LONG-TERM RECEIVABLE	Dec. 31, 2020
LONG-TERM RECEIVABLE [abstract]
Disclosure of long-term receivable	1. LONG-TERM RECEIVABLE The long-term receivable balance represents freight service fees receivable from a third party customer which was acquired from Yangcheng Railway Business. On the acquisition date of Yangcheng Railway Business, it was remeasured at its then fair value, which was assessed by the discounted cash flow method by making reference to the repayment schedule agreed by both parties. The balance is subsequently carried at amortized cost using an average effective interest rate of 6.54%. The balance approximated its fair value as at December 31, 2020 and 2019.

ASSETS CLASSIFIED AS HELD FOR S

ASSETS CLASSIFIED AS HELD FOR SALE	12 Months Ended
ASSETS CLASSIFIED AS HELD FOR SALE	Dec. 31, 2020
ASSETS CLASSIFIED AS HELD FOR SALE [abstract]
Disclosure of assets classified as held for sale	1. ASSETS CLASSIFIED AS HELD FOR SALE Out of the demand for urban planning, Guangzhou Land Development Center ("GLDC"), the official land reserve institution of the People’s Government of Guangzhou Municipality, requested retrieval of the land owned by the Group together with two other independent third parties. On 19 April 2018, the Group together with two other independent third parties entered into a land use right transfer agreement with GLDC. According to the agreement, the land and the auxiliary facilities will be transferred to GLDC once the evacuation and demolition is complete. On the date of signing the agreement, the Group classified such assets as assets classified as held for sale. The transfer of assets was completed in 2020 and gains on disposal of such assets was recognized as “derecognition of land use right” in the amount of RMB1,188,645,000.

MATERIALS AND SUPPLIES

MATERIALS AND SUPPLIES	12 Months Ended
MATERIALS AND SUPPLIES	Dec. 31, 2020
MATERIALS AND SUPPLIES [abstract]
Disclosure of materials and supplies	1. MATERIALS AND SUPPLIES 2019 2020 RMB’000 RMB’000 Raw materials 171,532 197,242 Reusable rail-line track materials 58,502 54,704 Accessories 40,224 43,584 Retailing consumables 1,001 876 271,259 296,406 The costs of materials and supplies consumed by the Group during the year were recognized as "operating expenses" in the amount of RMB1,296,779,000 (2019: RMB1,736,886,000). As at December 31, 2020, no balance of the provision was provided for writing down the materials and supplies to their net realizable values (2019: RMB17,640,000). During the year, no additional provision was made (2019: RMB14,242,000), no balance was reversed as the recovery price increased (2019: RMB3,449,000) and RMB17,640,000 was written off arising from realization of losses in the disposal of these assets (2019: RMB 30,973,000).

TRADE RECEIVABLES

TRADE RECEIVABLES	12 Months Ended
TRADE RECEIVABLES	Dec. 31, 2020
TRADE RECEIVABLES [abstract]
Disclosure of trade receivables	1. TRADE RECEIVABLES 2019 2020 RMB’000 RMB’000 Trade receivables 4,563,219 3,782,381 Including: receivables from related parties 3,477,558 2,955,797 Less: Provision for impairment of receivables (61,135) (60,704) 4,502,084 3,721,677 As at December 31, 2019 and 2020, the Group’s trade receivables were all denominated in RMB. The majority of the trade receivable were from state-owned railroad companies or companies in transportation industry. The passenger railroad services are usually transacted on a cash basis. The Group does not have formal contractual credit terms agreed with its customers for freight services but the trade receivables are usually settled within a period less than one year. As a result, the Group regards any receivable balance within one year being not overdue. The aging analysis of the outstanding trade receivables is as follows: 2019 2020 RMB’000 RMB’000 Within 1 year 3,558,842 2,773,713 Over 1 year but within 2 years 747,600 653,062 Over 2 years but within 3 years 172,482 306,410 Over 3 years 84,295 49,196 4,563,219 3,782,381 The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss provision for all trade receivables. Movements on the provision for impairment of trade receivables are as follows: 2018 2019 2020 RMB’000 RMB’000 RMB’000 At December 31 6,203 61,212 61,135 Change of accounting policy 60,704 - - At January 1 66,907 61,212 61,135 Reversal of impairment loss provision (5,689) - (358) Written-off (6) (77) (73) At December 31 61,212 61,135 60,704 The maximum exposure to credit risk at the reporting date is the carrying value mentioned above. The Group does not hold any collateral as security.

PREPAYMENTS AND OTHER RECEIVABL

PREPAYMENTS AND OTHER RECEIVABLES	12 Months Ended
PREPAYMENTS AND OTHER RECEIVABLES	Dec. 31, 2020
PREPAYMENTS AND OTHER RECEIVABLES [abstract]
Disclosure of prepayments and other receivables	1. PREPAYMENTS AND OTHER RECEIVABLES 2019 2020 RMB’000 RMB’000 Due from third parties 282,229 452,921 Due from related parties 83,848 242,601 366,077 695,522 2019 2020 RMB’000 RMB’000 Other receivables 255,494 606,452 Less: Provision for impairment (10,590) (10,590) Other receivables, net (Note (a)) 244,904 595,862 Prepayments (Note (b)) 121,173 99,660 366,077 695,522 (a) Other receivables mainly represent miscellaneous deposits and receivables arising from the course of provision of non-railway transportation services by the Group. Movements on the provision for impairment of other receivables are as follows: 2018 2019 2020 RMB’000 RMB’000 RMB’000 At December 31 13,325 10,590 10,590 Change of accounting policy 5,527 - - At January 1 18,852 10,590 10,590 Provision for impairment loss 4,631 - - Reversal of impairment loss provision (2) - - Written-off (12,891) - - At December 31 10,590 10,590 10,590 (b) Prepayments mainly represent amounts paid in advance to the suppliers for utilities and other operating expenses of the Group. As of December 31, 2020, the input VAT with related invoices not been received or verified amounted to RMB94,536,000 (2019: RMB101,317,000). The carrying amounts of the Group’s prepayments and other receivables are denominated in the following currencies: 2019 RMB’000 RMB’000 RMB 365,364 695,522 HKD 713 - 366,077 695,522 The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does not hold any collateral as security.

CASH AND CASH EQUIVALENTS AND S

CASH AND CASH EQUIVALENTS AND SHORT-TERM DEPOSITS	12 Months Ended
CASH AND CASH EQUIVALENTS AND SHORT-TERM DEPOSITS	Dec. 31, 2020
CASH AND CASH EQUIVALENTS [abstract]
Disclosure of cash and cash equivalents	1. CASH AND CASH EQUIVALENTS AND SHORT-TERM DEPOSITS 2019 2020 RMB’000 RMB’000 Cash at bank and on hand 1,562,334 1,485,232 Term deposits with initial term not more than three months - - 1,562,334 1,485,232 (a) The carrying amounts of the cash and cash equivalents and short-term deposits are denominated in the following currencies: 2019 2020 RMB’000 RMB’000 RMB 1,473,434 1,458,200 HKD 88,892 27,003 USD 8 29 1,562,334 1,485,232

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
SHARE CAPITAL	Dec. 31, 2020
SHARE CAPITAL [abstract]
Disclosure of share	1. SHARE CAPITAL As at December 31, 2019 and 2020, the total authorized number of ordinary shares is 7,083,537,000 shares with a par value of RMB1.00 per share. These shares are divided into A shares and H shares. They rank pari passu against each other and they were fully paid up. As at December 31 2018 Movement As at December 31 2019 Movement As at RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Authorized, issued and fully paid: Listed shares - H shares 1,431,300 - 1,431,300 - 1,431,300 - A shares 5,652,237 - 5,652,237 - 5,652,237 Total 7,083,537 - 7,083,537 - 7,083,537

RESERVES

RESERVES	12 Months Ended
RESERVES	Dec. 31, 2020
RESERVES [abstract]
Disclosure of reserves	1. RESERVES According to the provisions of the Articles of Association of the Company, the Company shall first set aside 10% of its profit after tax attributable to shareholders as indicated in the Company’s statutory financial statements for the statutory surplus reserve (except where the reserve has reached 50% of the Company’s registered share capital) in each year. The Company may also make appropriations from its profit attributable to shareholders to a discretionary surplus reserve, provided that it is approved by a resolution passed in a shareholders’ general meeting. These reserves cannot be used for purposes other than those for which they are created and are not distributable as cash dividends without the prior approval obtained from the shareholders in a shareholders’ general meeting under specific circumstances. When the statutory surplus reserve is not sufficient to make good for any losses of the Company in previous years, the current year profit attributable to shareholders shall be used to make good the losses before any allocations are set aside for the statutory surplus reserve. The statutory surplus reserve, the discretionary surplus reserve and the share premium account could be converted into share capital of the Company provided it is approved by a resolution passed in a shareholders’ general meeting with the provision that the ending balance of the statutory surplus reserve does not fall below 25% of the registered share capital amount. The Company may either allot newly created shares to the shareholders at the same proportion of the existing number of shares held by these shareholders, or it may increase the par value of each share. For the year ended December 31, 2018, 2019 and 2020, the directors proposed the following appropriations to reserves of the Company: 2018 2018 2019 2019 2020 2020 Percentage RMB’000 Percentage RMB’000 Percentage RMB’000 Statutory surplus reserve 10% 83,612 10% 78,264 - - In accordance with the provisions of the Articles of Association of the Company, the profit after appropriation to reserves and available for distribution to shareholders shall be the lower of the retained earnings determined under (a) PRC GAAP or (b) IFRS. Due to the fact that the statutory financial statements of the Company have been prepared in accordance with PRC GAAP, the retained earnings so reported may be different from those reported in the statement of changes in shareholders’ equity prepared under IFRS contained in these financial statements. The main difference between the retained earnings of the Company determined under PRC GAAP and those determined under IFRS was relating to accounting policies in respect of investment in associates adopted under PRC GAAP and IFRS. For the year 2018, 2019 and 2020, the movement of " Special reserve - Safety Production Fund " 2018 2019 2020 RMB’000 RMB’000 RMB’000 Beginning of the year - - - Appropriation for retained earnings 242, 456 264,871 281,277 Utilization (242,456) (264,871) (281,277) End of the year - - - The Company is engaged in passenger and freight transportation business. In accordance with the regulations issued by Ministry of Finance and State Administration of Work Safety of the PRC, the Company is required to establish a special reserve ("Safety Production Fund") calculated based on the passenger and freight transportation revenue of the previous year using the following percentages: (a) (b) The Safety Production Fund is mainly used for the renovation and maintenance of security equipment and facilities. For the purpose of the consolidated financial statements under IFRS, such reserve is established through an appropriation from retained earnings based on the aforementioned method. When the Safety Production Fund is actually utilized, the actual expenses incurred are charged to profit or loss. Financial assets at FVOCI The Group has elected to recognize changes in the fair value of certain investments in equity securities in OCI, as explained in note 2.10. These changes are accumulated within the FVOCI reserve within equity. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognized.

DEFERRED INCOME

DEFERRED INCOME	12 Months Ended
DEFERRED INCOME	Dec. 31, 2020
DEFERRED INCOME [abstract]
Disclosure of deferred income	1. DEFERRED INCOME 2019 2020 RMB’000 RMB’000 Government grants 97,467 104,939 Government grants relating to costs are deferred and recognized in the profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis over the expected lives of the related assets.

EMPLOYEE BENEFITS OBLIGATIONS

EMPLOYEE BENEFITS OBLIGATIONS	12 Months Ended
EMPLOYEE BENEFITS OBLIGATIONS	Dec. 31, 2020
EMPLOYEE BENEFITS OBLIGATIONS [abstract]
Disclosure of employee benefits obligations	1. EMPLOYEE BENEFITS OBLIGATIONS 2020 2019 RMB’000 RMB’000 Employee benefits obligations 24,487 26,345 Less: current portion included in accruals and other payables (Note 29) (24,487) (26,345) - - Pursuant to a redundancy plan implemented by the Group in 2006, selected employees who had met certain specified criteria and accepted voluntary redundancy were provided with an offer of early retirement benefits, up to their official age of retirement. Such arrangements required specific approval granted by management of the Group. With the acquisition of the Yangcheng Railway Business in 2007 and Guangmeishan Railway Company Limited (“GRCL”) Business and Guangdong Sanmao Railway Company Limited (“GSRC”) Business in 2016, the Group has also assumed certain retirement and termination benefits obligations associated with the operations of Yangcheng Railway Business, GRCL Business and GSRC Business. These obligations mainly include the redundancy termination benefits similar to those mentioned above, as well as the obligation for funding post-retirement medical insurance premiums of retired employees before the respective acquisitions. The employee benefits obligations have been provided for by the Group at amounts equal to the total expected benefit payments. Where the obligation does not fall due within twelve months, the obligation payable has been discounted using a pre-tax rate that reflects management’s current market assessment of the time value of money and risk specific to the obligation. The discount rate was determined with reference to treasury bond yields in the PRC. The movement in the employee benefits obligation during current year is as follows: 2019 2020 RMB’000 RMB’000 At January 1 28,389 26,345 Additions - - Payments (2,044) (1,858) At December 31 26,345 24,487

TRADE PAYABLES

TRADE PAYABLES	12 Months Ended
TRADE PAYABLES	Dec. 31, 2020
TRADE PAYABLES [abstract]
Disclosure of trade payables	1. TRADE PAYABLES 2019 2020 RMB’000 RMB’000 Payables to third parties 844,487 812,629 Payables to related parties 693,611 1,261,293 1,538,098 2,073,922 The aging analysis of trade payables was as follows: 2019 2020 RMB’000 RMB’000 Within 1 year 1,424,775 1,874,224 Over 1 year but within 2 years 61,371 146,717 Over 2 years but within 3 years 16,726 8,993 Over 3 years 35,226 43,988 1,538,098 2,073,922

CONTRACT LIABILITES

CONTRACT LIABILITES	12 Months Ended
CONTRACT LIABILITES	Dec. 31, 2020
CONTRACT LIABILITIES [abstract]
Disclosure of contract liabilities	1. CONTRACT LIABILITIES 2019 2020 RMB’000 RMB’000 Contract liabilities – advances received from customers 438,705 186,959 Contract liabilities – frequent traveler program 20,115 28,346 458,820 215,305

ACCRUALS AND OTHER PAYABLES

ACCRUALS AND OTHER PAYABLES	12 Months Ended
ACCRUALS AND OTHER PAYABLES	Dec. 31, 2020
ACCRUALS AND OTHER PAYABLES [abstract]
Disclosure of accruals and other payables	1. ACCRUALS AND OTHER PAYABLES 2019 2020 RMB’000 RMB’000 Due to third parties 1,895,881 1,401,338 Due to related parties 459,679 448,318 2,355,560 1,849,656 2019 2020 RMB’000 RMB’000 Advance received from disposal of assets classified as held for sale (Note 18) 848,066 - Payables to GIDC assumed by business combination 368,560 360,560 Other deposits received 199,483 308,890 Salary and welfare payables 222,684 418,214 Deposits received for construction projects 145,446 131,965 Other taxes payable 109,735 62,942 Amounts received on behalf of Labor Union 95,206 87,566 Deposits received from ticketing agencies 30,298 25,408 Employee benefits obligations (Note 26) 26,345 24,487 Other advance received 3,000 - Housing maintenance fund 2,431 2,480 Other payables 304,306 427,144 2,355,560 1,849,656

AUDITORS' REMUNERATION

AUDITORS' REMUNERATION	12 Months Ended
AUDITORS' REMUNERATION	Dec. 31, 2020
AUDITORS' REMUNERATION [abstract]
Disclosure of auditors' remuneration	1. AUDITORS’ REMUNERATION Auditors’ remuneration in respect of audit and non-audit services provided by the auditors for the year ended December 31, 2020 were RMB8,400,000 and RMB610,000 respectively (2018: RMB8,400,000 and RMB750,000 respectively, and 2019: RMB8,400,000 and RMB930,000 respectively).

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2020
EMPLOYEE BENEFITS [abstract]
Disclosure of employee benefits	1. EMPLOYEE BENEFITS 2018 2019 2020 R MB ’000 R MB ’000 R MB ’000 Wages and salaries 5,320,484 5,726,123 5,949,037 Provision for medical, housing scheme and other employee benefits (a) 1,296,392 1,353,800 1,326,476 Contributions to the defined contribution scheme (b) 829,539 999,020 408,922 7,446,415 8,078,943 7,684,435 (a) Housing scheme In accordance with the PRC housing reform regulations, the Group is required to make contributions to a state-sponsored housing fund at 10% or 12% of the salaries of the employees. At the same time, the employees are also required to make a contribution at 10% or 12% of the salaries out of their payroll. The employees are entitled to claim the entire sum of the fund under certain specified withdrawal circumstances. The Group has no further legal nor constructive obligation towards housing benefits of these employees offered beyond the above contributions made. (b) D efined contribution pension scheme All the full-time employees of the Group are entitled to join a statutory pension scheme. The employees would receive pension payments equal to their basic salaries payable upon their retirement up to their death. Pursuant to the PRC laws and regulations, contributions to the basic old age insurance for the Group’s local staff are to be made monthly to a government agency based on 26% of the standard salary set by the provincial government, of which 18% is borne by the Company or its subsidiaries and the remainder 8% is borne by the employees. The government agency is responsible for the pension liabilities due to the employees upon their retirement. The Group accounts for these contributions on an accrual basis and charges the related contributions to expense in the year to which the contributions relate. (c) Five highest paid individuals The five individuals whose emoluments were the highest in the Group for the year include one director (2019: one), four senior executives (2019: four) and no supervisor (2019: ni l). No remuneration has been paid by the Group to the five highest paid individuals as an inducement to join or upon joining the Group or as a compensation for loss of office. The emolument range of each individual is within the band of Nil to RMB512,000 (2019: Nil to RMB553,000).

OTHER OPERATING EXPENSES

OTHER OPERATING EXPENSES	12 Months Ended
OTHER OPERATING EXPENSES	Dec. 31, 2020
OTHER OPERATING EXPENSES [abstract]
Disclosure of other operating expense	1. OTHER OPERATING EXPENSES 2018 2019 2020 RMB’000 RMB’000 RMB’000 Passenger security inspection expenses 200,355 222,705 173,257 Carriage cleaning expenses 118,091 139,130 107,118 Train station housekeeping expenses 91,304 98,467 90,919 Staff accommodation expenses 89,069 86,445 82,634 Other safety maintenance expenses 99,433 89,831 75,726 Bunk cleaning expenses 65,536 97,899 68,125 Spring Festival related transportation expenses 55,981 67,082 42,514 Passenger transportation facility maintenance 53,363 42,572 22,434 Professional expenses 20,564 37,351 21,675 Administrative expenses and others 407,017 392,188 50,700 1,200,713 1,273,670 735,102

OTHER LOSSES - NET

OTHER LOSSES - NET	12 Months Ended
OTHER LOSSES - NET	Dec. 31, 2020
OTHER LOSSES - NET [abstract]
Disclosure of other losses - net	1. OTHER LOSSES– NET 2018 2019 2020 RMB’000 RMB’000 RMB’000 Loss on disposal of fixed assets - net (93,914) (103,560) (101,377) Interest income from banks 25,209 24,736 30,811 G overnment grants 15,223 22,492 63,061 Dividend income from FVOCI 6,473 7,047 7,735 Income from compensation 2,176 1,092 115 Impairment of fixed assets(Note 6) (10,364) (20,697) (11,835) Unwinding of interest accrued on long-term receivable 4,080 3,749 3,786 Income from disposal of subsidiaries 81 - - Renovation cost for the separation and transfer of facilities (65,735) - - Others 8,158 36,045 3,863 (108,613) (29,096) (3,841)

FINANCE COSTS - NET

FINANCE COSTS - NET	12 Months Ended
FINANCE COSTS - NET	Dec. 31, 2020
FINANCE COSTS - NET [abstract]
Disclosure of finance costs - net	1. FINANCE COSTS - NET 2018 2019 2020 RMB’000 RMB’000 RMB’000 Interest expense of lease liabilities - (57,670) (57,629) Net foreign exchange gains/ (loss) 1,044 2,592 (1,452) Bank charges (1,674) (1,632) (1,564) (630) (56,710) (60,645)

INCOME TAX EXPENSE_(CREDIT)

INCOME TAX EXPENSE/(CREDIT)	12 Months Ended
INCOME TAX EXPENSE/(CREDIT)	Dec. 31, 2020
INCOME TAX EXPENSE/CREDIT [abstract]
Disclosure of income tax expense/credit	1. INCOME TAX EXPENSE/(CREDIT) In 2018 , 2019 and 2020 , the applicable income tax rate of the Company was 25%. An analysis of the current year income tax expense/(credit) is as follows: 2018 2019 2020 RMB’000 RMB’000 RMB’000 Current income tax 435,991 357,576 1,551 Deferred income tax (Note 1 2 ) (146,225) (96,448) (134,196) 289,766 261,128 (132,645) The tax on the Group’s profit/ ( loss) before tax differs from the theoretical amount that would arise using the tax rate of the home country of the Company as follows: 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit/(Loss) before tax 1,068,800 1,009,092 (690,745) Tax calculated at the statutory rate of 25% (20 18 and 2019 : 25 %) 267,200 252,273 (172,686) Effect of expenses not deductible for tax purposes 19,647 2,921 18,939 Effect of income not subject to tax (3,432) (1,762) (7,474) Tax losses for which no deferred tax asset was recognized 9,098 11,249 27,420 Adjustments for current tax of prior periods (2,335) (2,410) 1,194 Utilization of previously unrecognized tax losses (412) (1,143) (38) Income tax expense/(credit) 289,766 261,128 (132,645)

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2020
EARNINGS PER SHARE [abstract]
Disclosure of earnings per share	1. EARNINGS PER SHARE The calculation of basic earnings/(loss) per share is based on the net profit/(loss) for the year attributable to equity holders of approximately RMB 557,876 (2018 and 2019: RMB 784,059,000 and RMB 748,439,000 ), divided by the weighted average number of ordinary shares outstanding during the year of 7,083,537,000 shares (2018 and 2019: 7,083,537,000 shares). There were no dilutive potential ordinary shares during each of the three years in the period ended December 31, 2020. The calculation of earnings/(loss) per equivalent ADS is based on the net profit/(loss) for the year attributable to equity holders, divided by the weighted average equivalent ADSs (one ADS represents 50 H Shares) outstanding during the year of 141,670,740 ADSs (2018 and 2019: 141,670,740 ADSs). 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit/(Loss) attributable to owners of the Company 784,059 748,439 (557,876) Weighted average number of ordinary shares in issue 7,083,537 7,083,537 7,083,537 W eighted average equivalent ADSs 141,670 141,670 141,670 Basic and diluted earnings/ (loss) per share RMB0.11 RMB0.11 RMB(0.08) Basic and diluted earnings/(loss) per equivalent ADS RMB5.53 RMB5.28 RMB (3.94)

DIVIDENDS

DIVIDENDS	12 Months Ended
DIVIDENDS	Dec. 31, 2020
ifrs DIVIDENDS [abstract]
Disclosure of dividends	1. DIVIDENDS No dividend was proposed for the year ended December 31, 2020 (2018 and 2019: RMB0.06, RMB425,012,000 per share).

CASH FLOW GENERATED FROM OPERAT

CASH FLOW GENERATED FROM OPERATIONS	12 Months Ended
CASH FLOW GENERATED FROM OPERATIONS	Dec. 31, 2020
CASH FLOW GENERATED FROM OPERATIONS [abstract]
Disclosure of cash flow generated from operations	1. CASH FLOW GENERATED FROM OPERATIONS (a) Reconciliation from profit/ ( loss ) before income tax to net cash generated from operations: 2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit/(Loss) before income tax: 1,068,800 1,009,092 (690,745) Adjustments for: Depreciation of fixed assets (Note 6) 1,609,743 1,637,298 1,662,179 Depreciation of right-of-use assets (Note 8) - 65,324 65,511 Impairment of fixed assets (Note 6) 10,363 20,697 11,835 Gains on disposal of assets classified as held for sale (Note 18) - - (1,188,645) Provision for impairment of materials and supplies (Note 19) 11,361 10,793 - Amortization of leasehold land payments (Note 8) 55,782 - - Loss on disposal of fixed assets and costs on repairs 261,476 161,435 165,253 Amortization of long-term prepaid expenses (Note 13) 12,909 16,438 19,340 Share of results of associates , net of tax (Note 1 1 ) (7,177) 7,039 (22,162) Dividend income on FVOCI/AFS (Note 33) (6,473) (7,047) (7,735) Investment income from liquidation of a subsidiary (Note 33) (81) - - Reversal of impairment of receivables (1,061) - (358) Amortization of deferred income (5,988) (2,299) (8,377) Interest expense on lease liabilities - 57,670 57,629 Interest income (5,845) (4,606) (8,310) Operating profit before working capital changes 3,003,809 2,971,834 55,415 De crease/(Increase) 230,877 (638,401) 780,765 Decrease in materials and supplies 39,224 16,438 2,005 Increase in prepayments and other receivables (17,218) (64,221) (108,998) Decrease in long-term receivable 7,000 6,000 6,155 I ncrease in trade payables 115,759 98,393 701,825 Increase in accruals and other payables 220,571 358,625 150,454 Net cash generated from operations 3,600,022 2,748,668 1,587,621 (b) In the cash flow statement, proceeds from disposal of fixed assets comprise: 2018 2019 2020 RMB’000 RMB’000 RMB’000 Net book amount ( Note 6 ) 284,658 168,806 225,003 Payable arising from disposal of fixed assets (6,715) (2,063) - Transfer to materials and supplies (16,075) (2,272) (27,151) Loss on disposal of fixed assets and costs on repairs (261,476) (161,435) (165,253) Proceeds from disposal of fixed assets 392 3,036 32,599

CONTINGENCY

CONTINGENCY	12 Months Ended
CONTINGENCY	Dec. 31, 2020
CONTINGENCY [abstract]
Disclosure of contingency	1. CONTINGENCY There were no significant contingent liabilities as at December 31, 2020 and up to the date of approval of these financial statements.

COMMITMENTS

COMMITMENTS	12 Months Ended
COMMITMENTS	Dec. 31, 2020
COMMITMENTS [abstract]
Disclosure of commitments	1. COMMITMENTS (a) Capital commitments As at December 31, 2020 and 2019, the Group had the following capital commitments: 2019 2020 RMB’000 RMB’000 Contracted but not provided for 804,298 444,270 Authorized but not contracted for 1,178,032 505,730 1,982,330 950,000 A substantial amount of these commitments is related to the reform of stations or facilities relating to the existing railway lines of the Company, which would be financed by self-generated operating cash flow.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2020
RELATED PARTY TRANSACTIONS [abstract]
Disclosure of related party transactions	1. RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. (a) Related parties that control the Company or are controlled by the Company: See note 10 for the principal subsidiaries. None of the shareholders is the controlling entity of the Company. (b) Nature of the principal related parties that do not control/are not controlled by the Company: (i) Guangzhou Railway Group and its subsidiaries Name of related parties Relationship with the Company Single largest shareholder and its subsidiaries Guangzhou Railway Group Single largest shareholder Guangdong Yangcheng Railway Enterprise Co., Ltd. Subsidiary of the single largest shareholder GRCL Subsidiary of the single largest shareholder GIDC Subsidiary of the single largest shareholder Guangzhou Railway Material Supply Company Subsidiary of the single largest shareholder Guangzhou Railway Station Service Center Subsidiary of the single largest shareholder Changsha Railway Construction Company Limited Subsidiary of the single largest shareholder GSRC Subsidiary of the single largest shareholder Guangzhou Yuetie Operational Development Company Subsidiary of the single largest shareholder Guangzhou Railway Rolling Stock Works Company Limited Subsidiary of the single largest shareholder Guangdong Tieqing International Travel Agency Company Limited Subsidiary of the single largest shareholder Huaihua Railway Engineer Construction Company Subsidiary of the single largest shareholder Xiashen Railway Guangdong Company Limited Subsidiary of the single largest shareholder Ganshao Railway Company Limited Subsidiary of the single largest shareholder Guangzhou Railway Real Estate Construction Engineering Co., Ltd. Subsidiary of the single largest shareholder Guangdong Yuetong Railway Logistics Company Limited Subsidiary of the single largest shareholder Sanmao Railway Company Xiaotangxi Freight Field Service Company Subsidiary of the single largest shareholder Guangzhou Railway Technology Development Co., Ltd. Subsidiary of the single largest shareholder Guangzhou Anmao Railway Consulting Construction Company Limited Subsidiary of the single largest shareholder Guangzhou Beiyang Information Technology Company Limited Subsidiary of the single largest shareholder Hunan Railway Lianchuang Technology Development Co., Ltd. Subsidiary of the single largest shareholder Guangzhou Northeast Freight Car Outer Winding Railway Co., Ltd. Subsidiary of the single largest shareholder Hunan Changtie Loading & Unloading Co., Ltd. Subsidiary of the single largest shareholder Guangzhou Ruiwei Economy Development Co., Ltd. Subsidiary of the single largest shareholder Guangzhou Railway Technology Development Surveying Co., Ltd. Subsidiary of the single largest shareholder (ii) Associates of the Group: Associates of the Group Tiecheng Associate of the Group Shentu Associate of the Group (iii) Relationship with CSRG and other railway companies On 14 March 2013, pursuant to the Approval, the previous controlling entity of Guangzhou Railway Group, MOR, had been dismantled. The administrative function of MOR were transferred to the Ministry of Transport and the newly established National Railway Bureau, and its business functions were transferred to the CSRG. Accordingly, the equity interests of Guangzhou Railway Group which was wholly controlled by MOR previously were transferred to the CSRG (“Reform”). The Reform was completed since January 1, 2017 and the Company disclosed details of transactions undertaken with CSRG Group for both years of 2020 and 2019 for reference. Unless otherwise specified, the transactions with CSRG Group disclosed below have excluded transactions undertaken with Guangzhou Railway Group and its subsidiaries. (c) In addition to those disclosed elsewhere in the financial statements, during the year, the Group had the following material transactions undertaken with related parties: (I) Material transactions undertaken with Guangzhou Railway Group and its subsidiaries: 2018 2019 2020 RMB’000 RMB’000 RMB’000 Provision of services and sales of goods Transportation related services Provision of train transportation services to Guangzhou Railway Group and its subsidiaries (i) 1,861,543 2,060,518 2,345,512 Revenue collected by CSRG for railway network usage and related services provided to Guangzhou Railway Group and its subsidiaries (ii) 1,357,512 1,563,191 1,332,346 Revenue from railway operation service provided to Guangzhou Railway Group’s subsidiaries (iii) 736,492 812,470 842,350 3,955,547 4,436,179 4,520,208 Other services Sales of materials and supplies to Guangzhou Railway Group and its subsidiaries (iv) 39,383 45,642 34,705 Services received Transportation related services Provision of train transportation services by Guangzhou Railway Group and its subsidiaries (i) 872,234 774,291 753,288 Cost settled by CSRG for railway network usage and related services provided by Guangzhou Railway Group and its subsidiaries (ii) 1,898,623 2,194,467 1,985,768 2,770,857 2,968,758 2,739,056 Other services Provision of repair and maintenance services by Guangzhou Railway Group and its subsidiaries (iv) 451,976 441,719 297,809 Purchase of materials and supplies from Guangzhou Railway Group and its subsidiaries (iv) 555,048 623,433 722,487 Provision of construction services by Guangzhou Railway Group and its subsidiaries (v) 180,147 363,424 285,616 1,187,171 1,428,576 1,305,912 (i) The service charges are determined based on a pricing scheme set by the CSRG or based on negotiation between the contracting parties with reference to actual costs incurred. (ii) Such revenues/charges are determined by the CSRG based on its standard charges applied on a nationwide basis. (iii) The service charges are levied based on contract prices determined based on a "cost plus a profit margin" and agreed between both contract ing parties. (iv) The prices are determined based on mutual negotiation between the contracting parties with reference to actual costs incurred. (v) Based on construction amount determined under national railway engineering guidelines. (vi) The amount recognized in 2020 does not include the payment of short term leases related to the lease of passenger trains paid to Guangzhou Railway Group amounting to RMB RMB292,603,000 (2019: RMB247,714,000). (I) Material transactions with CSRG and other railway companies When the passenger trains and freight trains operated by the Group pass through rail lines owned by other railway companies controlled by the CSRG, the Group need to pay those companies for the services rendered (track usage, locomotive traction and electric catenaries service, etc.), and vice versa. The charge rate of such services are instructed by the CSRG and are collected and settled by the CSRG according to its central recording and settlement systems (see details in note 2.22). In addition to those disclosed elsewhere in the financial statements, during the year, the Group had 2018 2019 2020 RMB’000 RMB’000 RMB’000 Provision of s ervices and sales of goods Transportation related services Provision of train transportation services to CSRG Group (i) 63,364 69,958 57,349 Revenue collected by CSRG for services provided to CSRG Group (ii) 2,527,897 2,479,015 2,105,206 Revenue from railway operation service provided to CSRG Group (iii) 2,012,880 2,392,333 2,214,460 4,604,141 4,941,306 4,377,015 Other services Provision of repairing services for cargo trucks to CSRG Group (ii) 337,432 370,990 436,955 Sales of materials and supplies to CSRG Group (iv) 9,099 8,330 - Provision of apartment leasing services to CSRG Group (iv) 617 574 Others - - 887 347,148 379,894 438,298 Services received and purchases made Transportation related services Provision of train transportation services by CSRG Group (i) 283,490 37,408 18,872 Cost settled by CSRG for services provided by CSRG Group (ii) (vi) 2,161,146 2,107,765 1,506,541 2,444,636 2,145,173 1,525,413 Other services Provision of repair and maintenance services by CSRG Group (iv) 9,440 29,066 28,928 Purchase of materials and supplies from CSRG Group (iv) 27,743 23,968 12,362 Provision of construction services by CSRG Group (v) 1,417 23,636 2,662 38,600 76,670 43,952 (i) The service charges are determined based on a pricing scheme set by the CSRG or based on negotiation between the contracting parties with reference to actual costs incurred . (ii) Such revenue/charges are determined by the CSRG based on its standard charges applied on a nationwide basis. (iii) The service charges are levied based on contract prices determined based on a “cost plus a profit margin” and explicitly agreed between both contracting parties. (iv) The prices are determined based on mutual negotiation between the contracting parties with reference to actual costs incurred. (v) Based on construction amounts determined under national railway engineering guidelines . (vi) The amount recognized in 2020 does not include the payment of short term leases related to the lease of passenger trains and freight trains to CSRG amounting to RMB 554,003,000 (2019: RMB436,323,000, the amount of 2018 has included such payment). (II) Revenues collected and settled through the CSRG: 2018 2019 2020 RMB’000 RMB’000 RMB’000 7,532,999 7,475,003 3,769,231 1,849,360 1,740,907 1,456,605 Other transportation related services 78,935 74,870 24,048 9,461,294 9,290,780 5,249,884 (III) Lease – as lessee: In 2020, the depreciation expense of the right-of-use assets was RMB13,378,000 (2018: not applicable and 2019: RMB13,378,000), the interest expense of lease liabilities was RMB57,629,000 (2018: not applicable and 2019 RMB57,670,000), and the actual payment to Guangzhou Railway Group was RMB60,750,000 (2018: RMB58,490,000 and 2019: RMB59,620,000). In addition, in 2020, the payment of short term leases related to the lease of passenger trains to Guangzhou Railway Group was RMB292,603,000 (2019: RMB247,714,000), the payment of short term leases related to lease of passenger trains and freight trains to CSRG was RMB554,003,000 (2019: RMB436,323,000). (d) Key management compensation The compensation paid or payable to key management for employee services is shown in note 43. (e) As at December 31, 2020 and 2019, the Group had the following material balances maintained with related parties: (I) Material balances with Guangzhou Railway Group and its subsidiaries: 2019 2020 RMB’000 RMB’000 Trade receivables 2,329,206 - Guangzhou Railway Group (i) 549,092 208,024 - Subsidiaries of Guangzhou Railway Group (i) 1,780,112 1,645,822 - Associates 2 - Prepayments and other receivables 35,430 59,580 - Guangzhou Railway Group 4 431 - Subsidiaries of Guangzhou Railway Group 35,426 59,106 - Associates - 43 Prepayments for fixed assets and construction-in-progress 4,021 - - Subsidiaries of Guangzhou Railway Group (ii) 2,815 - --Associates 1,206 - Trade payables 672,849 1,243,372 - Guangzhou Railway Group (i) 99,696 85,076 - Subsidiaries of Guangzhou Railway Group (ii) 533,726 1,147,912 - Associates 39,427 Payables for fixed assets and construction-in-progress 467,745 876,031 - Guangzhou Railway Group 23,496 122,684 - Subsidiaries of Guangzhou Railway Group 201,353 376,569 - Associates 242,896 376,778 Contract liabilities 99 436 - Subsidiaries of Guangzhou Railway Group 99 341 - Associates - 95 Accruals and other payables 450,534 443,754 - Guangzhou Railway Group 2,713 5,104 - Subsidiaries of Guangzhou Railway Group (iii) 447,821 429,442 - Associates (iv) - 9,208 (i) The trade balances due from/to Guangzhou Railway Group, subsidiaries of Guangzhou Railway Group mainly represent service fees and charges payable and receivable balances arising from the provision of passenger transportation and cargo forwarding businesses jointly with these related parties within the PRC. (ii) The trade payables due to subsidiaries of Guangzhou Railway Group mainly represent payables arising from unsettled fees for purchase of materials and provision of other services according to various service agreements entered into between the Group and the related parties. (iii) The other payables due to subsidiaries of Guangzhou Railway Group mainly represent the performance deposits received for construction projects and deposits received from ticketing agencies. (iv) The other payables due to associates mainly represent the performance deposits received for construction projects operated by associates. As at December 31, 2020 and 2019, all the balances maintained with related parties were unsecured, non-interest bearing and were repayable on demand. (I) Material balances with CSRG Group : 2019 2020 RMB’000 RMB’000 Due from CSRG Group - Trade receivables 1,148,352 1,101,951 - Other receivables 48,418 183,021 Due to CSRG Group - Trade payables and payables for fixed assets and construction-in-progress 69,335 71,082 - Other payables 3,466 4,564 As at December 31, 2020 and 2019, all the balances maintained with CSRG Group were unsecured, non-interest bearing and were repayable on demand.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [abstract]
Basis of preparation	2.1 Basis of preparation (a) Compliance with IFRS The consolidated financial statements have been prepared in accordance with all applicable International Financial Reporting Standards ("IFRS") as issued by International Accounting Standards Board ("IASB"). (b) Historical cost convention The consolidated financial statements have been prepared on a historical cost basis except for financial assets at fair value through other comprehensive income (“FVOCI”) are measured at fair value. (c) Going concern basis As at December 31, 2020, the Group had net current liabilities of RMB885,902,000 and capital expenditure contracted for but not recognized as liabilities of RMB444,270,000 (see note 40). Considering the current financial position, operating plan and usable bank facilities amounting to RMB1,500,000,000 of the Group, the Board of Directors believes that the Group has sufficient liquidity for the following 12 months. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. (d) New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for their annual reporting period commencing January 1, 2020: · Covid-19-Related Rent Concessions – amendments to IFRS 16 · Definition of Material – amendments to IAS IAS · Definition of a Business – amendments to IFRS · Revised Conceptual Framework for Financial Reporting The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. (e) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for December 31, 2020 reporting periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Effective for annual periods beginning on or after Amendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use January 1, 2022 Annual Improvements to IFRS Standards 2018–2020 January 1, 2022 Amendments to IFRS 3 Reference to the Conceptual Framework January 1, 2022 Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract January 1, 2022 Amendments to IAS 1 Classification of Liabilities as Current or Non-current January 1, 2023 Amendments to IFRS 10 and IAS 28 Sale or contribution of assets between an investor and its associate or joint venture To be determined
Subsidiaries	2.2 2.2.1 Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (a) Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the ： - fair values of the assets transferred, - liabilities incurred to the former owners of the acquired business - equity interests issued by the group - fair value of any asset or liability resulting from a contingent consideration arrangement, and - fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognized in accordance with IAS 39 in profit or loss. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and Intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. (b) Changes in ownership interests in subsidiaries without change of control The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity. (c) Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities, which means that amounts previously recognized in other comprehensive income are reclassified to profit or loss. 2.2.2 Investments in subsidiaries are accounted for at cost less impairment. Cost also includes direct attributable costs investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable. Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investee’s net assets including goodwill.
Associates	2.3 Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting after initially being recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group's investments in associates include goodwill identified on acquisition. Upon the acquisition of the ownership interest in an associate, any difference between the cost of the associate and the Group’s share of the net fair value of the associate’s identifiable assets and liabilities is accounted for as goodwill. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The Group’s share of post-acquisition profit or loss is recognized in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount within 'share of result of associates', included in the consolidated comprehensive income statement. Profits or losses and other comprehensive income resulting from upstream and downstream transactions between the Group and its associates are recognized in the Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. In the Company’s balance sheet, investments in associates are accounted for at cost less provision for impairment losses. Cost also includes direct attributable costs of investment. The results of associates are accounted for by the Company on the basis of dividend received and receivable.
Segment reporting	2.4 Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the senior executives of the Company that make strategic decisions.
Foreign currency transaction	2.5 (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in Renminbi ("RMB"), which is the Company’s functional and the Group’s presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses are presented in the consolidated comprehensive income statement within "Finance costs - net".
Fixed assets	2.6 Fixed assets are stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items (for the case of fixed assets acquired by the Company from Predecessor during the Restructuring, the revaluated amount in the Restructuring was deemed costs). Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost amount, after taking into account the estimated residual value of not more than 4% of cost, of each asset over its estimated useful life. The estimated useful lives are as follows: Buildings (a) 20 to 40 years Tracks, bridges and service roads (a) 16 to 100 years Locomotives and rolling stock 20 years Communications and signaling systems 8 to 20 years Other machinery and equipment 4 to 25 years (a) The estimated useful lives of some buildings, tracks, bridges and service roads exceed the initial lease periods of the land use rights from operation lease; and the initial period of certain land use right acquired (note 2.26), on which these assets are located. The Group will renew the term of land use right upon its expiry in strict compliance with requirements of relevant laws and regulations. There is no substantive impediment for the renewal except for public interests. In addition, based on the provision of the land use right operating lease agreement entered into with Guangzhou Railway Group (note 8), the Company can renew the lease at its own discretion upon expiry of the operating lease term. Based on the above consideration, the directors of the Company consider the current estimated useful lives of those assets to be reasonable. The assets residual values and estimated useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.11). Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within "other losses - net", included in the consolidated comprehensive income statement.
Construction-in-progress	2.7 Construction-in-progress represents buildings, tracks, bridges and service roads under construction, and mainly includes the construction related costs for the associated facilities of the existing railway lines of the Group. Construction-in-progress is stated at cost, which includes all expenditures and other direct costs, site restoration costs, prepayments attributable to the construction and interest charges arising from borrowings used to finance the construction during the construction period, less impairment loss. Construction-in-progress is not depreciated until such assets are completed and ready for their intended use. From time to time, certain railway assets of the Group require major modifications and improvements. The carrying amounts are transferred from fixed assets to construction-in-progress. The carrying amounts, including costs of modifications, are transferred back to fixed assets upon completion of the improvement projects.
Goodwill	2.8 Goodwill represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of identifiable net assets acquired. Goodwill arising from acquisitions of subsidiaries’ business is disclosed separately on the consolidated balance sheet. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units ("CGUs"), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken at least annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognized immediately as an expense and is not subsequently reversed.
Impairment of non-financial assets other than goodwill	2.10 (a) The Group classifies its financial assets in the following measurement categories: · those to be measured at amortized cost; or · those to be measured subsequently at FVOCI; The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in profit or loss or other comprehensive income (“OCI”) . For investments in equity instruments that are not held for trading, the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. (a) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on the trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. (c) At initial recognition, the Group measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Equity instruments The Group subsequently measures all equity investments at fair value. For investments in equity instruments that are not held for trading, over which the Group has no control, joint control or significant influence are measured at FVOCI. Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment, any related balance within the FVOCI reserve is reclassified to retained earnings. Dividends from such investments continue to be recognized in profit or loss as other income when the Group’s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group measures all of its debt instruments at amortized cost. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated comprehensive income statement. (d) The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost, including trade receivables, other receivables and long-term receivable. Management recognized provision for credit losses on the basis of exposure at default and ECL rates which include consideration of historical credit loss experience, current status and forward-looking information. For financial assets subject to ECL measurement except trade receivables, on each balance sheet day, the Group assesses the significant increase in credit risk since initial recognition or whether an asset is considered to be credit impaired, ‘Three-stage’ expected credit loss models are established and staging definition are set for each of these financial assets class. A financial instrument which are not considered to have significantly increased in credit risk since initial recognition is classified in ‘Stage 1’. The impairment provision is measured at an amount equal to the 12-month expected credit losses for these financial assets. If a significant increase in credit risk since initial recognition is identified but the financial instrument is not yet deemed to be credit-impaired, the financial instrument is moved to ‘Stage 2’. The impairment provision is measured based on expected credit losses on a lifetime basis. If the financial instrument is credit-impaired, the financial instrument is then moved to ‘Stage 3’. The impairment provision is measured based on expected credit losses on lifetime basis. For the financial Instruments in Stage 1 and Stage 2, the Group calculates the interest income based on its gross carrying amount (i.e. amortized cost) before adjusting for impairment provision using the effective interest method. For the financial instruments in Stage 3, the interest income is calculated based on the carrying amount of the asset, net of the impairment provision, using the effective interest method. Financial assets that are originated or purchased credit impaired are financial assets that are impaired at the time of initial recognition, and the impairment provision for these assets is the expected credit loss for the entire lifetime. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.
Investments and other financial assets	2.10 (a) The Group classifies its financial assets in the following measurement categories: · those to be measured at amortized cost; or · those to be measured subsequently at FVOCI; The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in profit or loss or other comprehensive income (“OCI”) . For investments in equity instruments that are not held for trading, the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. (a) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on the trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. (c) At initial recognition, the Group measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Equity instruments The Group subsequently measures all equity investments at fair value. For investments in equity instruments that are not held for trading, over which the Group has no control, joint control or significant influence are measured at FVOCI. Where the Group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment, any related balance within the FVOCI reserve is reclassified to retained earnings. Dividends from such investments continue to be recognized in profit or loss as other income when the Group’s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group measures all of its debt instruments at amortised cost. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated comprehensive income statement. (d) The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost, including trade receivables, other receivables and long-term receivable. Management recognized provision for credit losses on the basis of exposure at default and ECL rates which include consideration of historical credit loss experience, current status and forward-looking information. For financial assets subject to ECL measurement except trade receivables, on each balance sheet day, the Group assesses the significant increase in credit risk since initial recognition or whether an asset is considered to be credit impaired, ‘Three-stage’ expected credit loss models are established and staging definition are set for each of these financial assets class. A financial instrument which are not considered to have significantly increased in credit risk since initial recognition is classified in ‘Stage 1’. The impairment provision is measured at an amount equal to the 12-month expected credit losses for these financial assets. If a significant increase in credit risk since initial recognition is identified but the financial instrument is not yet deemed to be credit-impaired, the financial instrument is moved to ‘Stage 2’. The impairment provision is measured based on expected credit losses on a lifetime basis. If the financial instrument is credit-impaired, the financial instrument is then moved to ‘Stage 3’. The impairment provision is measured based on expected credit losses on lifetime basis. For the financial Instruments in Stage 1 and Stage 2, the Group calculates the interest income based on its gross carrying amount (i.e. amortized cost) before adjusting for impairment provision using the effective interest method. For the financial instruments in Stage 3, the interest income is calculated based on the carrying amount of the asset, net of the impairment provision, using the effective interest method. Financial assets that are originated or purchased credit impaired are financial assets that are impaired at the time of initial recognition, and the impairment provision for these assets is the expected credit loss for the entire lifetime. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.
Offsetting financial instruments	2.11 Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.
Long-term prepaid expenses	2.12 Long-term prepaid expenses include the various expenditures that have been incurred but should be recognized as expenses over more than one year in the current and subsequent periods. Long-term prepaid expenses are amortized on the straight-line basis over the expected beneficial period and are presented at actual expenditure incurred, net of accumulated amortization.
Non-current assets held for sale	2.13 Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, financial assets and investment property that are carried at fair value, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale are presented separately from the other assets in the balance sheet.
Materials and supplies	2.14 Materials and supplies are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method. Materials and supplies are charged as fuel costs and repair and maintenance expenses when consumed. The cost of materials and supplies may not be recoverable if they are damaged, become wholly or partially obsolete, or if their selling prices have declined due to various reasons. When such circumstances happen, cost of materials and supplies is written to net realizable value, which is the estimated selling price less applicable variable expenses.
Trade and other receivables	2.15 Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of trade and other receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade and other
Cash and cash equivalents	2.16 Cash and cash equivalents include cash on hand; deposits held at call with banks; and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Share capital	2.17 Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Financial liabilities	2.18 The Group’s financial liabilities include trade payables, other payables (excluding other tax payables, employee salary and benefits payables and advances), payables for fixed assets and construction-in-progress, dividends payable and lease liabilities. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. Trade payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. The Group derecognizes financial liability when, and only when, the Group’s obligations are discharged, canceled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
Current and deferred income tax	2.19 The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. (a) Current income tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the PRC where the Company’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provision where appropriate on the basis of amounts expected to be paid to the tax authorities. (b) Deferred income tax Inside basis differences Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Outside basis differences Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, and associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Generally the Group is unable to control the reversal of the temporary difference for associates. Only when there is an agreement in place that gives the Group the ability to control the reversal of the temporary difference in the foreseeable future, deferred tax liability in relation to taxable temporary differences arising from the associate’s undistributed profits is not recognized. Deferred income tax assets are recognized on deductible temporary differences arising from investments in subsidiaries, and associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilized. (c) Offsetting Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority .
Employee benefits	2.20 (a) Defined contribution plan The Group pays contributions to defined contribution schemes operated by the local government for employee benefits in respect of pension and unemployment. The Group also pays contribution to defined contribution schemes operated by Guangzhou Railway Group for employee supplementary pension benefit. The Group has no further payment obligations once the contributions have been paid. The contributions to the defined contribution schemes are recognized as staff costs when they are due. (b) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
Provisions	2.21 Provisions are recognized when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.
Revenue recognition	2.22 Revenue of the Group comprise of revenue from railroad and related business and revenue from other business. (a) The operations of the railway business of the Group form part of the nationwide railway system in the PRC and they are supervised and governed by CSRG. The Group renders the passenger transportation and freight transportation services, and the related service fees and charges are collected from customer or other railway companies by the Group. The respective fares and charges of the services, and processing of the respective revenue and cost allocation among different railway companies are done centrally by a central clearance system operated by CSRG. Revenue from passenger transportation Passenger transportation generally include transportation business of Guangzhou-Shenzhen inter-city express trains, long-distance trains and Guangzhou-Hong Kong city through trains. These services are provided by the Group as the carrier in mainland China and Hong Kong, and the corresponding revenue information is captured and processed by CSRG through the central clearance system. Revenues are recognized overtime when the train transportation services are rendered. The revenue is presented net of value-added tax. Revenue from freight transportation The Group also provides freight transportation services. Service information and computation of the attributable revenues entitled by the Group are processed by the central clearance system of CSRG. The revenues are recognized at gross amounts overtime in the accounting period in which the services are rendered. Revenue from railway network usage and other transportation related services Revenue from railway network usage and other transportation related services, mainly consist of network usage services (locomotive traction, track usage and electric catenaries service, etc.) and railway operation services and other services, are rendered by the Group together with other railway companies in the PRC. The information relating to network usage service is captured and processed by the central clearance system of CSRG. The revenue from network usage services are recognized overtime in the accounting period in which the services are rendered, and revenue can be reliably measured. Railway operation services and other services are rendered solely by the Group and all proceeds are collected by the Group directly. When the services rendered by the Group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. (b) Revenue from other business mainly consist of on-board catering services, leasing, sales of materials, sale of goods and other businesses related to railway transportation. Revenues from on-board catering services, sales of materials and supplies and sale of goods are recognized when the respective materials and goods are delivered to customers at a point of time. Revenue from operating lease arrangements on certain properties and locomotives is recognized overtime on a straight-line basis over the period of the respective leases. (c) The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.
Interest income	2.23 Interest income is recognized using the effective interest method. When a loan and receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired receivables is recognized using the original effective interest rate.
Dividend income	2.24 Dividends are recognized as other income in profit or loss when the right to receive payment is established.
Government grants	2.25 Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to fixed assets are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis over the expected lives of the related assets.
Leases	2.26 Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The Group’s right-of-use asset mainly consisted of lease of land and leasehold land payments for self-occupied purpose. For the lease of land, in connection with the acquisition of Yangcheng Railway Business, the Company signed an agreement on 15 November 2004 with Guangzhou Railway Group for leasing the land use rights associated with a parcel of land, on which the acquired assets of Yangcheng Railway Business are located. The agreement became effective upon the completion of the acquisition on January 1, 2007 and the lease term is 20 years, renewable at the discretion of the Group. The estimated useful lives of some buildings, tracks, bridges and service roads exceed the initial lease periods of the land use rights from operation lease; and the initial period of certain land use right acquired, on which these assets are located. Based on the provision of the land use right operating lease agreement entered into with Guangzhou Railway Group, the Company can renew the lease at its own discretion upon expiry of the operating lease term, and the Company expect to exercise the option to extend the lease within the remaining useful lives of those assets. Therefore the Group is reasonably certain to determine the lease term based on the remaining useful lives of those assets. For the land use rights, the Group acquired the right to use certain pieces of land for certain of its rail lines, railway stations and other businesses. The consideration paid for such land represents pre-paid lease payments, which are amortized over the lease terms of 36.5 to 50 years using the straight-line method. Land use rights are derecognized when the Group has transferred substantially all the risks and rewards of ownership. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in derecognition of land use right. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • • • • • Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: • • • If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the group entities use that rate as a starting point to determine the incremental borrowing rate. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: • • • • Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less without a purchase option. The Group as a lessee accounts for a lease modification when both of the following conditions are met: • The modification increases the scope of the lease by adding the right to use one or more underlying assets. • The consideration for the lease increases commensurate with the standalone price for the increase in scope and any adjustments to that stand-alone price reflect the circumstances of the particular contract. For a lease modification that is not accounted for as a separate lease, at the effective date of the lease modification the Group allocate the consideration in the modified contract and determine the lease term of the modified lease, and remeasure the lease liability by discounting the revised lease payments using a revised discount rate. For a modification that fully or partially decreases the scope of the lease, the Group decrease the carrying amount of the right-of-use asset to reflect partial or full termination of the lease. Any difference between those adjustments is recognized in profit or loss at the effective date of the modification. For all other lease modifications which are not accounted for as a separate lease, the Group recognize the amount of the remeasurement of the lease liability as an adjustment to the corresponding right-of-use asset without affecting profit or loss. Lease income from operating leases where the Group is a lessor is recognized in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. The Group did not need to make any adjustments to the accounting for assets held as lessor as a result of adopting the new leasing standard.
Dividend distribution	2.27 Dividend distribution to the shareholders is recognized as a liability in the Group’s and the Company’s financial statements in the period in which the dividends are approved by the shareholders of the Company.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [abstract]
Schedule of fixed assets depreciation	Buildings (a) 20 to 40 years Tracks, bridges and service roads (a) 16 to 100 years Locomotives and rolling stock 20 years Communications and signaling systems 8 to 20 years Other machinery and equipment 4 to 25 years

FINANCIAL RISK MANAGEMENT (Tabl

FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
FINANCIAL RISK MANAGEMENT (Tables)	Dec. 31, 2020
FINANCIAL RISK MANAGEMENT [abstract]
Schedule of foreign currency risk	Currency As at December 31 Monetary assets denomination 2019 2020 Cash and cash equivalents HKD 88,892 27,003 Cash and cash equivalents USD 8 29 Other receivables HKD 713 - 89,613 27,032
Schedule of loss provision for trade receivables	As at December 31, 2019 As at December 31, 2020 Carrying amount ECL rates Loss provision Carrying amount ECL rates Loss provision Portfolio 1 232,848 - - 202,484 - - Portfolio 2 4,033,727 1.42% (57,201) 3,429,198 1.68% (57,690) Portfolio 3 196,694 2.00% (3,934) 150,699 2.00% (3,014) Portfolio 4 99,950 - - - - - 4,563,219 (61,135) 3,782,381 (60,704)
Schedule of reconciliation of loss provision for trade receivables	Trade receivables 2019 RMB’000 2020 RMB’000 Opening loss provision as at January 1 61,212 61,135 Receivables written off during the year as uncollectible (77) (73) Reversal of impairment loss provision - (358) Closing loss provision at December 31 61,135 60,704
Schedule of loss provision for other financial assets at amortized cost	As at December 31, 2019 As at December 31, 2020 Carrying amount ECL rates Loss provision Carrying amount ECL rates Loss provision Stage 1 250,863 2.38% (5,959) 601,821 0.99% (5,959) Stage 2 - - - - - - Stage 3 4,631 100% (4,631) 4,631 100% (4,631) 255,494 (10,590) 606,452 (10,590)
Schedule of liquidity risk	Less than Between 1 and 5 years Over 5 years Carrying amount RMB’000 RMB’000 RMB’000 RMB’000 At December 31, 2019 Trade and other payables excluding non-financial liabilities 2,683,828 - - 2,683,828 Payables for fixed assets and construction-in-progress 1,802,592 - - 1,802,592 Lease liabilities 58,490 233,960 4,796,180 5,088,630 Dividends payable 12,890 - - 12,890 4,557,800 233,960 4,796,180 9,587,940 At December 31, 2020 Trade and other payables excluding non-financial liabilities 3,417,934 - - 3,417,934 Payables for fixed assets and construction-in-progress 2,914,696 - - 2,914,696 Lease liabilities 61,880 258,820 5,665,980 5,986,680 Dividends payable 13,749 - - 13,749 6,408,259 258,820 5,665,980 12,333,059
Schedule of fair value estimation	The following table presents the Group's assets that are measured at fair value at December 31, 2020: Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Assets Financial assets at FVOCI - - 377,631 377,631 The following table presents the Group's assets that are measured at fair value at December 31, 2019: Level 1 Level 2 Level 3 Total RMB’000 RMB’000 RMB’000 RMB’000 Assets Financial assets at FVOCI - - 351,045 351,045
Schedule of changes in unobservable inputs	Financial assets at FVOCI Opening balance as at January 1, 2019 321,246 Acquisitions 29,799 Dividend received and recognized in other losses - net 7,047 Closing balance December 31, 2019 351,045 Acquisitions 26,586 Dividend received and recognized in other losses - net 7,735 Closing balance as at December 31, 2020 377,631

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
SEGMENT INFORMATION (Tables)	Dec. 31, 2020
SEGMENT INFORMATION [abstract]
Schedule of segment results	The Railway Transportation Business All other segments Elimination Total 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue - Railroad and Business 18,823,379 20,025,568 15,385,428 - - - - - - 18,823,379 20,025,568 15,385,428 - Other Businesses 779,719 938,066 859,658 273,274 271,452 144,203 (48,354) (56,735) (39,923) 1,004,639 1,152,783 963,938 Total revenue 19,603,098 20,963,634 16,245,086 273,274 271,452 144,203 (48,354) (56,735) (39,923) 19,828,018 21,178,351 16,349,366 Timing of revenue recognition - Over time 19,480,546 20,826,847 16,139,060 89,590 110,214 47,619 (48,354) (56,735) (39,923) 19,521,782 20,880,326 16,146,756 - At a point in time 122,552 136,787 85,664 183,684 161,238 74,118 - - - 306,236 298,025 159,782 - Lease - - 20,362 - -- 22,466 - - - - -- 42,828 19,603,098 20,963,634 16,245,086 273,274 271,452 144,203 (48,354) (56,735) (39,923) 19,828,018 21,178,351 16,349,366 Segment result 1,120,148 1,045,581 (584,770) (26,078) (36,489) (105,975) (25,270) - - 1,068,800 1,009,092 (690,745) Finance costs - net 451 56,439 60,464 179 271 181 - - - 630 56,710 60,645 Share of results of associates, net of tax 7,177 (7,039) 22,162 - - - - - - 7,177 (7,039) 22,162 Depreciation of fixed assets 1,603,106 1,633,185 1,657,475 6,637 4,113 4,704 - - - 1,609,743 1,637,298 1,662,179 Depreciation of right-of-use assets - 53,992 54,179 - 11,332 11,332 - - - - 65,324 65,511 Amortization of leasehold land payments 44,450 - - 11,332 - - - - 55,782 - - Amortization of long-term prepaid expenses 12,596 16,008 18,886 313 430 454 - - - 12,909 16,438 19,340 Impairment of fixed assets 10,364 20,697 11,835 - - - - - - 10,364 20,697 11,835 Provision for impairment of materials and supplies 11,361 10,793 - - - - - - - 11,361 10,793 - Reversal of impairment losses on financial assets - - (78) (280) - (358)
Schedule of reconciliation of segment results	The Railway Transportation Business All other segments Elimination Total 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment result 1,120,148 1,045,581 (584,770) (26,078) (36,489) (105,975) (25,270) - - 1,068,800 1,009,092 (690,745) Income tax (expense)/credit (291,202) (262,942) 130,468 1,436 1,814 2,177 - - - (289,766) (261,128) 132,645 Profit/(Loss) for the year 828,946 782,639 (454,302) (24,642) (34,675) (103,798) (25,270) - - 779,034 747,964 (558,100)
Schedule of segment assets and liabilities	The Railway Transportation Business All other segments Elimination Total 2019 2020 2019 2020 2019 2020 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Total segment assets 36,691,272 36,573,556 485,891 443,479 (284,030) (236,582) 36,893,133 36,780,453 Total segment assets include: Investment in associates 174,686 196,848 - - - - 174,686 196,848 Additions to non-current assets (other than financial instruments and deferred tax assets) 1,757,394 1,748,748 3,097 679 - - 1,760,491 1,749,427 Total segment liabilities 7,348,182 8,184,773 595,487 656,875 (189,817) (217,364) 7,753,852 8,624,284

FIXED ASSETS - NET (Tables)

FIXED ASSETS - NET (Tables)	12 Months Ended
FIXED ASSETS - NET (Tables)	Dec. 31, 2020
FIXED ASSETS - NET [abstract]
Schedule of fixed assets-net	Buildings Tracks, Locomotives Communications Other Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 At January 1, 2019 Cost 7,590,161 14,735,949 8,218,284 2,034,318 6,631,867 39,210,579 Accumulated depreciation (2,835,968) (3,522,517) (2,608,404) (1,595,335) (4,453,743) (15,015,967) Impairment (2,881) - - - (7,483) (10,364) Net book amount 4,751,312 11,213,432 5,609,880 438,983 2,170,641 24,184,248 Year ended December 31, 2019 Opening net book amount 4,751,312 11,213,432 5,609,880 438,983 2,170,641 24,184,248 Other additions 4,975 2,185 948 28 96,443 104,579 Transfer in from construction-in-progress (Note 7) 238,599 110,172 65,903 87,732 241,212 743,618 Transfer out to construction-in-progress for improvement/ modifications(Note 7) (10,523) (44,034) (484,992) (24,994) (27,658) (592,201) Transfer in from construction-in-progress after repair 27,451 121,591 716,082 28,712 58,802 952,638 Reclassifications (102) 102 238 (412) 174 - Disposals (8,529) (87,439) (49,855) (5,526) (17,468) (168,817) Depreciation charges (321,779) (214,909) (661,484) (87,880) (351,246) (1,637,298) Impairment charge (20,697) - - - - (20,697) Impairment write-off - - - - 11 11 Closing net book amount 4,660,707 11,101,100 5,196,720 436,643 2,170,911 23,566,081 At December 31, 2019 Cost 7,825,870 14,817,730 8,102,522 1,852,565 6,757,634 39,356,321 Accumulated depreciation (3,141,585) (3,716,630) (2,905,802) (1,415,922) (4,579,251) (15,759,190) Impairment (23,578) - - - (7,472) (31,050) Net book amount 4,660,707 11,101,100 5,196,720 436,643 2,170,911 23,566,081 Year ended December 31, 2020 Opening net book amount 4,660,707 11,101,100 5,196,720 436,643 2,170,911 23,566,081 Other additions 4,196 - 47,666 2,178 98,138 152,179 Transfer in from construction-in-progress (Note 7) 396,446 198,800 1,932 28,733 154,590 780,501 Transfer out to construction-in-progress for improvement/ modifications(Note 7) (129) (231,996) (434,216) (9,759) (9,028) (685,129) Transfer in from construction-in-progress after repair 6,291 292,244 744,298 38,726 20,241 1,101,800 Reclassifications - - - 45 (45) - Disposals (26,206) (95,020) (68,749) (5,747) (29,281) (225,003) Depreciation charges (335,123) (218,396) (669,210) (90,451) (348,999) (1,662,179) Impairment charge - - (11,835) - - (11,835) Closing net book amount 4,706,182 11,046,732 4,806,606 400,368 2,056,527 23,016,415 At December 31, 2020 Cost 8,183,873 14,896,863 7,750,874 1,829,279 6,837,991 39,498,880 Accumulated depreciation (3,454,113) (3,850,131) (2,932,433) (1,428,911) (4,773,992) (16,439,580) Impairment (23,578) - (11,835) - (7,472) (42,885) Net book amount 4,706,182 11,046,732 4,806,606 400,368 2,056,527 23,016,415
Schedule of building ownership certificates	Carrying value as at December 31 2019 RMB’000 Carrying value as at December 31 2020 RMB’000 Reason for delay in obtaining the ownership certificates Certificates for buildings under application procedures 1,040,897 980,689 The Group commenced such application procedures with the respective authorities in China, there has been progress made and the Group’s management does not expect any major difficulties in obtaining the remaining ownership certificates. Certain buildings located on the land of which the land use right certificates have not been obtained 49,846 48,103 According to relevant laws and regulations in China, the land use right certificates of the land on which these buildings are located must be obtained before the Group can start the application for the respective housing ownership certificates. As a result, the Group will start to apply for the ownership certificates of these buildings after they have completed the procedures to obtain the land use right certificates. Certain buildings attached to pieces of land which is held by lease 535,797 489,939 Such land is held by lease under certain operating lease arrangements. Due to the fact that the Group does not have the underlying land use right certificates for such land, therefore, the Group cannot apply for the respective ownership certificates of the buildings constructed on top of it. According to the lease agreements and communication with the lessors, and as confirmed by the Company’s legal counsel, the Group possesses the right to use and/or own such buildings without the certificates.

CONSTRUCTION-IN-PROGRESS (Table

CONSTRUCTION-IN-PROGRESS (Tables)	12 Months Ended
CONSTRUCTION-IN-PROGRESS (Tables)	Dec. 31, 2020
CONSTRUCTION-IN-PROGRESS [abstract]
Schedule of construction-in-progress	2019 2020 RMB’000 RMB’000 At January 1 1,828,372 2,378,974 Transfer in from fixed assets for improvement/modifications (Note 6) 592,201 685,128 Other additions 1,654,657 1,596,875 Transfer to fixed assets (Note 6) (743,618) (780,501) Transfer out to fixed assets after improvement/modifications (Note 6) (952,638) (1,101,800) At December 31 2,378,974 2,778,676

RIGHT-OF-USE ASSETS AND LEASE_2

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables)	12 Months Ended
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables)	Dec. 31, 2020
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES [abstract]
Schedule of right-of-use assets and lease liabilities	2020 Land use right (a) Lease of Land use right Total RMB’000 RMB’000 RMB’000 Cost As at January 1 2,389,526 1,177,246 3,566,772 Additions(b) 9,355 202,008 211,363 As at December 31 2,398,881 1,379,254 3,778,135 Accumulated depreciation As at January 1 (515,776) (13,378) (529,154) Additions(b) (52,133) (13,378) (65,511) As at December 31 (567,909) (26,756) (594,665) Net book value As at December 31 1,830,972 1,352,498 3,183,470 As at January 1 1,873,750 1,163,868 3,037,618
Schedule of amounts recognized in comprehensive income related to lease contracts	2019 2020 RMB’000 RMB’000 Depreciation charge of right-of-use assets 65,324 65,511 Interest expense on lease liabilities 57,670 57,629 Expense relating to short-term leases 684,037 846,606 807,031 969,746
Schedule of aggregate carrying value of ownership certificates of land use right	Carrying value as at 2020 RMB’000 Reason for delay in obtaining the ownership certificates Certain pieces of land associated with the operations of Guangshen Line IV, one of the railway lines operated by the Company 1,182,379 Due to the fact that Guangshen Line IV spans across several cities, counties and villages in China, it is practically cumbersome and time consuming for the Group to coordinate and execute the procedures for acquiring the respective land use rights certificates with the respective local bureaus and authorities governing the title registration and transfer, and therefore, the progress of acquiring the formal title certificates has been progressing slowly.

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
GOODWILL (Tables)	Dec. 31, 2020
GOODWILL [abstract]
Schedule of goodwill	RMB’000 Year ended December 31, 2019 and 2020 Opening net book amount 281,255 Additions - Impairment - Closing net book amount 281,255 At December 31, 2019 and 2020 Cost 281,255 Accumulated impairment - Net book amount 281,255
Schedule of key assumptions used for value-in-use calculations	Railroad business 2019 2020 Revenue growth rate (within the five-year period) 8% 8% - 32% Long-term growth rate (beyond the five-year period) 2% 3% Gross margin 8% - 16% 3% - 8% Pre-tax discount rate 12% 12%

SUBSIDIARIES (Tables)

SUBSIDIARIES (Tables)	12 Months Ended
SUBSIDIARIES (Tables)	Dec. 31, 2020
SUBSIDIARIES [abstract]
Schedule of subsidiaries	Name of the entity Place of incorporation and nature of legal entity Principal activities and place of operation Proportion of equity interests held by the Company (%) Proportion of equity interests held by the Group (%) Proportion of equity interests (%) Registered capital RMB’000 Dongguan Changsheng Enterprise Company Limited China, Warehousing in the PRC 51% 51% 49% 38,000 Shenzhen Fu Yuan Enterprise Development Company Limited China, Hotel management in the PRC 100% 100% - 18,500 Shenzhen Pinghu Qun Yi Railway Store Loading and Unloading Company Limited China, Cargo loading and unloading, warehousing, freight transportation in the PRC 100% 100% - 10,000 Shenzhen Guangshen Railway Economic and Trade Enterprise Company Limited China, Catering management in the PRC 100% 100% - 2,000 Shenzhen Railway Station Passenger Services Company Limited China, Catering services and sales of merchandise in the PRC 100% 100% - 1,500 Guangshen Railway Station Dongqun Trade and Commerce Service Company Limited China, Sales of merchandises in the PRC 100% 100% - 1,020 Guangzhou Railway Huangpu Service Company Limited China, Cargo loading and unloading, warehousing, freight transportation in the PRC 100% 100% - 379 Zengcheng Lihua Stock Company Limited ("Zengcheng Lihua”)(i) China, Real estate construction, provision of warehousing, cargo uploading and unloading services in the PRC 44.72% 44.72% 55.28% 107,050

INVESTMENTS IN ASSOCIATES (Tabl

INVESTMENTS IN ASSOCIATES (Tables)	12 Months Ended
INVESTMENTS IN ASSOCIATES (Tables)	Dec. 31, 2020
INVESTMENTS IN ASSOCIATES [abstract]
Schedule of investments in associates	2019 2020 RMB’000 RMB’000 Share of net assets 174,686 196,848 Less: provision for impairment - - 174,686 196,848
Schedule of movement of investments in associates	2018 2019 2020 RMB’000 RMB’000 RMB’000 Beginning of the year 174,548 181,725 174,686 Share of results after tax 7,177 (7,039) 22,162 End of the year 181,725 174,686 196,848
Schedule of principal associates	Name of the entity Percentage of equity interest attributable to the Company Paid-in capital Principal activities Guangzhou Tiecheng Enterprise Company Limited ( " Tiecheng " ) 49% RMB343,050,000 Properties leasing and trading of merchandise Shenzhen Guangzhou Railway Civil Engineering Company ( " Shentu " ) 49% RMB64,000,000 Construction of railroad properties
Schedule of summarized balance sheets of associates	Tiecheng Shentu 2019 　 2020 2019 　 2020 RMB’000 RMB’000 RMB’000 RMB’000 Current assets 77,732 93,571 1,612,909 1,974,930 Non-current assets 361,864 373,860 12,941 10,209 Total assets 439,596 467,431 1,625,850 1,985,139 Current liabilities 223,295 221,928 1,485,647 1,828,909 Equity 216,301 245,503 140,203 156,230 Share of net assets 105,987 120,296 68,699 76,552 Carrying amount of interest in associates 105,987 120,296 68,699 76,552
Schedule of summarized comprehensive income statements of associates	Tiecheng Shentu 2018 2019 2020 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 45,017 45,673 43,241 851,701 1,222,250 1,519,711 Net profit/(loss) 11,039 (23,350 ) 29,202 3,608 8,986 16,027 Total comprehensive income for the year 11,039 (23,350 ) 29,202 3,608 8,986 16,027
Schedule of reconciliation of summarized financial information	Tiecheng Shentu Total 2018 2019 2020 2018 2019 2020 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Opening net assets 228,612 239,651 216,301 127,609 131,217 140,203 356,221 370,868 356,504 P rofit/(loss) for the year 11,039 (23,350) 29,202 3,608 8,986 16,027 14,647 (14,364) 45,229 Closing net assets 239,651 216,301 245,503 131,217 140,203 156,230 370,868 356,504 401,733 Percentage of ownership interest 49% 49% 49% 49% 49% 49% 49% 49% 49% Carrying value 117,429 105,987 120,296 64,296 68,699 76,552 181,725 174,686 196,848

DEFERRED TAX ASSETS_(LIABILIT_2

DEFERRED TAX ASSETS/(LIABILITIES) (Tables)	12 Months Ended
DEFERRED TAX ASSETS/(LIABILITIES) (Tables)	Dec. 31, 2020
DEFERRED TAX ASSETS/(LIABILITIES) [abstract]
Schedule of deferred tax assets and liabilities	2019 2020 RMB’000 RMB’000 Deferred tax assets 366,348 496,920 Less: Offsetting of deferred tax liabilities (75,098) (73,966) Deferred tax assets (net) 291,250 422,954 Deferred tax liabilities (136,503) (132,879) Less: Offsetting of deferred tax assets 75,098 73,966 Deferred tax liabilities (net) (61,405) (58,913) 229,845 364,041
Schedule of maturity analysis for deferred tax assets and liabilities	2019 2020 RMB’000 RMB’000 Deferred tax assets: - Deferred tax assets to be recovered after more than 12 months 144,415 394,474 - Deferred tax assets to be recovered within 12 months 221,933 102,446 366,348 496,920 Deferred tax liabilities: - Deferred tax liabilities to be recovered after more than (133,854) (127,105) - Deferred tax liabilities to be recovered within 12 months (2,649) (5,774) (136,503) (132,879)
Schedule of movement in deferred tax assets	At 2019 (Charged)/ At Credited/ (Charged) At December 31 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax assets: Deductible tax losses - - - 302,586 302,586 Impairment provision for receivables 17,841 (20) 17,821 (27) 17,794 Impairment provision for fixed assets and construction-in-progress 6,455 5,171 11,626 2,959 14,585 Impairment provision for materials and supplies 9,455 (5,045) 4,410 (4,410) - Differences in accounting base and tax base of government grants 25,429 (2,178) 23,251 2,015 25,266 Differences in accounting base and tax base of employee benefits obligations 45,740 5,063 50,803 35,317 86,120 Loss on disposal of fixed assets 13,348 11,767 25,115 (968) 24,147 Difference in accounting base and tax base of party organization activity fee 7,973 8,303 16,276 10,146 26,422 Difference in accounting base and tax base in the recognition of land disposal proceed 146,781 65,236 212,017 (212,017) - Others - 5,029 5,029 (5,029) - 273,022 93,326 366,348 130,572 496,920
Schedule of movement in deferred tax liabilities	At (Credited) / Charged At (Credited) / Charged At RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Deferred tax liabilities: Differences in accounting base and tax base in recognition of fixed assets 5,270 (19) 5,251 (493) 4,758 Differences in accounting base and tax base in recognition of leasehold land payments 63,897 (2,493) 61,404 (2,491) 58,913 Changes in the fair value of available-for-sale financial assets 60,647 - 60,647 - 60,647 Others 9,811 (610) 9,201 (640) 8,561 139,625 (3,122) 136,503 (3,624) 132,879
Schedule of tax loss carry-forwards and other temporary difference	2019 2020 RMB’000 RMB’000 Tax losses that can be carried forward (a) 142,469 235,403 Deductible temporary differences 12,452 12,302 154,921 247,705
Schedule of tax loss carry-forwards	2019 2020 RMB’000 RMB’000 2020 16,745 - 2021 22,090 22,090 2022 22,245 22,245 2023 36,393 36,393 2024 44,996 44,996 2025 - 109,679 142,469 235,403

LONG-TERM PREPAID EXPENSES (Tab

LONG-TERM PREPAID EXPENSES (Tables)	12 Months Ended
LONG-TERM PREPAID EXPENSES (Tables)	Dec. 31, 2020
LONG-TERM PREPAID EXPENSES [abstract]
Schedule of long-term prepaid expenses	2019 2020 RMB’000 RMB’000 At January 1 Cost 118,944 129,575 Accumulated amortization (72,330) (88,768) Net book amount 46,614 40,807 Year ended December 31 Opening net book amount 46,614 40,807 Additions 10,631 22,422 Amortization (16,438) (19,340) Closing net book amount 40,807 43,889 At December 31 Cost 129,575 151,997 Accumulated amortization (88,768) (108,108) Net book amount 40,807 43,889

FINANCIAL INSTRUMENTS BY CATE_2

FINANCIAL INSTRUMENTS BY CATEGORY (Tables)	12 Months Ended
FINANCIAL INSTRUMENTS BY CATEGORY (Tables)	Dec. 31, 2020
FINANCIAL INSTRUMENTS BY CATEGORY [abstract]
Schedule of financial assets	2019 2020 RMB’000 RMB’000 Financial assets Financial assets at amortized cost Trade and other receivables excluding prepayments (Notes 20 and 21) 4,746,988 4,317,539 Term deposits (Note 16) - 220,000 Cash and cash equivalents (Note 22) 1,562,334 1,485,232 Long-term receivable (Note 17) 26,103 23,734 FVOCI (Note 15) 351,045 377,631 Total 6,686,470 6,424,136
Schedule of financial liabilities	2019 2020 RMB’000 RMB’000 Financial liabilities Liabilities at amortized cost Trade and other payables excluding non-financial liabilities (Notes 2 7 and 2 9 ) 2,683,828 3,417,934 Payables for fixed assets and construction-in-progress 1,802,592 2,914,696 Dividends payable 12,890 13,749 Lease liabilities 1,176,426 1,175,565 Total 5,675,736 7,521,944

FINANCIAL ASSETS AT FAIR VALU_2

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2020
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME [abstract]
Schedule of equity Investments at fair value through other comprehensive income	2019 2020 RMB’000 RMB’000 Non-current assets Investments in unlisted companies 351,045 377,631
Schedule of amounts recognized in profit or loss and other comprehensive income	2020 2019 RMB’000 RMB’000 Dividends from equity investments at FVOCI recognized in profit or loss in other losses - net (Note 33) 7,735 7,047 - Related to investments held at the end of the reporting period 7,735 7,047

TERM DEPOSITS (Tables)

TERM DEPOSITS (Tables)	12 Months Ended
TERM DEPOSITS (Tables)	Dec. 31, 2020
TERM DEPOSITS [abstract]
Schedule of term deposits	2019 2020 RMB’000 RMB’000 Current assets Short term deposits - 60,000 Non-current assets Long term deposits - 160,000

MATERIALS AND SUPPLIES (Tables)

MATERIALS AND SUPPLIES (Tables)	12 Months Ended
MATERIALS AND SUPPLIES (Tables)	Dec. 31, 2020
MATERIALS AND SUPPLIES [abstract]
Schedule of materials and supplies	2019 2020 RMB’000 RMB’000 Raw materials 171,532 197,242 Reusable rail-line track materials 58,502 54,704 Accessories 40,224 43,584 Retailing consumables 1,001 876 271,259 296,406

TRADE RECEIVABLES (Tables)

TRADE RECEIVABLES (Tables)	12 Months Ended
TRADE RECEIVABLES (Tables)	Dec. 31, 2020
TRADE RECEIVABLES [abstract]
Schedule of trade receivables	2019 2020 RMB’000 RMB’000 Trade receivables 4,563,219 3,782,381 Including: receivables from related parties 3,477,558 2,955,797 Less: Provision for impairment of receivables (61,135) (60,704) 4,502,084 3,721,677
Schedule of aging analysis of the outstanding trade receivables	2019 2020 RMB’000 RMB’000 Within 1 year 3,558,842 2,773,713 Over 1 year but within 2 years 747,600 653,062 Over 2 years but within 3 years 172,482 306,410 Over 3 years 84,295 49,196 4,563,219 3,782,381
Schedule of movements on provision for impairment of trade receivables	2018 2019 2020 RMB’000 RMB’000 RMB’000 At December 31 6,203 61,212 61,135 Change of accounting policy 60,704 - - At January 1 66,907 61,212 61,135 Reversal of impairment loss provision (5,689) - (358) Written-off (6) (77) (73) At December 31 61,212 61,135 60,704

PREPAYMENTS AND OTHER RECEIVA_2

PREPAYMENTS AND OTHER RECEIVABLES (Tables)	12 Months Ended
PREPAYMENTS AND OTHER RECEIVABLES (Tables)	Dec. 31, 2020
PREPAYMENTS AND OTHER RECEIVABLES [abstract]
Schedule of prepayments and other receivables amount due by customer type	2019 2020 RMB’000 RMB’000 Due from third parties 282,229 452,921 Due from related parties 83,848 242,601 366,077 695,522
Schedule of prepayments and other receivables	2019 2020 RMB’000 RMB’000 Other receivables 255,494 606,452 Less: Provision for impairment (10,590) (10,590) Other receivables, net (Note (a)) 244,904 595,862 Prepayments (Note (b)) 121,173 99,660 366,077 695,522
Schedule of movements on provisions for impairment of other receivables	2018 2019 2020 RMB’000 RMB’000 RMB’000 At December 31 13,325 10,590 10,590 Change of accounting policy 5,527 - - At January 1 18,852 10,590 10,590 Provision for impairment loss 4,631 - - Reversal of impairment loss provision (2) - - Written-off (12,891) - - At December 31 10,590 10,590 10,590
Schedule of prepayments and other receivables carrying amount by currency	2019 RMB’000 RMB’000 RMB 365,364 695,522 HKD 713 - 366,077 695,522

CASH AND CASH EQUIVALENTS AND_2

CASH AND CASH EQUIVALENTS AND SHORT-TERM DEPOSITS (Tables)	12 Months Ended
CASH AND CASH EQUIVALENTS AND SHORT-TERM DEPOSITS (Tables)	Dec. 31, 2020
CASH AND CASH EQUIVALENTS [abstract]
Schedule of cash and cash equivalents	2019 2020 RMB’000 RMB’000 Cash at bank and on hand 1,562,334 1,485,232 Term deposits with initial term not more than three months - - 1,562,334 1,485,232
Schedule of cash and cash equivalents denominated by currency	2019 2020 RMB’000 RMB’000 RMB 1,473,434 1,458,200 HKD 88,892 27,003 USD 8 29 1,562,334 1,485,232

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
SHARE CAPITAL (Tables)	Dec. 31, 2020
SHARE CAPITAL [abstract]
Schedule of classes of share capital	As at December 31 2018 Movement As at December 31 2019 Movement As at RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Authorized, issued and fully paid: Listed shares - H shares 1,431,300 - 1,431,300 - 1,431,300 - A shares 5,652,237 - 5,652,237 - 5,652,237 Total 7,083,537 - 7,083,537 - 7,083,537

RESERVES (Tables)

RESERVES (Tables)	12 Months Ended
RESERVES (Tables)	Dec. 31, 2020
RESERVES [abstract]
Schedule of appropriations to reserves	2018 2018 2019 2019 2020 2020 Percentage RMB’000 Percentage RMB’000 Percentage RMB’000 Statutory surplus reserve 10% 83,612 10% 78,264 - -
Schedule of movements of special reserve - safety production fund	2018 2019 2020 RMB’000 RMB’000 RMB’000 Beginning of the year - - - Appropriation for retained earnings 242, 456 264,871 281,277 Utilization (242,456) (264,871) (281,277) End of the year - - -

DEFERRED INCOME (Tables)

DEFERRED INCOME (Tables)	12 Months Ended
DEFERRED INCOME (Tables)	Dec. 31, 2020
DEFERRED INCOME [abstract]
Schedule of deferred income relating to government grants	2019 2020 RMB’000 RMB’000 Government grants 97,467 104,939

EMPLOYEE BENEFITS OBLIGATIONS (

EMPLOYEE BENEFITS OBLIGATIONS (Tables)	12 Months Ended
EMPLOYEE BENEFITS OBLIGATIONS (Tables)	Dec. 31, 2020
EMPLOYEE BENEFITS OBLIGATIONS [abstract]
Schedule of employee benefits obligations	2020 2019 RMB’000 RMB’000 Employee benefits obligations 24,487 26,345 Less: current portion included in accruals and other payables (Note 29) (24,487) (26,345) - -
Schedule of movement of employee benefits obligations	2019 2020 RMB’000 RMB’000 At January 1 28,389 26,345 Additions - - Payments (2,044) (1,858) At December 31 26,345 24,487

TRADE PAYABLES (Tables)

TRADE PAYABLES (Tables)	12 Months Ended
TRADE PAYABLES (Tables)	Dec. 31, 2020
TRADE PAYABLES [abstract]
Schedule of trade payables	2019 2020 RMB’000 RMB’000 Payables to third parties 844,487 812,629 Payables to related parties 693,611 1,261,293 1,538,098 2,073,922
Schedule of aging analysis of trade payables	2019 2020 RMB’000 RMB’000 Within 1 year 1,424,775 1,874,224 Over 1 year but within 2 years 61,371 146,717 Over 2 years but within 3 years 16,726 8,993 Over 3 years 35,226 43,988 1,538,098 2,073,922

CONTRACT LIABILITIES (Tables)

CONTRACT LIABILITIES (Tables)	12 Months Ended
CONTRACT LIABILITIES (Tables)	Dec. 31, 2020
CONTRACT LIABILITIES [abstract]
Schedule of contract liabilities	2019 2020 RMB’000 RMB’000 Contract liabilities – advances received from customers 438,705 186,959 Contract liabilities – frequent traveler program 20,115 28,346 458,820 215,305

ACCRUALS AND OTHER PAYABLES (Ta

ACCRUALS AND OTHER PAYABLES (Tables)	12 Months Ended
ACCRUALS AND OTHER PAYABLES (Tables)	Dec. 31, 2020
ACCRUALS AND OTHER PAYABLES [abstract]
Schedule of accruals and other payables	2019 2020 RMB’000 RMB’000 Due to third parties 1,895,881 1,401,338 Due to related parties 459,679 448,318 2,355,560 1,849,656
Schedule of detailed information of accruals and other payables	2019 2020 RMB’000 RMB’000 Advance received from disposal of assets classified as held for sale (Note 18) 848,066 - Payables to GIDC assumed by business combination 368,560 360,560 Other deposits received 199,483 308,890 Salary and welfare payables 222,684 418,214 Deposits received for construction projects 145,446 131,965 Other taxes payable 109,735 62,942 Amounts received on behalf of Labor Union 95,206 87,566 Deposits received from ticketing agencies 30,298 25,408 Employee benefits obligations (Note 26) 26,345 24,487 Other advance received 3,000 - Housing maintenance fund 2,431 2,480 Other payables 304,306 427,144 2,355,560 1,849,656

EMPLOYEE BENEFITS (Tables)

EMPLOYEE BENEFITS (Tables)	12 Months Ended
EMPLOYEE BENEFITS (Tables)	Dec. 31, 2020
EMPLOYEE BENEFITS [abstract]
Schedule of employee benefits expense	2018 2019 2020 R MB ’000 R MB ’000 R MB ’000 Wages and salaries 5,320,484 5,726,123 5,949,037 Provision for medical, housing scheme and other employee benefits (a) 1,296,392 1,353,800 1,326,476 Contributions to the defined contribution scheme (b) 829,539 999,020 408,922 7,446,415 8,078,943 7,684,435

OTHER OPERATING EXPENSES (Table

OTHER OPERATING EXPENSES (Tables)	12 Months Ended
OTHER OPERATING EXPENSES (Tables)	Dec. 31, 2020
OTHER OPERATING EXPENSES [abstract]
Schedule of other operating expenses	2018 2019 2020 RMB’000 RMB’000 RMB’000 Passenger security inspection expenses 200,355 222,705 173,257 Carriage cleaning expenses 118,091 139,130 107,118 Train station housekeeping expenses 91,304 98,467 90,919 Staff accommodation expenses 89,069 86,445 82,634 Other safety maintenance expenses 99,433 89,831 75,726 Bunk cleaning expenses 65,536 97,899 68,125 Spring Festival related transportation expenses 55,981 67,082 42,514 Passenger transportation facility maintenance 53,363 42,572 22,434 Professional expenses 20,564 37,351 21,675 Administrative expenses and others 407,017 392,188 50,700 1,200,713 1,273,670 735,102

OTHER LOSSES - NET (Tables)

OTHER LOSSES - NET (Tables)	12 Months Ended
OTHER LOSSES - NET (Tables)	Dec. 31, 2020
OTHER LOSSES - NET [abstract]
Schedule of other losses - net	2018 2019 2020 RMB’000 RMB’000 RMB’000 Loss on disposal of fixed assets - net (93,914) (103,560) (101,377) Interest income from banks 25,209 24,736 30,811 G overnment grants 15,223 22,492 63,061 Dividend income from FVOCI 6,473 7,047 7,735 Income from compensation 2,176 1,092 115 Impairment of fixed assets(Note 6) (10,364) (20,697) (11,835) Unwinding of interest accrued on long-term receivable 4,080 3,749 3,786 Income from disposal of subsidiaries 81 - - Renovation cost for the separation and transfer of facilities (65,735) - - Others 8,158 36,045 3,863 (108,613) (29,096) (3,841)

FINANCE COSTS - NET (Tables)

FINANCE COSTS - NET (Tables)	12 Months Ended
FINANCE COSTS - NET (Tables)	Dec. 31, 2020
FINANCE COSTS - NET [abstract]
Schedule of finance costs - net	2018 2019 2020 RMB’000 RMB’000 RMB’000 Interest expense of lease liabilities - (57,670) (57,629) Net foreign exchange gains/ (loss) 1,044 2,592 (1,452) Bank charges (1,674) (1,632) (1,564) (630) (56,710) (60,645)

INCOME TAX EXPENSE_(CREDIT) (Ta

INCOME TAX EXPENSE/(CREDIT) (Tables)	12 Months Ended
INCOME TAX EXPENSE/(CREDIT) (Tables)	Dec. 31, 2020
INCOME TAX EXPENSE/CREDIT [abstract]
Schedule of analysis of current year taxation charges	2018 2019 2020 RMB’000 RMB’000 RMB’000 Current income tax 435,991 357,576 1,551 Deferred income tax (Note 1 2 ) (146,225) (96,448) (134,196) 289,766 261,128 (132,645)
Schedule of reconciliation of income tax expense/(credit)	2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit/(Loss) before tax 1,068,800 1,009,092 (690,745) Tax calculated at the statutory rate of 25% (20 18 and 2019 : 25 %) 267,200 252,273 (172,686) Effect of expenses not deductible for tax purposes 19,647 2,921 18,939 Effect of income not subject to tax (3,432) (1,762) (7,474) Tax losses for which no deferred tax asset was recognized 9,098 11,249 27,420 Adjustments for current tax of prior periods (2,335) (2,410) 1,194 Utilization of previously unrecognized tax losses (412) (1,143) (38) Income tax expense/(credit) 289,766 261,128 (132,645)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2020
EARNINGS PER SHARE [abstract]
Schedule of earnings per share	2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit/(Loss) attributable to owners of the Company 784,059 748,439 (557,876) Weighted average number of ordinary shares in issue 7,083,537 7,083,537 7,083,537 W eighted average equivalent ADSs 141,670 141,670 141,670 Basic and diluted earnings/ (loss) per share RMB0.11 RMB0.11 RMB(0.08) Basic and diluted earnings/(loss) per equivalent ADS RMB5.53 RMB5.28 RMB (3.94)

CASH FLOW GENERATED FROM OPER_2

CASH FLOW GENERATED FROM OPERATIONS (Tables)	12 Months Ended
CASH FLOW GENERATED FROM OPERATIONS (Tables)	Dec. 31, 2020
CASH FLOW GENERATED FROM OPERATIONS [abstract]
Schedule of adjustments for reconciling profit/loss	2018 2019 2020 RMB’000 RMB’000 RMB’000 Profit/(Loss) before income tax: 1,068,800 1,009,092 (690,745) Adjustments for: Depreciation of fixed assets (Note 6) 1,609,743 1,637,298 1,662,179 Depreciation of right-of-use assets (Note 8) - 65,324 65,511 Impairment of fixed assets (Note 6) 10,363 20,697 11,835 Gains on disposal of assets classified as held for sale (Note 18) - - (1,188,645) Provision for impairment of materials and supplies (Note 19) 11,361 10,793 - Amortization of leasehold land payments (Note 8) 55,782 - - Loss on disposal of fixed assets and costs on repairs 261,476 161,435 165,253 Amortization of long-term prepaid expenses (Note 13) 12,909 16,438 19,340 Share of results of associates , net of tax (Note 1 1 ) (7,177) 7,039 (22,162) Dividend income on FVOCI/AFS (Note 33) (6,473) (7,047) (7,735) Investment income from liquidation of a subsidiary (Note 33) (81) - - Reversal of impairment of receivables (1,061) - (358) Amortization of deferred income (5,988) (2,299) (8,377) Interest expense on lease liabilities - 57,670 57,629 Interest income (5,845) (4,606) (8,310) Operating profit before working capital changes 3,003,809 2,971,834 55,415 De crease/(Increase) 230,877 (638,401) 780,765 Decrease in materials and supplies 39,224 16,438 2,005 Increase in prepayments and other receivables (17,218) (64,221) (108,998) Decrease in long-term receivable 7,000 6,000 6,155 I ncrease in trade payables 115,759 98,393 701,825 Increase in accruals and other payables 220,571 358,625 150,454 Net cash generated from operations 3,600,022 2,748,668 1,587,621
Schedule of proceeds from disposal of fixed assets	2018 2019 2020 RMB’000 RMB’000 RMB’000 Net book amount ( Note 6 ) 284,658 168,806 225,003 Payable arising from disposal of fixed assets (6,715) (2,063) - Transfer to materials and supplies (16,075) (2,272) (27,151) Loss on disposal of fixed assets and costs on repairs (261,476) (161,435) (165,253) Proceeds from disposal of fixed assets 392 3,036 32,599

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
COMMITMENTS (Tables)	Dec. 31, 2020
COMMITMENTS [abstract]
Schedule of commitments	2019 2020 RMB’000 RMB’000 Contracted but not provided for 804,298 444,270 Authorized but not contracted for 1,178,032 505,730 1,982,330 950,000

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Schedule of list of related party	Name of related parties Relationship with the Company Single largest shareholder and its subsidiaries Guangzhou Railway Group Single largest shareholder Guangdong Yangcheng Railway Enterprise Co., Ltd. Subsidiary of the single largest shareholder GRCL Subsidiary of the single largest shareholder GIDC Subsidiary of the single largest shareholder Guangzhou Railway Material Supply Company Subsidiary of the single largest shareholder Guangzhou Railway Station Service Center Subsidiary of the single largest shareholder Changsha Railway Construction Company Limited Subsidiary of the single largest shareholder GSRC Subsidiary of the single largest shareholder Guangzhou Yuetie Operational Development Company Subsidiary of the single largest shareholder Guangzhou Railway Rolling Stock Works Company Limited Subsidiary of the single largest shareholder Guangdong Tieqing International Travel Agency Company Limited Subsidiary of the single largest shareholder Huaihua Railway Engineer Construction Company Subsidiary of the single largest shareholder Xiashen Railway Guangdong Company Limited Subsidiary of the single largest shareholder Ganshao Railway Company Limited Subsidiary of the single largest shareholder Guangzhou Railway Real Estate Construction Engineering Co., Ltd. Subsidiary of the single largest shareholder Guangdong Yuetong Railway Logistics Company Limited Subsidiary of the single largest shareholder Sanmao Railway Company Xiaotangxi Freight Field Service Company Subsidiary of the single largest shareholder Guangzhou Railway Technology Development Co., Ltd. Subsidiary of the single largest shareholder Guangzhou Anmao Railway Consulting Construction Company Limited Subsidiary of the single largest shareholder Guangzhou Beiyang Information Technology Company Limited Subsidiary of the single largest shareholder Hunan Railway Lianchuang Technology Development Co., Ltd. Subsidiary of the single largest shareholder Guangzhou Northeast Freight Car Outer Winding Railway Co., Ltd. Subsidiary of the single largest shareholder Hunan Changtie Loading & Unloading Co., Ltd. Subsidiary of the single largest shareholder Guangzhou Ruiwei Economy Development Co., Ltd. Subsidiary of the single largest shareholder Guangzhou Railway Technology Development Surveying Co., Ltd. Subsidiary of the single largest shareholder
Schedule of associates of Group	Associates of the Group Tiecheng Associate of the Group Shentu Associate of the Group
Guangzhou Railway Group and its subsidiaries [member]
Disclosure of transactions between related parties [line items]
Schedule of material transactions	2018 2019 2020 RMB’000 RMB’000 RMB’000 Provision of services and sales of goods Transportation related services Provision of train transportation services to Guangzhou Railway Group and its subsidiaries (i) 1,861,543 2,060,518 2,345,512 Revenue collected by CSRG for railway network usage and related services provided to Guangzhou Railway Group and its subsidiaries (ii) 1,357,512 1,563,191 1,332,346 Revenue from railway operation service provided to Guangzhou Railway Group’s subsidiaries (iii) 736,492 812,470 842,350 3,955,547 4,436,179 4,520,208 Other services Sales of materials and supplies to Guangzhou Railway Group and its subsidiaries (iv) 39,383 45,642 34,705 Services received Transportation related services Provision of train transportation services by Guangzhou Railway Group and its subsidiaries (i) 872,234 774,291 753,288 Cost settled by CSRG for railway network usage and related services provided by Guangzhou Railway Group and its subsidiaries (ii) 1,898,623 2,194,467 1,985,768 2,770,857 2,968,758 2,739,056 Other services Provision of repair and maintenance services by Guangzhou Railway Group and its subsidiaries (iv) 451,976 441,719 297,809 Purchase of materials and supplies from Guangzhou Railway Group and its subsidiaries (iv) 555,048 623,433 722,487 Provision of construction services by Guangzhou Railway Group and its subsidiaries (v) 180,147 363,424 285,616 1,187,171 1,428,576 1,305,912
Schedule of material balances	2019 2020 RMB’000 RMB’000 Trade receivables 2,329,206 - Guangzhou Railway Group (i) 549,092 208,024 - Subsidiaries of Guangzhou Railway Group (i) 1,780,112 1,645,822 - Associates 2 - Prepayments and other receivables 35,430 59,580 - Guangzhou Railway Group 4 431 - Subsidiaries of Guangzhou Railway Group 35,426 59,106 - Associates - 43 Prepayments for fixed assets and construction-in-progress 4,021 - - Subsidiaries of Guangzhou Railway Group (ii) 2,815 - --Associates 1,206 - Trade payables 672,849 1,243,372 - Guangzhou Railway Group (i) 99,696 85,076 - Subsidiaries of Guangzhou Railway Group (ii) 533,726 1,147,912 - Associates 39,427 Payables for fixed assets and construction-in-progress 467,745 876,031 - Guangzhou Railway Group 23,496 122,684 - Subsidiaries of Guangzhou Railway Group 201,353 376,569 - Associates 242,896 376,778 Contract liabilities 99 436 - Subsidiaries of Guangzhou Railway Group 99 341 - Associates - 95 Accruals and other payables 450,534 443,754 - Guangzhou Railway Group 2,713 5,104 - Subsidiaries of Guangzhou Railway Group (iii) 447,821 429,442 - Associates (iv) - 9,208
CSRG [member]
Disclosure of transactions between related parties [line items]
Schedule of material transactions	2018 2019 2020 RMB’000 RMB’000 RMB’000 Provision of s ervices and sales of goods Transportation related services Provision of train transportation services to CSRG Group (i) 63,364 69,958 57,349 Revenue collected by CSRG for services provided to CSRG Group (ii) 2,527,897 2,479,015 2,105,206 Revenue from railway operation service provided to CSRG Group (iii) 2,012,880 2,392,333 2,214,460 4,604,141 4,941,306 4,377,015 Other services Provision of repairing services for cargo trucks to CSRG Group (ii) 337,432 370,990 436,955 Sales of materials and supplies to CSRG Group (iv) 9,099 8,330 - Provision of apartment leasing services to CSRG Group (iv) 617 574 Others - - 887 347,148 379,894 438,298 Services received and purchases made Transportation related services Provision of train transportation services by CSRG Group (i) 283,490 37,408 18,872 Cost settled by CSRG for services provided by CSRG Group (ii) (vi) 2,161,146 2,107,765 1,506,541 2,444,636 2,145,173 1,525,413 Other services Provision of repair and maintenance services by CSRG Group (iv) 9,440 29,066 28,928 Purchase of materials and supplies from CSRG Group (iv) 27,743 23,968 12,362 Provision of construction services by CSRG Group (v) 1,417 23,636 2,662 38,600 76,670 43,952
Schedule of revenues collected and settled through the CSRG	2018 2019 2020 RMB’000 RMB’000 RMB’000 7,532,999 7,475,003 3,769,231 1,849,360 1,740,907 1,456,605 Other transportation related services 78,935 74,870 24,048 9,461,294 9,290,780 5,249,884
Schedule of material balances	2019 2020 RMB’000 RMB’000 Due from CSRG Group - Trade receivables 1,148,352 1,101,951 - Other receivables 48,418 183,021 Due to CSRG Group - Trade payables and payables for fixed assets and construction-in-progress 69,335 71,082 - Other payables 3,466 4,564

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) - CNY (¥)	1 Months Ended	12 Months Ended
GENERAL INFORMATION (Details) - CNY (¥)	May 31, 1996	Dec. 31, 1996	Dec. 31, 2020	Dec. 31, 2006
Disclosure of subsidiaries [line items]
Number of H shares each American Depositary Share represents			50
Cash in order to finance the capital expenditure and working capital requirements	¥ 4,214,000,000
Ordinary shares ("State-owned Domestic Shares") [member]
Disclosure of subsidiaries [line items]
Number of shares issued	1,431,300,000
Ordinary shares ("State-owned Domestic Shares") [member] \| Guangzhou Railway Group [member]
Disclosure of subsidiaries [line items]
Proportion of equity interest held by the Guangzhou Railway Group		100.00%
Number of shares issued		2,904,250,000
H shares [member]
Disclosure of subsidiaries [line items]
Number of shares issued	217,812,000
Number of H shares each American Depositary Share represents	50
ADS [member]
Disclosure of subsidiaries [line items]
Number of shares issued	24,269,760
A shares [member]
Disclosure of subsidiaries [line items]
Number of shares issued				2,747,987,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - BASIS OF PREPARATION (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [abstract]
Net current liabilities	¥ 885,902,000
Capital expenditure contracted for but not recognized as liabilities	444,270,000	¥ 804,298,000
Usable bank facilities	¥ 1,500,000,000
Number of months Group maintains sufficient liquidity	12 months

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ASSOCIATES (Details)	12 Months Ended
	Dec. 31, 2020
Minimum [member]
Disclosure of associates [line items]
Proportion of voting rights held in associate	20.00%
Maximum [member]
Disclosure of associates [line items]
Proportion of voting rights held in associate	50.00%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - FIXED ASSETS (Details)	12 Months Ended
	Dec. 31, 2020
Maximum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated residual value rate	4.00%
Buildings (a) [member] \| Minimum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	20 years
Buildings (a) [member] \| Maximum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	40 years
Tracks, bridges and service roads (a) [member] \| Minimum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	16 years
Tracks, bridges and service roads (a) [member] \| Maximum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	100 years
Locomotives and rolling stock [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	20 years
Communications and signalling systems [member] \| Minimum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	8 years
Communications and signalling systems [member] \| Maximum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	20 years
Other machinery and equipment [member] \| Minimum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	4 years
Other machinery and equipment [member] \| Maximum [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful lives	25 years

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - LEASES (Details)	Jan. 01, 2007	Dec. 31, 2020
Guangzhou Railway Group [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease terms	20 years
Minimum [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease terms		36 years 6 months
Maximum [member]
Disclosure of maturity analysis of operating lease payments [line items]
Lease terms		50 years

FINANCIAL RISK MANAGEMENT - MAR

FINANCIAL RISK MANAGEMENT - MARKET RISK - FOREIGN CURRENCY RISK (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of nature and extent of risks arising from financial instruments [line items]
Other receivables	¥ 595,862,000	¥ 244,904,000
Foreign exchange gains/losses on translation of HKD-denominated cash in banks	(1,452,000)	2,592,000	¥ 1,044,000
Currency risk [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Foreign currency denominated monetary assets	27,032,000	89,613,000
Currency risk [member] \| HKD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents	27,003,000	88,892,000
Other receivables	¥ 0	713,000
Increase (decrease) of exchange rate	5.00%
Foreign exchange gains/losses on translation of HKD-denominated cash in banks	¥ 1,008,000	3,360,000
Currency risk [member] \| USD
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents	¥ 29,000	¥ 8,000

FINANCIAL RISK MANAGEMENT - M_2

FINANCIAL RISK MANAGEMENT - MARKET RISK - CASH FLOW AND FAIR VALUE INTEREST RATE RISK (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average interest rate of deposits held in banks	3.63%	1.53%
Interest rate risk [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average interest rate of deposits held in banks	3.63%	1.53%
Interest bearing debts	¥ 0	¥ 0

FINANCIAL RISK MANAGEMENT - M_3

FINANCIAL RISK MANAGEMENT - MARKET RISK - OTHER PRICE RISK (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Other comprehensive income	¥ 0	$ 0	¥ 0	¥ 0
Other price risk [member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase (Decrease) expected price of equity investments (as percent)	5.00%	5.00%	5.00%
Other comprehensive income	¥ 14,161,000		¥ 13,164,000

FINANCIAL RISK MANAGEMENT - CRE

FINANCIAL RISK MANAGEMENT - CREDIT RISK - IMPAIRMENT OF FINANCIAL ASSETS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 3,782,381	¥ 4,563,219
Loss provison	(10,590)	(10,590)
Trade receivables [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	3,782,381	4,563,219
Loss provison	(60,704)	(61,135)	¥ (61,212)
Portfolio 1 [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 202,484	¥ 232,848
ECL rates (as percent)	0.00%	0.00%
Loss provison	¥ 0	¥ 0
Portfolio 2 [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 3,429,198	¥ 4,033,727
ECL rates (as percent)	1.68%	1.42%
Loss provison	¥ (57,690)	¥ (57,201)
Portfolio 3 [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 150,699	¥ 196,694
ECL rates (as percent)	2.00%	2.00%
Loss provison	¥ (3,014)	¥ (3,934)
Portfolio 4 [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 0	¥ 99,950
ECL rates (as percent)	0.00%	0.00%
Loss provison	¥ 0	¥ 0

FINANCIAL RISK MANAGEMENT - C_2

FINANCIAL RISK MANAGEMENT - CREDIT RISK - LOSS PROVISION FOR TRADE RECEIVABLES (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of loss provision for financial assets [line items]
At beginning of period	¥ 10,590
At end of period	10,590	¥ 10,590
Trade receivables [member]
Disclosure of loss provision for financial assets [line items]
At beginning of period	61,135	61,212
Receivables written off during the year as uncollectible	(73)	(77)
Reversal of impairment loss provision	(358)	0
At end of period	¥ 60,704	¥ 61,135

FINANCIAL RISK MANAGEMENT - C_3

FINANCIAL RISK MANAGEMENT - CREDIT RISK - LOSS PROVISION FOR OTHER RECEIVABLES (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 606,452	¥ 255,494
Loss provison	(10,590)	(10,590)
Other receivables [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	606,452	255,494
Loss provison	(10,590)	(10,590)
Stage 1 [member] \| Other receivables [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 601,821	¥ 250,863
ECL rates (as percent)	0.99%	2.38%
Loss provison	¥ (5,959)	¥ (5,959)
Stage 2 [member] \| Other receivables [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 0	¥ 0
ECL rates (as percent)	0.00%	0.00%
Loss provison	¥ 0	¥ 0
Stage 3 [member] \| Other receivables [member]
Disclosure of loss provision for financial assets [line items]
Carrying amount	¥ 4,631	¥ 4,631
ECL rates (as percent)	100.00%	100.00%
Loss provison	¥ (4,631)	¥ (4,631)

FINANCIAL RISK MANAGEMENT - LIQ

FINANCIAL RISK MANAGEMENT - LIQUIDITY RISK (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Net current liabilities	¥ 885,902,000
Capital expenditure contracted for but not recognized as liabilities	¥ 444,270,000			¥ 804,298,000
Number of months Group maintains sufficient liquidity	12 months
Trade and other payables excluding non-financial liabilities	¥ 3,417,934,000			2,683,828,000
Payables for fixed assets and construction-in-progress	2,914,696,000	$ 446,697		1,802,592,000
Lease liabilities	1,175,565,000			1,176,426,000
Dividends payable	13,749,000	$ 2,107		12,890,000
Total	7,521,944,000			5,675,736,000
Liquidity risk [member]
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Trade and other payables excluding non-financial liabilities	3,417,934,000			2,683,828,000
Payables for fixed assets and construction-in-progress	2,914,696,000			1,802,592,000
Lease liabilities	5,986,680,000			5,088,630,000
Dividends payable	13,749,000			12,890,000
Total	12,333,059,000			9,587,940,000
Liquidity risk [member] \| Within 1 year [member]
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Trade and other payables excluding non-financial liabilities	3,417,934,000			2,683,828,000
Payables for fixed assets and construction-in-progress	2,914,696,000			1,802,592,000
Lease liabilities	61,880,000			58,490,000
Dividends payable	13,749,000			12,890,000
Total	6,408,259,000			4,557,800,000
Liquidity risk [member] \| Between 1 and 5 years [member]
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Trade and other payables excluding non-financial liabilities	0			0
Payables for fixed assets and construction-in-progress	0			0
Lease liabilities	258,820,000			233,960,000
Dividends payable	0			0
Total	258,820,000			233,960,000
Liquidity risk [member] \| Over 5 years [member]
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Trade and other payables excluding non-financial liabilities	0			0
Payables for fixed assets and construction-in-progress	0			0
Lease liabilities	5,665,980,000			4,796,180,000
Dividends payable	0			0
Total	¥ 5,665,980,000			¥ 4,796,180,000

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

FINANCIAL RISK MANAGEMENT - CAP

FINANCIAL RISK MANAGEMENT - CAPITAL RISK MANAGEMENT (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL RISK MANAGEMENT [abstract]
Short-term loans	¥ 0	¥ 0
Long-term loans	0	0
Bond payables	0	0
Long-term payables	¥ 0	¥ 0

FINANCIAL RISK MANAGEMENT - FAI

FINANCIAL RISK MANAGEMENT - FAIR VALUE ESTIMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of fair value measurement of assets [line items]
Financial assets at FVOCI	¥ 377,631,000			¥ 351,045,000
Changes in level 3 items
Opening balance	351,045,000
Acquisitions	26,586,000	$ 4,074		29,799,000	¥ 24,832,000
Dividend received and recognised in other losses - net	7,735,000			7,047,000	6,473,000
Closing balance	377,631,000			351,045,000
At fair value [member]
Disclosure of fair value measurement of assets [line items]
Financial assets at FVOCI	351,045,000			351,045,000
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0			0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0			0
Transfers into Level 3 of fair value hierarchy, assets	0			0
Transfers out of Level 3 of fair value hierarchy, assets	0			0
Changes in level 3 items
Opening balance	351,045,000
Closing balance	377,631,000			351,045,000
At fair value [member] \| Level 1 [member]
Disclosure of fair value measurement of assets [line items]
Financial assets at FVOCI	0			0
Changes in level 3 items
Opening balance	0
Closing balance	0			0
At fair value [member] \| Level 2 [member]
Disclosure of fair value measurement of assets [line items]
Financial assets at FVOCI	0			0
Changes in level 3 items
Opening balance	0
Closing balance	0			0
At fair value [member] \| Level 3 [member]
Disclosure of fair value measurement of assets [line items]
Financial assets at FVOCI	377,631,000			321,246,000	321,246,000
Changes in level 3 items
Opening balance	351,045,000			321,246,000
Acquisitions	26,586,000			29,799,000
Dividend received and recognised in other losses - net	7,735,000			7,047,000
Closing balance	¥ 377,631,000			¥ 351,045,000	¥ 321,246,000

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

SEGMENT INFORMATION - SEGMENT R

SEGMENT INFORMATION - SEGMENT RESULTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)		Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of operating segments [line items]
Total revenue	¥ 16,349,366	$ 2,505,650	[1]	¥ 21,178,351	¥ 19,828,018
Segment result	(690,745)	(105,862)	[1]	1,009,092	1,068,800
Finance costs - net	60,645	9,294	[1]	56,710	630
Share of results of associates, net of tax	22,162	3,396	[1]	(7,039)	7,177
Depreciation of fixed assets	1,662,179			1,637,298	1,609,743
Depreciation of right-of-use assets	65,511			65,324
Amortization of leasehold land payments	0			0	55,782
Amortization of long-term prepaid expenses	19,340			16,438	12,909
Impairment of fixed assets	11,835			20,697	10,364
Provision for impairment of materials and supplies	0			10,793	11,361
Reversal of impairment losses on financial assets	(358)	(55)	[1]	0	(1,061)
Overtime [member]
Disclosure of operating segments [line items]
Total revenue	16,146,756			20,880,326	19,521,782
At a point in time [member]
Disclosure of operating segments [line items]
Total revenue	159,782			298,025	306,236
Lease [member]
Disclosure of operating segments [line items]
Total revenue	42,828			0	0
Eliminations [member]
Disclosure of operating segments [line items]
Total revenue	(39,923)			(56,735)	(48,354)
Segment result	0			0	(25,270)
Finance costs - net	0			0	0
Share of results of associates, net of tax	0			0	0
Depreciation of fixed assets	0			0	0
Depreciation of right-of-use assets	0			0	0
Amortization of leasehold land payments	0			0	0
Amortization of long-term prepaid expenses	0			0	0
Impairment of fixed assets	0			0	0
Provision for impairment of materials and supplies	0			0	0
Reversal of impairment losses on financial assets	0			0	0
Eliminations [member] \| Overtime [member]
Disclosure of operating segments [line items]
Total revenue	(39,923)			(56,735)	(48,354)
Eliminations [member] \| At a point in time [member]
Disclosure of operating segments [line items]
Total revenue	0			0	0
Eliminations [member] \| Lease [member]
Disclosure of operating segments [line items]
Total revenue	0			0	0
The Railway Transportation Business [member]
Disclosure of operating segments [line items]
Total revenue	16,245,086			20,963,634	19,603,098
Segment result	(584,770)			1,045,581	1,120,148
Finance costs - net	60,464			56,439	451
Share of results of associates, net of tax	22,162			(7,039)	7,177
Depreciation of fixed assets	1,657,475			1,633,185	1,603,106
Depreciation of right-of-use assets	54,179			53,992	0
Amortization of leasehold land payments	0			0	44,450
Amortization of long-term prepaid expenses	18,886			16,008	12,596
Impairment of fixed assets	11,835			20,697	10,364
Provision for impairment of materials and supplies	0			10,793	11,361
Reversal of impairment losses on financial assets	(78)			0	0
The Railway Transportation Business [member] \| Overtime [member]
Disclosure of operating segments [line items]
Total revenue	16,139,060			20,826,847	19,480,546
The Railway Transportation Business [member] \| At a point in time [member]
Disclosure of operating segments [line items]
Total revenue	85,664			136,787	122,552
The Railway Transportation Business [member] \| Lease [member]
Disclosure of operating segments [line items]
Total revenue	20,362			0	0
All other segments [member]
Disclosure of operating segments [line items]
Total revenue	144,203			271,452	273,274
Segment result	(105,975)			(36,489)	(26,078)
Finance costs - net	181			271	179
Share of results of associates, net of tax	0			0	0
Depreciation of fixed assets	4,704			4,113	6,637
Depreciation of right-of-use assets	11,332			11,332	0
Amortization of leasehold land payments	0			0	11,332
Amortization of long-term prepaid expenses	454			430	313
Impairment of fixed assets	0			0	0
Provision for impairment of materials and supplies	0			0	0
Reversal of impairment losses on financial assets	(280)			0	0
All other segments [member] \| Overtime [member]
Disclosure of operating segments [line items]
Total revenue	47,619			110,214	89,590
All other segments [member] \| At a point in time [member]
Disclosure of operating segments [line items]
Total revenue	74,118			161,238	183,684
All other segments [member] \| Lease [member]
Disclosure of operating segments [line items]
Total revenue	22,466			0	0
Railroad business [member]
Disclosure of operating segments [line items]
Total revenue	15,385,428	2,357,920	[1]	20,025,568	18,823,379
Depreciation of fixed assets	1,631,331	250,012	[1]	1,612,683	1,581,685
Depreciation of right-of-use assets	54,179	8,303	[1]	53,992	0
Amortization of leasehold land payments	0	0		0	44,450
Railroad business [member] \| Eliminations [member]
Disclosure of operating segments [line items]
Total revenue	0			0	0
Railroad business [member] \| The Railway Transportation Business [member]
Disclosure of operating segments [line items]
Total revenue	15,385,428			20,025,568	18,823,379
Railroad business [member] \| All other segments [member]
Disclosure of operating segments [line items]
Total revenue	0			0	0
Other businesses [member]
Disclosure of operating segments [line items]
Total revenue	963,938	147,730	[1]	1,152,783	1,004,639
Depreciation of fixed assets	30,848	4,728	[1]	24,615	28,058
Depreciation of right-of-use assets	11,332	1,737	[1]	11,332	0
Amortization of leasehold land payments	0	$ 0		0	11,332
Other businesses [member] \| Eliminations [member]
Disclosure of operating segments [line items]
Total revenue	(39,923)			(56,735)	(48,354)
Other businesses [member] \| The Railway Transportation Business [member]
Disclosure of operating segments [line items]
Total revenue	859,658			938,066	779,719
Other businesses [member] \| All other segments [member]
Disclosure of operating segments [line items]
Total revenue	¥ 144,203			¥ 271,452	¥ 273,274

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

SEGMENT INFORMATION - RECONCILI

SEGMENT INFORMATION - RECONCILIATION OF SEGMENT RESULTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of reconciliation of segment results [line items]
Segment result	¥ (690,745)	$ (105,862)		¥ 1,009,092	¥ 1,068,800
Income tax (expense)/credit	132,645	20,329		(261,128)	(289,766)
Profit/(Loss) for the year	(558,100)	$ (85,533)		747,964	779,034
Eliminations [member]
Disclosure of reconciliation of segment results [line items]
Segment result	0			0	(25,270)
Income tax (expense)/credit	0			0	0
Profit/(Loss) for the year	0			0	(25,270)
The Railway Transportation Business [member]
Disclosure of reconciliation of segment results [line items]
Segment result	(584,770)			1,045,581	1,120,148
Income tax (expense)/credit	130,468			(262,942)	(291,202)
Profit/(Loss) for the year	(454,302)			782,639	828,946
All other segments [member]
Disclosure of reconciliation of segment results [line items]
Segment result	(105,975)			(36,489)	(26,078)
Income tax (expense)/credit	2,177			1,814	1,436
Profit/(Loss) for the year	¥ (103,798)			¥ (34,675)	¥ (24,642)

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

SEGMENT INFORMATION - SEGMENT A

SEGMENT INFORMATION - SEGMENT ASSETS AND LIABILITIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Disclosure of segment assets and liabilities [line items]
Total segment assets	¥ 36,780,453	¥ 36,893,133	$ 5,636,850
Total segment assets include:
Investment in associates	196,848	174,686	30,168		¥ 181,725	¥ 174,548
Additions to non-current assets (other than financial instruments and deferred tax assets)	1,749,427	1,760,491
Total segment liabilities	8,624,284	7,753,852	$ 1,321,727
Eliminations [member]
Disclosure of segment assets and liabilities [line items]
Total segment assets	(236,582)	(284,030)
Total segment assets include:
Investment in associates	0	0
Additions to non-current assets (other than financial instruments and deferred tax assets)	0	0
Total segment liabilities	(217,364)	(189,817)
The Railway Transportation Business [member]
Disclosure of segment assets and liabilities [line items]
Total segment assets	36,573,556	36,691,272
Total segment assets include:
Investment in associates	196,848	174,686			¥ 181,725
Additions to non-current assets (other than financial instruments and deferred tax assets)	1,748,748	1,757,394
Total segment liabilities	8,184,773	7,348,182
All other segments [member]
Disclosure of segment assets and liabilities [line items]
Total segment assets	443,479	485,891
Total segment assets include:
Investment in associates	0	0
Additions to non-current assets (other than financial instruments and deferred tax assets)	679	3,097
Total segment liabilities	¥ 656,875	¥ 595,487

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

SEGMENT INFORMATION - SEGMENT_2

SEGMENT INFORMATION - SEGMENT RESULTS - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)		Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of segment revenues [line items]
Revenue	¥ 16,349,366,000	$ 2,505,650	[1]	¥ 21,178,351,000	¥ 19,828,018,000
Maximum [member]
Disclosure of segment revenues [line items]
Percentage of total revenues derived from single external customers	10.00%	10.00%
Guangzhou Railway Group and its subsidiaries [member]
Disclosure of segment revenues [line items]
Revenue	¥ 4,502,560,136			¥ 4,400,273,000	¥ 3,966,988,000

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

FIXED ASSETS - NET (Details)

FIXED ASSETS - NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
FIXED ASSETS - NET (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	¥ 23,566,081			¥ 24,184,248
Other additions	152,178			104,579
Transfer in from construction-in-progress (Note 7)	780,501			743,618
Transfer out to construction-in-progress for improvement/modifications (Note 7)	(685,128)			(592,201)
Transfer in from construction-in-progress after repair	1,101,800			952,638
Reclassifications	0			0
Disposals	(225,003)			(168,817)
Depreciation charges	(1,662,179)			(1,637,298)	¥ (1,609,743)
Impairment charge	(11,835)			(20,697)	(10,364)
Impairment write-off				11
Closing net book amount	23,016,415	$ 3,527,420		23,566,081	24,184,248
Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	39,356,321			39,210,579
Closing net book amount	39,498,880			39,356,321	39,210,579
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(15,759,190)			(15,015,967)
Closing net book amount	(16,439,580)			(15,759,190)	(15,015,967)
Impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(31,050)			(10,364)
Closing net book amount	(42,885)			(31,050)	(10,364)
Buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	4,660,707			4,751,312
Other additions	4,196			4,975
Transfer in from construction-in-progress (Note 7)	396,446			238,599
Transfer out to construction-in-progress for improvement/modifications (Note 7)	(129)			(10,523)
Transfer in from construction-in-progress after repair	6,291			27,451
Reclassifications	0			(102)
Disposals	(26,206)			(8,529)
Depreciation charges	(335,123)			(321,779)
Impairment charge	0			(20,697)
Impairment write-off				0
Closing net book amount	4,706,182			4,660,707	4,751,312
Buildings [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	7,825,870			7,590,161
Closing net book amount	8,183,873			7,825,870	7,590,161
Buildings [member] \| Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(3,141,585)			(2,835,968)
Closing net book amount	(3,454,113)			(3,141,585)	(2,835,968)
Buildings [member] \| Impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(23,578)			(2,881)
Closing net book amount	(23,578)			(23,578)	(2,881)
Tracks, bridges and service roads [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	11,101,100			11,213,432
Other additions	0			2,185
Transfer in from construction-in-progress (Note 7)	198,800			110,172
Transfer out to construction-in-progress for improvement/modifications (Note 7)	(231,996)			(44,034)
Transfer in from construction-in-progress after repair	292,244			121,591
Reclassifications	0			102
Disposals	(95,020)			(87,439)
Depreciation charges	(218,396)			(214,909)
Impairment charge	0			0
Impairment write-off				0
Closing net book amount	11,046,732			11,101,100	11,213,432
Tracks, bridges and service roads [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	14,817,730			14,735,949
Closing net book amount	14,896,863			14,817,730	14,735,949
Tracks, bridges and service roads [member] \| Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(3,716,630)			(3,522,517)
Closing net book amount	(3,850,131)			(3,716,630)	(3,522,517)
Tracks, bridges and service roads [member] \| Impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	0			0
Closing net book amount	0			0	0
Locomotives and rolling stock [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	5,196,720			5,609,880
Other additions	47,666			948
Transfer in from construction-in-progress (Note 7)	1,932			65,903
Transfer out to construction-in-progress for improvement/modifications (Note 7)	(434,216)			(484,992)
Transfer in from construction-in-progress after repair	744,298			716,082
Reclassifications	0			238
Disposals	(68,749)			(49,855)
Depreciation charges	(669,210)			(661,484)
Impairment charge	(11,835)			0
Impairment write-off				0
Closing net book amount	4,806,606			5,196,720	5,609,880
Locomotives and rolling stock [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	8,102,522			8,218,284
Closing net book amount	7,750,874			8,102,522	8,218,284
Locomotives and rolling stock [member] \| Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(2,905,802)			(2,608,404)
Closing net book amount	(2,932,433)			(2,905,802)	(2,608,404)
Locomotives and rolling stock [member] \| Impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	0			0
Closing net book amount	(11,835)			0	0
Communications and signalling systems [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	436,643			438,983
Other additions	2,178			28
Transfer in from construction-in-progress (Note 7)	28,733			87,732
Transfer out to construction-in-progress for improvement/modifications (Note 7)	(9,759)			(24,994)
Transfer in from construction-in-progress after repair	38,726			28,712
Reclassifications	45			(412)
Disposals	(5,747)			(5,526)
Depreciation charges	(90,451)			(87,880)
Impairment charge	0			0
Impairment write-off				0
Closing net book amount	400,368			436,643	438,983
Communications and signalling systems [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	1,852,565			2,034,318
Closing net book amount	1,829,279			1,852,565	2,034,318
Communications and signalling systems [member] \| Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(1,415,922)			(1,595,335)
Closing net book amount	(1,428,911)			(1,415,922)	(1,595,335)
Communications and signalling systems [member] \| Impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	0			0
Closing net book amount	0			0	0
Other machinery and equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	2,170,911			2,170,641
Other additions	98,138			96,443
Transfer in from construction-in-progress (Note 7)	154,590			241,212
Transfer out to construction-in-progress for improvement/modifications (Note 7)	(9,028)			(27,658)
Transfer in from construction-in-progress after repair	20,241			58,802
Reclassifications	(45)			174
Disposals	(29,281)			(17,468)
Depreciation charges	(348,999)			(351,246)
Impairment charge	0			0
Impairment write-off				11
Closing net book amount	2,056,527			2,170,911	2,170,641
Other machinery and equipment [member] \| Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	6,757,634			6,631,867
Closing net book amount	6,837,991			6,757,634	6,631,867
Other machinery and equipment [member] \| Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(4,579,251)			(4,453,743)
Closing net book amount	(4,773,992)			(4,579,251)	(4,453,743)
Other machinery and equipment [member] \| Impairment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	(7,472)			(7,483)
Closing net book amount	¥ (7,472)			¥ (7,472)	¥ (7,483)

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

FIXED ASSETS - NET - Narratives

FIXED ASSETS - NET - Narratives (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019
FIXED ASSETS - NET [abstract]
Aggregate carrying value of ownership certificates of certain buildings that had not been obtained, net fixed assets	¥ 1,518,731,000	¥ 1,626,540,000
Carrying value of certificates for buildings under application procedures	980,689,000	1,040,897,000
Carrying value of certain buildings located on land of which land use right certificates have not been obtained	48,103,000	49,846,000
Carrying value of certain buildings attached to pieces of land which is held by lease	489,939,000	535,797,000
Aggregate net book value of fixed assets that had been fully depreciated but they were still in use	¥ 171,954,000	¥ 172,218,000

CONSTRUCTION-IN-PROGRESS (Detai

CONSTRUCTION-IN-PROGRESS (Details) $ in Thousands	12 Months Ended
CONSTRUCTION-IN-PROGRESS (Details) $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	¥ 23,566,081,000			¥ 24,184,248,000
Transfer in from fixed assets for improvement/modifications (Note 6)	685,128,000			592,201,000
Other additions	152,178,000			104,579,000
Transfer to fixed assets (Note 6)	(780,501,000)			(743,618,000)
Transfer out to fixed assets after improvement/modifications (Note 6)	(1,101,800,000)			(952,638,000)
Closing net book amount	23,016,415,000	$ 3,527,420		23,566,081,000
Construction in progress [member]
Disclosure of detailed information about property, plant and equipment [line items]
Opening net book amount	2,378,974,000			1,828,372,000
Transfer in from fixed assets for improvement/modifications (Note 6)	685,128,000			592,201,000
Other additions	1,596,875,000			1,654,657,000
Transfer to fixed assets (Note 6)	(780,501,000)			(743,618,000)
Transfer out to fixed assets after improvement/modifications (Note 6)	(1,101,800,000)			(952,638,000)
Closing net book amount	2,778,676,000			2,378,974,000
Interest expense capitalized, construction-in-progress	0			0
Construction-in-progress, provision for write-down	¥ 15,456,000			¥ 15,456,000

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

RIGHT-OF-USE ASSETS AND LEASE_3

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - 12 months ended Dec. 31, 2020 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)	[1]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	¥ 3,037,618
Closing net book value	3,183,470	$ 487,888
Lease of Land use right [member]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	1,163,868
Closing net book value	1,352,498
Cost [member]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	3,566,772
Additions	211,363
Closing net book value	3,778,135
Cost [member] \| Lease of Land use right [member]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	1,177,246
Additions	202,008
Closing net book value	1,379,254
Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	(529,154)
Additions	(65,511)
Closing net book value	(594,665)
Accumulated depreciation [member] \| Lease of Land use right [member]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	(13,378)
Additions	(13,378)
Closing net book value	(26,756)
Land [member]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	1,873,750
Closing net book value	1,830,972
Land [member] \| Cost [member]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	2,389,526
Additions	9,355
Closing net book value	2,398,881
Land [member] \| Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	(515,776)
Additions	(52,133)
Closing net book value	¥ (567,909)

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

RIGHT-OF-USE ASSETS AND LEASE_4

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES - RECOGNISED IN CONSOLIDATED COMPREHENSIVE INCOME (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Disclosure of amounts recognized in comprehensive income related to lease contracts [line items]
Depreciation expense of right-of-use assets		¥ 65,511,000	¥ 65,324,000
Interest expense on lease liabilities		57,629,000	57,670,000
Expense relating to short-term leases		846,606,000	684,037,000
Total expense relating to lease contracts		969,746,000	807,031,000
Cash outflow for leases		¥ 907,355,000	¥ 743,657,000
Minimum [member]
Disclosure of amounts recognized in comprehensive income related to lease contracts [line items]
Lease period of right-of-use assets	11 years
Maximum [member]
Disclosure of amounts recognized in comprehensive income related to lease contracts [line items]
Lease period of right-of-use assets	86 years

RIGHT-OF-USE ASSETS AND LEASE_5

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES - Narratives (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019
Disclosure of lease liabilities and right-of-use assets recognized [line items]
Aggregate carrying value of land use right certificates	¥ 56,881,000
Aggregate carrying value of land use right certificates not obtained	1,182,379,000	¥ 1,201,115,000
Guangzhou Railway Group [member]
Disclosure of lease liabilities and right-of-use assets recognized [line items]
Right-of-use assets and lease liabilities recognized	¥ 202,008,000

GOODWILL - NET BOOK VALUE ANALY

GOODWILL - NET BOOK VALUE ANALYSIS OF GOODWILL (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
Disclosure of reconciliation of changes in goodwill [line items]
Opening net book amount	¥ 281,255			¥ 281,255
Additions	0			0
Impairment	0			0
Closing net book amount	281,255	$ 43,104		281,255
Cost [member]
Disclosure of reconciliation of changes in goodwill [line items]
Opening net book amount	281,255
Closing net book amount	281,255			281,255
Accumulated impairment [member]
Disclosure of reconciliation of changes in goodwill [line items]
Opening net book amount	0
Closing net book amount	¥ 0			¥ 0

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

GOODWILL - KEY ASSUMPTIONS USED

GOODWILL - KEY ASSUMPTIONS USED FOR VALUE-IN-USE CALCULATIONS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of goodwill key assumptions used for value-in-use calculation [line items]
Period over which management has projected cash flows	P5Y
Amount by which unit's recoverable amount exceeds its carrying amount	¥ 3,937	¥ 4,997
Maximum [member]
Disclosure of goodwill key assumptions used for value-in-use calculation [line items]
Period over which management expect Group's business recover from impact of COVID-19 epidemic	2 years
Minimum [member]
Disclosure of goodwill key assumptions used for value-in-use calculation [line items]
Period over which management expect Group's business recover from impact of COVID-19 epidemic	1 year
Railroad business [member]
Disclosure of goodwill key assumptions used for value-in-use calculation [line items]
Revenue growth rate (within the five-year period)		8.00%
Long-term growth rate (beyond the five-years period)	3.00%	2.00%
Pre-tax discount rate	12.00%	12.00%
Railroad business [member] \| Maximum [member]
Disclosure of goodwill key assumptions used for value-in-use calculation [line items]
Revenue growth rate (within the five-year period)	32.00%
Gross margin	8.00%	16.00%
Railroad business [member] \| Minimum [member]
Disclosure of goodwill key assumptions used for value-in-use calculation [line items]
Revenue growth rate (within the five-year period)	8.00%
Gross margin	3.00%	8.00%

GOODWILL - KEY ASSUMPTIONS US_2

GOODWILL - KEY ASSUMPTIONS USED FOR VALUE-IN-USE CALCULATIONS - Narratives (Details) - Railroad business [member]	12 Months Ended
	Dec. 31, 2020CNY (¥)
Disclosure of goodwill key assumptions used for value-in-use calculation [line items]
Impairment loss recognized against goodwill due to lower budgeted growth rate	¥ 0
Impairment loss recognized against goodwill due to higher estimated pre-tax discount rate	¥ 0
Maximum [member]
Disclosure of goodwill key assumptions used for value-in-use calculation [line items]
Percentage by which budgeted growth rate used in value-in-use calculation lower than management estimates	10.00%
Percentage by which estimated pre-tax discount rate applied to the discounted cash flows is higher than management's estimates	1.00%

SUBSIDIARIES (Details)

SUBSIDIARIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
SUBSIDIARIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)individual	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of subsidiaries [line items]
Paid-in capital	¥ 7,083,537	$ 1,085,600		¥ 7,083,537	¥ 7,083,537
Dongguan Changsheng Enterprise Company Limited [member]
Disclosure of subsidiaries [line items]
Name of the entity	Dongguan Changsheng Enterprise Company Limited
Principal place of operation	PRC
Proportion of equity interests held by the Company	51.00%
Proportion of equity interests held by the Group	51.00%
Proportion of equity interests held by non-controlling interests	49.00%
Paid-in capital	¥ 38,000
Shenzhen Fu Yuan Enterprise Development Company Limited [member]
Disclosure of subsidiaries [line items]
Name of the entity	Shenzhen Fu Yuan Enterprise Development Company Limited
Principal place of operation	PRC
Proportion of equity interests held by the Company	100.00%
Proportion of equity interests held by the Group	100.00%
Proportion of equity interests held by non-controlling interests	0.00%
Paid-in capital	¥ 18,500
Shenzhen Pinghu Qun Yi Railway Store Loading and Unloading Company Limited [member]
Disclosure of subsidiaries [line items]
Name of the entity	Shenzhen Pinghu Qun Yi Railway Store Loading and Unloading Company Limited
Principal place of operation	PRC
Proportion of equity interests held by the Company	100.00%
Proportion of equity interests held by the Group	100.00%
Proportion of equity interests held by non-controlling interests	0.00%
Paid-in capital	¥ 10,000
Shenzhen Guangshen Railway Economic and Trade Enterprise Company Limited [member]
Disclosure of subsidiaries [line items]
Name of the entity	Shenzhen Guangshen Railway Economic and Trade Enterprise Company Limited
Principal place of operation	PRC
Proportion of equity interests held by the Company	100.00%
Proportion of equity interests held by the Group	100.00%
Proportion of equity interests held by non-controlling interests	0.00%
Paid-in capital	¥ 2,000
Shenzhen Railway Station Passenger Services Company Limited [member]
Disclosure of subsidiaries [line items]
Name of the entity	Shenzhen Railway Station Passenger Services Company Limited
Principal place of operation	PRC
Proportion of equity interests held by the Company	100.00%
Proportion of equity interests held by the Group	100.00%
Proportion of equity interests held by non-controlling interests	0.00%
Paid-in capital	¥ 1,500
Guangshen Railway Station Dongqun Trade and Commerce Service Company Limited [member]
Disclosure of subsidiaries [line items]
Name of the entity	Guangshen Railway Station Dongqun Trade and Commerce Service Company Limited
Principal place of operation	PRC
Proportion of equity interests held by the Company	100.00%
Proportion of equity interests held by the Group	100.00%
Proportion of equity interests held by non-controlling interests	0.00%
Paid-in capital	¥ 1,020
Guangzhou Railway Huangpu Service Company Limited [member]
Disclosure of subsidiaries [line items]
Name of the entity	Guangzhou Railway Huangpu Service Company Limited
Principal place of operation	PRC
Proportion of equity interests held by the Company	100.00%
Proportion of equity interests held by the Group	100.00%
Proportion of equity interests held by non-controlling interests	0.00%
Paid-in capital	¥ 379
Zengcheng Lihua Stock Company Limited ("Zengcheng Lihua") [member]
Disclosure of subsidiaries [line items]
Name of the entity	Zengcheng Lihua Stock Company Limited("Zengcheng Lihua")
Principal place of operation	PRC
Proportion of equity interests held by the Company	44.72%
Proportion of equity interests held by the Group	44.72%
Proportion of equity interests held by non-controlling interests	55.28%
Paid-in capital	¥ 107,050
Number of individual holding more than zero point five percent equity interest \| individual	0
Maximum [member] \| Zengcheng Lihua Stock Company Limited ("Zengcheng Lihua") [member]
Disclosure of subsidiaries [line items]
Proportion of ownership interests held by individuals	0.50%

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

INVESTMENTS IN ASSOCIATES (Deta

INVESTMENTS IN ASSOCIATES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
INVESTMENTS IN ASSOCIATES [abstract]
Share of net assets	¥ 196,848			¥ 174,686
Less: provison for impairment	0			0
Investments in associates	¥ 196,848	$ 30,168		¥ 174,686	¥ 181,725	¥ 174,548

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

INVESTMENTS IN ASSOCIATES - MOV

INVESTMENTS IN ASSOCIATES - MOVEMENT (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
INVESTMENTS IN ASSOCIATES [abstract]
Beginning of the year	¥ 174,686			¥ 181,725	¥ 174,548
Share of results after tax	22,162	$ 3,396		(7,039)	7,177
End of the year	¥ 196,848	$ 30,168		¥ 174,686	¥ 181,725

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

INVESTMENTS IN ASSOCIATES - PRI

INVESTMENTS IN ASSOCIATES - PRINCIPAL ASSOCIATES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2020USD ($)	[1]
Disclosure of associates [line items]
Paid-in capital	¥ 7,083,537,000	¥ 7,083,537,000	¥ 7,083,537,000	$ 1,085,600
Significant contingent liabilities relating to the Group's interest in the associates	¥ 0
Significant restrictions on the transfer of assets or earnings from the associates to the Group	No
Guangzhou Tiecheng Enterprise Company Limited (Tiecheng) [member]
Disclosure of associates [line items]
Percentage of equity interest attributable to the Company	49.00%	49.00%	49.00%
Paid-in capital	¥ 343,050,000
Shenzhen Guangzhou Railway Civil Engineering Company (Shentu) [member]
Disclosure of associates [line items]
Percentage of equity interest attributable to the Company	49.00%	49.00%	49.00%
Paid-in capital	¥ 64,000,000

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

INVESTMENTS IN ASSOCIATES - SUM

INVESTMENTS IN ASSOCIATES - SUMMARISED BALANCE SHEETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Disclosure of associates [line items]
Current assets	¥ 6,258,837	$ 959,209		¥ 6,703,937
Non-current assets	30,521,616	4,677,641		30,189,196
Total assets	36,780,453	5,636,850		36,893,133
Current liabilities	7,144,739	1,094,976		6,477,044
Equity	28,156,169	$ 4,315,123		29,139,281	¥ 28,816,329	¥ 28,607,408
Share of net assets	196,848			174,686
Guangzhou Tiecheng Enterprise Company Limited (Tiecheng) [member]
Disclosure of associates [line items]
Current assets	93,571			77,732
Non-current assets	373,860			361,864
Total assets	467,431			439,596
Current liabilities	221,928			223,295
Equity	245,503			216,301	239,651
Share of net assets	120,296			105,987
Carrying amount of interest in associates	120,296			105,987	117,429
Shenzhen Guangzhou Railway Civil Engineering Company (Shentu) [member]
Disclosure of associates [line items]
Current assets	1,974,930			1,612,909
Non-current assets	10,209			12,941
Total assets	1,985,139			1,625,850
Current liabilities	1,828,909			1,485,647
Equity	156,230			140,203
Share of net assets	76,552			68,699
Carrying amount of interest in associates	¥ 76,552			¥ 68,699	¥ 64,296

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

INVESTMENTS IN ASSOCIATES - S_2

INVESTMENTS IN ASSOCIATES - SUMMARIZED COMPREHENSIVE INCOME STATEMENTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of associates [line items]
Revenue	¥ 16,349,366	$ 2,505,650		¥ 21,178,351	¥ 19,828,018
Net profit/(loss)	(558,100)	(85,533)		747,964	779,034
Total comprehensive income for the year	(558,100)	$ (85,533)		747,964	779,034
Guangzhou Tiecheng Enterprise Company Limited (Tiecheng) [member]
Disclosure of associates [line items]
Revenue	43,241			45,673	45,017
Net profit/(loss)	29,202			(23,350)	11,039
Total comprehensive income for the year	29,202			(23,350)	11,039
Shenzhen Guangzhou Railway Civil Engineering Company (Shentu) [member]
Disclosure of associates [line items]
Revenue	1,519,711			1,222,250	851,701
Net profit/(loss)	16,027			8,986	3,608
Total comprehensive income for the year	¥ 16,027			¥ 8,986	¥ 3,608

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

INVESTMENTS IN ASSOCIATES - REC

INVESTMENTS IN ASSOCIATES - RECONCILIATION OF SUMMARISED FINANCIAL INFORMATION (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)		Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of associates [line items]
Profit for the year	¥ (558,100)	$ (85,533)	[1]	¥ 747,964	¥ 779,034
Associates [member]
Disclosure of associates [line items]
Opening net assets	356,504			370,868	356,221
Profit for the year	45,229			(14,364)	14,647
Closing net assets	¥ 401,733			¥ 356,504	¥ 370,868
Percentage of ownership interest	49.00%	49.00%		49.00%	49.00%
Carrying value	¥ 196,848			¥ 174,686	¥ 181,725
Guangzhou Tiecheng Enterprise Company Limited (Tiecheng) [member]
Disclosure of associates [line items]
Opening net assets	216,301			239,651	228,612
Profit for the year	29,202			(23,350)	11,039
Closing net assets	¥ 245,503			¥ 216,301	¥ 239,651
Percentage of ownership interest	49.00%	49.00%		49.00%	49.00%
Carrying value	¥ 120,296			¥ 105,987	¥ 117,429
Shenzhen Guangzhou Railway Civil Engineering Company (Shentu) [member]
Disclosure of associates [line items]
Opening net assets	140,203			131,217	127,609
Profit for the year	16,027			8,986	3,608
Closing net assets	¥ 156,230			¥ 140,203	¥ 131,217
Percentage of ownership interest	49.00%	49.00%		49.00%	49.00%
Carrying value	¥ 76,552			¥ 68,699	¥ 64,296

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

DEFERRED TAX ASSETS_(LIABILIT_3

DEFERRED TAX ASSETS/(LIABILITIES) (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
DEFERRED TAX ASSETS/(LIABILITIES) [abstract]
Deferred tax assets	¥ 496,920			¥ 366,348	¥ 273,022
Less: Offsetting of deferred tax liabilities	(73,966)			(75,098)
Deferred tax assets (net)	422,954	$ 64,821		291,250
Deferred tax liabilities	(132,879)			(136,503)	¥ (139,625)
Less: Offsetting of deferred tax assets	73,966			75,098
Deferred tax liabilities (net)	(58,913)	$ (9,029)		(61,405)
Deferred tax assets/(liabilities)	¥ 364,041			¥ 229,845

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

DEFERRED TAX ASSETS_(LIABILIT_4

DEFERRED TAX ASSETS/(LIABILITIES) - MATURITY ANALYSIS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis for deferred tax assets/(liabilities) [line items]
Deferred tax assets	¥ 496,920	¥ 366,348	¥ 273,022
Deferred tax liabilities	(132,879)	(136,503)	¥ (139,625)
To be recovered after more than 12 months [member]
Disclosure of maturity analysis for deferred tax assets/(liabilities) [line items]
Deferred tax assets	394,474	144,415
Deferred tax liabilities	(127,105)	(133,854)
To be recovered within 12 months [member]
Disclosure of maturity analysis for deferred tax assets/(liabilities) [line items]
Deferred tax assets	102,446	221,933
Deferred tax liabilities	¥ (5,774)	¥ (2,649)

DEFERRED TAX ASSETS - MOVEMENTS

DEFERRED TAX ASSETS - MOVEMENTS (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	¥ 366,348	¥ 273,022
Credited/(Charged) to comprehensive income statement	130,572	93,326
Balance at end of year	496,920	366,348
Deductible tax losses [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	0	0
Credited/(Charged) to comprehensive income statement	302,586	0
Balance at end of year	302,586	0
Impairment provision for receivables [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	17,821	17,841
Credited/(Charged) to comprehensive income statement	(27)	(20)
Balance at end of year	17,794	17,821
Impairment provision for fixed assets and construction-in-progress [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	11,626	6,455
Credited/(Charged) to comprehensive income statement	2,959	5,171
Balance at end of year	14,585	11,626
Impairment provision for materials and supplies [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	4,410	9,455
Credited/(Charged) to comprehensive income statement	(4,410)	(5,045)
Balance at end of year	0	4,410
Difference in accounting base and tax base of government grants [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	23,251	25,429
Credited/(Charged) to comprehensive income statement	2,015	(2,178)
Balance at end of year	25,266	23,251
Difference in accounting base and tax base of employee benefits obligations [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	50,803	45,740
Credited/(Charged) to comprehensive income statement	35,317	5,063
Balance at end of year	86,120	50,803
Loss on disposal of fixed assets [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	25,115	13,348
Credited/(Charged) to comprehensive income statement	(968)	11,767
Balance at end of year	24,147	25,115
Difference in accounting base and tax base of party organization activity fee [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	16,276	7,973
Credited/(Charged) to comprehensive income statement	10,146	8,303
Balance at end of year	26,422	16,276
Difference in accounting base and tax base in recognition of land disposal proceed [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	212,017	146,781
Credited/(Charged) to comprehensive income statement	(212,017)	65,236
Balance at end of year	0	212,017
Others [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	5,029	0
Credited/(Charged) to comprehensive income statement	(5,029)	5,029
Balance at end of year	¥ 0	¥ 5,029

DEFERRED TAX LIABILITIES - MOVE

DEFERRED TAX LIABILITIES - MOVEMENTS (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	¥ 136,503	¥ 139,625
Credited/(Charged) to comprehensive income statement	(3,624)	(3,122)
Balance at end of year	132,879	136,503
Differences in accounting base and tax base in recognition of fixed assets [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	5,251	5,270
Credited/(Charged) to comprehensive income statement	(493)	(19)
Balance at end of year	4,758	5,251
Differences in accounting base and tax base in recognition of leasehold land payments [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	61,404	63,897
Credited/(Charged) to comprehensive income statement	(2,491)	(2,493)
Balance at end of year	58,913	61,404
Changes in fair value of available-for-sale financial assets [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	60,647	60,647
Credited/(Charged) to comprehensive income statement	0	0
Balance at end of year	60,647	60,647
Others [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance at beginning of period	9,201	9,811
Credited/(Charged) to comprehensive income statement	(640)	(610)
Balance at end of year	¥ 8,561	¥ 9,201

DEFERRED TAX ASSETS_(LIABILIT_5

DEFERRED TAX ASSETS/(LIABILITIES) - TAX LOSS CARRY-FORWARDS AND OTHER TEMPORARY DIFFERENCES (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
DEFERRED TAX ASSETS/(LIABILITIES) [abstract]
Tax losses that can be carried forward (a)	¥ 235,403	¥ 142,469
Deductible temporary differences	12,302	12,452
Total tax loss carry-forwards and deductible temporary differences	¥ 247,705	¥ 154,921

DEFERRED TAX ASSETS_(LIABILIT_6

DEFERRED TAX ASSETS/(LIABILITIES) - TAX LOSS CARRY-FORWARDS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of tax loss carry-forwards in which no deferred income tax assets were recognized [line items]
Tax loss carry-forwards in which no deferred income tax assets were recognized	¥ 235,403	¥ 142,469
Within 1 year [member]
Disclosure of tax loss carry-forwards in which no deferred income tax assets were recognized [line items]
Tax loss carry-forwards in which no deferred income tax assets were recognized	0	16,745
2021 [member]
Disclosure of tax loss carry-forwards in which no deferred income tax assets were recognized [line items]
Tax loss carry-forwards in which no deferred income tax assets were recognized	22,090	22,090
2022 [member]
Disclosure of tax loss carry-forwards in which no deferred income tax assets were recognized [line items]
Tax loss carry-forwards in which no deferred income tax assets were recognized	22,245	22,245
2023 [member]
Disclosure of tax loss carry-forwards in which no deferred income tax assets were recognized [line items]
Tax loss carry-forwards in which no deferred income tax assets were recognized	36,393	36,393
2024 [member]
Disclosure of tax loss carry-forwards in which no deferred income tax assets were recognized [line items]
Tax loss carry-forwards in which no deferred income tax assets were recognized	44,996	44,996
2025 [member]
Disclosure of tax loss carry-forwards in which no deferred income tax assets were recognized [line items]
Tax loss carry-forwards in which no deferred income tax assets were recognized	¥ 109,679	¥ 0

LONG-TERM PREPAID EXPENSES (Det

LONG-TERM PREPAID EXPENSES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of long-term prepaid expenses [line items]
Opening net book amount	¥ 40,807			¥ 46,614
Additions	22,422			10,631
Amortization	(19,340)			(16,438)	¥ (12,909)
Closing net book amount	43,889	$ 6,726		40,807	46,614
Cost [member]
Disclosure of long-term prepaid expenses [line items]
Opening net book amount	129,575			118,944
Closing net book amount	151,997			129,575	118,944
Accumulated amortisation [member]
Disclosure of long-term prepaid expenses [line items]
Opening net book amount	(88,768)			(72,330)
Closing net book amount	¥ (108,108)			¥ (88,768)	¥ (72,330)

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

FINANCIAL INSTRUMENTS BY CATE_3

FINANCIAL INSTRUMENTS BY CATEGORY - ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	[1]	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Financial assets at amortized cost [abstract]
Trade and other receivables excluding prepayments (Notes 20 and 21)	¥ 4,317,539			¥ 4,746,988
Term deposits (Note 16)	220,000			0
Cash and cash equivalents (Note 22)	1,485,232	$ 227,622		1,562,334	$ 239,438		¥ 1,738,753	¥ 1,160,515
Long-term receivable (Note 17)	23,734	$ 3,637		26,103
FVOCI (Note 15)	377,631			351,045
Total	¥ 6,424,136			¥ 6,686,470

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

FINANCIAL INSTRUMENTS BY CATE_4

FINANCIAL INSTRUMENTS BY CATEGORY - LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
Liabilities at amortized cost
Trade and other payables excluding non-financial liabilities (Notes 27 and 29)	¥ 3,417,934			¥ 2,683,828
Payables for fixed assets and construction-in-progress	2,914,696	$ 446,697		1,802,592
Dividends payable	13,749	$ 2,107		12,890
Lease liabilities	1,175,565			1,176,426
Total	¥ 7,521,944			¥ 5,675,736

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

FINANCIAL ASSETS AT FAIR VALU_3

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME- EQUITY INVESTMENTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2020USD ($)	[1]
Non-current assets
Investments in unlisted companies	¥ 377,631	¥ 351,045	$ 57,874
Maximum [member]
Non-current assets
Percentage of equity interests held by the Group in certain unlisted companies	2.00%	2.00%

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

FINANCIAL ASSETS AT FAIR VALU_4

FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - Narrative (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts recognized in profit or loss and other comprehensive income
Dividend received and recognised in other losses - net	¥ 7,735	¥ 7,047	¥ 6,473
- Related to investments held at the end of the reporting period	¥ 7,735	¥ 7,047

TERM DEPOSITS (Details)

TERM DEPOSITS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2020USD ($)	[1]
Current assets
Short-term deposits	¥ 60,000	¥ 0	$ 9,195
Non-current assets
Long-term deposits	¥ 160,000	¥ 0	$ 24,521
The original effective interest rate of term deposits per annum	3.63%	1.53%

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

LONG-TERM RECEIVABLE (Details)

LONG-TERM RECEIVABLE (Details)	Dec. 31, 2020
Yangcheng Railway Business [member]
Disclosure of acquired receivables [line items]
Average effective interest rate for amortised cost, long-term receivable	6.54%

ASSETS CLASSIFIED AS HELD FOR_2

ASSETS CLASSIFIED AS HELD FOR SALE (Details) $ in Thousands	12 Months Ended
ASSETS CLASSIFIED AS HELD FOR SALE (Details) $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of assets classified as held for sale [line items]
Derecognition of land use right	¥ 1,188,645,000	$ 182,168		¥ 0	¥ 0
Guangzhou Land Development Center ("GLDC") [member]
Disclosure of assets classified as held for sale [line items]
Derecognition of land use right	¥ 1,188,645,000

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

MATERIALS AND SUPPLIES (Details

MATERIALS AND SUPPLIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
MATERIALS AND SUPPLIES [abstract]
Raw materials	¥ 197,242			¥ 171,532
Reusable rail-line track materials	54,704			58,502
Accessories	43,584			40,224
Retailing consumables	876			1,001
Materials and supplies	¥ 296,406	$ 45,426		¥ 271,259

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

MATERIALS AND SUPPLIES - Narrat

MATERIALS AND SUPPLIES - Narratives (Details) - CNY (¥)	12 Months Ended
MATERIALS AND SUPPLIES - Narratives (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019
MATERIALS AND SUPPLIES [abstract]
Cost of materials and supplies consumed, recognized as operating expenses	¥ 1,296,779,000	¥ 1,736,886,000
Provision for writing down materials and supplies to net realisable values	0	17,640,000
Additional provisions, materials and supplies	0	14,242,000
Amount of materials and supplies reversed as the recovery price increased	0	3,449,000
Materials and supplies write-offs arising from realization of losses in the disposal of assets	¥ 17,640,000	¥ 30,973,000

TRADE RECEIVABLES - TRADE RECEI

TRADE RECEIVABLES - TRADE RECEIVABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
TRADE RECEIVABLES [abstract]
Trade receivables	¥ 3,782,381			¥ 4,563,219
Including: receivables from related parties	2,955,797			3,477,558
Less: Provision for impairment of receivables	(60,704)			(61,135)	¥ (61,212)	¥ (66,907)
Trade receivables, net	¥ 3,721,677	$ 570,372		¥ 4,502,084

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

TRADE RECEIVABLES - AGING ANALY

TRADE RECEIVABLES - AGING ANALYSIS OF OUTSTANDING TRADE RECEIVABLES (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of aging analysis of outstanding trade receivables [line items]
Trade receivables	¥ 3,782,381	¥ 4,563,219
Within 1 year [member]
Disclosure of aging analysis of outstanding trade receivables [line items]
Trade receivables	2,773,713	3,558,842
Over 1 year but within 2 years [member]
Disclosure of aging analysis of outstanding trade receivables [line items]
Trade receivables	653,062	747,600
Over 2 years but within 3 years [member]
Disclosure of aging analysis of outstanding trade receivables [line items]
Trade receivables	306,410	172,482
Over 3 years [member]
Disclosure of aging analysis of outstanding trade receivables [line items]
Trade receivables	¥ 49,196	¥ 84,295

TRADE RECEIVABLES - MOVEMENTS O

TRADE RECEIVABLES - MOVEMENTS ON PROVISION FOR IMPAIRMENT OF TRADE RECEIVABLES (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of provision for impairment of trade receivables [line items]
At beginning of period	¥ 61,135	¥ 61,212	¥ 66,907
Reversal of impairment loss provision	(358)	0	(5,689)
Written-off	(73)	(77)	(6)
At end of period	60,704	61,135	61,212
Previously stated [member]
Disclosure of provision for impairment of trade receivables [line items]
At beginning of period	61,135	61,212	6,203
At end of period		61,135	61,212
Change in Accounting Policy [member]
Disclosure of provision for impairment of trade receivables [line items]
At beginning of period	¥ 0	0	60,704
At end of period		¥ 0	¥ 0

PREPAYMENTS AND OTHER RECEIVA_3

PREPAYMENTS AND OTHER RECEIVABLES - PREPAYMENTS AND OTHER RECEIVABLES AMOUNT DUE BY CUSTOMER TYPE (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
PREPAYMENTS AND OTHER RECEIVABLES [abstract]
Due from third parties	¥ 452,921			¥ 282,229
Due from related parties	242,601			83,848
Total prepayments and other receivables	¥ 695,522	$ 106,593		¥ 366,077

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

PREPAYMENTS AND OTHER RECEIVA_4

PREPAYMENTS AND OTHER RECEIVABLES - PREPAYMENTS AND OTHER RECEIVABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
PREPAYMENTS AND OTHER RECEIVABLES [abstract]
Other receivables	¥ 606,452			¥ 255,494
Less: Provision for impairment	(10,590)			(10,590)	¥ (10,590)	¥ (18,852)
Other receivables, net (Note (a))	595,862			244,904
Prepayments (Note (b))	99,660			121,173
Total prepayments and other receivables	¥ 695,522	$ 106,593		¥ 366,077

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

PREPAYMENTS AND OTHER RECEIVA_5

PREPAYMENTS AND OTHER RECEIVABLES - MOVEMENTS ON PROVISION FOR IMPAIRMENT OF OTHER RECEIVABLES (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of provision for impairment of trade receivables [line items]
At beginning of period	¥ 10,590,000	¥ 10,590,000	¥ 18,852,000
Provision for impairment loss	0	0	4,631,000
Reversal of impairment loss provision	0	0	(2,000)
Written-off	0	0	(12,891,000)
At end of period	10,590,000	10,590,000	10,590,000
Input VAT with related invoices not been received or verified	94,536,000	101,317,000
Previously stated [member]
Disclosure of provision for impairment of trade receivables [line items]
At beginning of period	10,590,000	10,590,000	13,325,000
At end of period		10,590,000	10,590,000
Change in Accounting Policy [member]
Disclosure of provision for impairment of trade receivables [line items]
At beginning of period	¥ 0	0	5,527,000
At end of period		¥ 0	¥ 0

PREPAYMENTS AND OTHER RECEIVA_6

PREPAYMENTS AND OTHER RECEIVABLES - PREPAYMENTS AND OTHER RECEIVABLES CARRYING AMOUNT BY CURRENCY (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
Disclosure of prepayments and other receivables carrying amount by currency [line items]
Prepayments and other receivables	¥ 695,522	$ 106,593		¥ 366,077
RMB
Disclosure of prepayments and other receivables carrying amount by currency [line items]
Prepayments and other receivables	695,522			365,364
HKD
Disclosure of prepayments and other receivables carrying amount by currency [line items]
Prepayments and other receivables	¥ 0			¥ 713

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

CASH AND CASH EQUIVALENTS AND_3

CASH AND CASH EQUIVALENTS AND SHORT-TERM DEPOSITS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	[1]	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
CASH AND CASH EQUIVALENTS [abstract]
Cash at bank and on hand	¥ 1,485,232			¥ 1,562,334
Term deposits with initial term not more than three months	0			0
Cash and cash equivalents	¥ 1,485,232	$ 227,622		¥ 1,562,334	$ 239,438		¥ 1,738,753	¥ 1,160,515

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

CASH AND CASH EQUIVALENTS AND_4

CASH AND CASH EQUIVALENTS AND SHORT-TERM DEPOSITS - DENOMINATED BY CURRENCY (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2019USD ($)	[1]	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)
Disclosure of cash and cash equivalents [line items]
Carrying amounts of the cash and cash equivalents	¥ 1,485,232	$ 227,622		¥ 1,562,334	$ 239,438		¥ 1,738,753	¥ 1,160,515
RMB
Disclosure of cash and cash equivalents [line items]
Carrying amounts of the cash and cash equivalents	1,458,200			1,473,434
HKD
Disclosure of cash and cash equivalents [line items]
Carrying amounts of the cash and cash equivalents	27,003			88,892
USD
Disclosure of cash and cash equivalents [line items]
Carrying amounts of the cash and cash equivalents	¥ 29			¥ 8

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2020USD ($)shares		Dec. 31, 2018CNY (¥)
Disclosure of classes of share capital [line items]
Total authorized number of ordinary shares \| shares	7,083,537,000	7,083,537,000	7,083,537,000
Par value per share \| ¥ / shares	¥ 1	¥ 1
Authorized, issued and fully paid:
Share capital	¥ 7,083,537	¥ 7,083,537	$ 1,085,600	[1]	¥ 7,083,537
Movement	0	0
H shares [member]
Authorized, issued and fully paid:
Share capital	1,431,300	1,431,300			1,431,300
Movement	0	0
A shares [member]
Authorized, issued and fully paid:
Share capital	5,652,237	5,652,237			¥ 5,652,237
Movement	¥ 0	¥ 0

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

RESERVES - APPROPRIATIONS TO RE

RESERVES - APPROPRIATIONS TO RESERVES (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of reserves within equity [line items]
Actual rate of appropriations from retained earnings to reserves	0.00%	10.00%	10.00%
Appropriation to reserves amount	¥ 0	¥ 0	¥ 0
Statutory surplus reserve [member]
Disclosure of reserves within equity [line items]
Stated rate of appropriations from retained earnings to reserves	10.00%
Appropriation to reserves amount	¥ 0	¥ 78,264	¥ 83,612
Minimum [member] \| Statutory surplus reserve [member]
Disclosure of reserves within equity [line items]
Stated rate of reserve to registered share capital	25.00%
Maximum [member] \| Statutory surplus reserve [member]
Disclosure of reserves within equity [line items]
Stated rate of reserve to registered share capital	50.00%

RESERVES - MOVEMENTS OF SPECIAL

RESERVES - MOVEMENTS OF SPECIAL RESERVE - SAFETY PRODUCTION FUND (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of movements of special reserves - safety production fund [line items]
Beginning of the year	¥ 0	¥ 0
Appropriation for retained earnings	0	0	¥ 0
Utilization	0	0	0
End of the year	0	0	0
Special reserve [member]
Disclosure of movements of special reserves - safety production fund [line items]
Beginning of the year	0	0	0
Appropriation for retained earnings	281,277	264,871	242,456
Utilization	(281,277)	(264,871)	(242,456)
End of the year	¥ 0	¥ 0	¥ 0

RESERVES - Narratives (Details)

RESERVES - Narratives (Details)	Dec. 31, 2020
RESERVES [abstract]
Percentage of revenue from freight transportation services used to calculate Safety Production Fund	1.00%
Percentage of revenue from passenger transportation, dangerous goods delivery business and other special services used to calculate Safety Production Fund	1.50%

DEFERRED INCOME (Details)

DEFERRED INCOME (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)		Dec. 31, 2019CNY (¥)
DEFERRED INCOME [abstract]
Government grants	¥ 104,939	$ 16,083	[1]	¥ 97,467

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

EMPLOYEE BENEFITS OBLIGATIONS_2

EMPLOYEE BENEFITS OBLIGATIONS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EMPLOYEE BENEFITS OBLIGATIONS [abstract]
Employee benefits obligations	¥ 24,487	¥ 26,345	¥ 28,389
Less: current portion included in accruals and other payables (Note 29)	(24,487)	(26,345)	¥ (28,389)
Non-current provisions for employee benefits	¥ 0	¥ 0

EMPLOYEE BENEFITS OBLIGATIONS -

EMPLOYEE BENEFITS OBLIGATIONS - MOVEMENT (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFITS OBLIGATIONS [abstract]
Beginning of the year	¥ 26,345	¥ 28,389
Additions	0	0
Payments	(1,858)	(2,044)
End of the year	¥ 24,487	¥ 26,345

TRADE PAYABLES (Details)

TRADE PAYABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
TRADE PAYABLES [abstract]
Payables to third parties	¥ 812,629			¥ 844,487
Payables to related parties	1,261,293			693,611
Total trade payables	¥ 2,073,922	$ 317,842		¥ 1,538,098

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

TRADE PAYABLES - AGING ANALYSIS

TRADE PAYABLES - AGING ANALYSIS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
Disclosure of aging analysis of trade payables [line items]
Trade payables	¥ 2,073,922	$ 317,842		¥ 1,538,098
Within 1 year [member]
Disclosure of aging analysis of trade payables [line items]
Trade payables	1,874,224			1,424,775
Over 1 year but within 2 years [member]
Disclosure of aging analysis of trade payables [line items]
Trade payables	146,717			61,371
Over 2 years but within 3 years [member]
Disclosure of aging analysis of trade payables [line items]
Trade payables	8,993			16,726
Over 3 years [member]
Disclosure of aging analysis of trade payables [line items]
Trade payables	¥ 43,988			¥ 35,226

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

CONTRACT LIABILITIES (Details)

CONTRACT LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
CONTRACT LIABILITIES [abstract]
Contract liabilities - advances received from customers	¥ 186,959			¥ 438,705
Contract liabilities - frequent traveler program	28,346			20,115
Contract liabilities	¥ 215,305	$ 32,996		¥ 458,820

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

ACCRUALS AND OTHER PAYABLES (De

ACCRUALS AND OTHER PAYABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
ACCRUALS AND OTHER PAYABLES [abstract]
Due to third parties	¥ 1,401,338			¥ 1,895,881
Due to related parties	448,318			459,679
Total accruals and other payables	¥ 1,849,656	$ 283,471		¥ 2,355,560

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

ACCRUALS AND OTHER PAYABLES - D

ACCRUALS AND OTHER PAYABLES - DETAILED INFORMATION (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of detailed information of accruals and other payables [line items]
Advance received from disposal of assets classified as held for sale (Note 18)	¥ 0			¥ 848,066
Other deposits received	308,890			199,483
Salary and welfare payables	418,214			222,684
Deposits received for construction projects	131,965			145,446
Other taxes payable	62,942			109,735
Amounts received on behalf of Labor Union	87,566			95,206
Deposits received from ticketing agencies	25,408			30,298
Employee benefits obligations (Note 26)	24,487			26,345	¥ 28,389
Other advance received	0			3,000
Housing maintenance fund	2,480			2,431
Other payables	427,144			304,306
Total accruals and other payables	1,849,656	$ 283,471		2,355,560
GIDC [member]
Disclosure of detailed information of accruals and other payables [line items]
Payables to GIDC assumed by business combination	¥ 360,560			¥ 368,560

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

AUDITORS' REMUNERATION (Details

AUDITORS' REMUNERATION (Details) - CNY (¥)	12 Months Ended
AUDITORS' REMUNERATION (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AUDITORS' REMUNERATION [abstract]
Auditor's remuneration for audit services	¥ 8,400,000	¥ 8,400,000	¥ 8,400,000
Auditor's remuneration for non-audit services	¥ 610,000	¥ 930,000	¥ 750,000

EMPLOYEE BENEFITS (Details)

EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
EMPLOYEE BENEFITS [abstract]
Wages and salaries	¥ 5,949,037	¥ 5,726,123	¥ 5,320,484
Provision for medical, housing scheme and other employee benefits (a)	1,326,476	1,353,800	1,296,392
Contributions to the defined contribution scheme (b)	408,922	999,020	829,539
Total employee benefits	¥ 7,684,435	¥ 8,078,943	¥ 7,446,415

EMPLOYEE BENEFITS - HOUSING SCH

EMPLOYEE BENEFITS - HOUSING SCHEME - Narratives (Details)	Dec. 31, 2020
Minimum [member]
Disclosure of employee benefits [line items]
Stated rate of salaries contributed by group to housing fund	10.00%
Stated rate of salaries contributed by employees to housing fund	10.00%
Maximum [member]
Disclosure of employee benefits [line items]
Stated rate of salaries contributed by group to housing fund	12.00%
Stated rate of salaries contributed by employees to housing fund	12.00%

EMPLOYEE BENEFITS - DEFINED CON

EMPLOYEE BENEFITS - DEFINED CONTRIBUTION PENSION SCHEME - Narratives (Details)	Dec. 31, 2020
EMPLOYEE BENEFITS [abstract]
Percentage of standard salary set by provincial government in defined contribution pension scheme	26.00%
Percentage of standard salary borne by the Company or its subsidiaries in defined contribution pension scheme	18.00%
Percentage of standard salary borne by employees in defined contribution pension scheme	8.00%

EMPLOYEE BENEFITS - FIVE HIGHES

EMPLOYEE BENEFITS - FIVE HIGHEST PAID INDIVIDUALS - Narratives (Details)	12 Months Ended
	Dec. 31, 2020CNY (¥)individual	Dec. 31, 2019CNY (¥)individual
Disclosure of highest paid [line items]
Remuneration paid as inducement \| ¥	¥ 0	¥ 0
Director [Member]
Disclosure of highest paid [line items]
Number of key management personnel \| individual	1	1
Senior executives [member]
Disclosure of highest paid [line items]
Number of key management personnel \| individual	4	4
Supervisor [member]
Disclosure of highest paid [line items]
Number of key management personnel \| individual	0	0
Minimum [member]
Disclosure of highest paid [line items]
Emolument amount \| ¥	¥ 0	¥ 0
Maximum [member]
Disclosure of highest paid [line items]
Emolument amount \| ¥	¥ 512,000	¥ 553,000

OTHER OPERATING EXPENSES (Detai

OTHER OPERATING EXPENSES (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
OTHER OPERATING EXPENSES (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OTHER OPERATING EXPENSES [abstract]
Passenger security inspection expenses	¥ 173,257	¥ 222,705	¥ 200,355
Carriage cleaning expenses	107,118	139,130	118,091
Train station housekeeping expenses	90,919	98,467	91,304
Staff accommodation expenses	82,634	86,445	89,069
Other safety maintenance expenses	75,726	89,831	99,433
Bunk cleaning expenses	68,125	97,899	65,536
Spring Festival related transportation expenses	42,514	67,082	55,981
Passenger transportation facility maintenance	22,434	42,572	53,363
Professional expenses	21,675	37,351	20,564
Administrative expenses and others	50,700	392,188	407,017
Total other operating expense	¥ 735,102	¥ 1,273,670	¥ 1,200,713

OTHER LOSSES - NET (Details)

OTHER LOSSES - NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
OTHER LOSSES - NET (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
OTHER LOSSES - NET [abstract]
Loss on disposal of fixed assets - net	¥ (101,377)			¥ (103,560)	¥ (93,914)
Interest income from banks	30,811			24,736	25,209
Government grants	63,061			22,492	15,223
Dividend income from FVOCI	7,735			7,047	6,473
Income from compensation	115			1,092	2,176
Impairment of fixed assets (Note 6)	(11,835)			(20,697)	(10,364)
Unwinding of interest accrued on long-term receivable	3,786			3,749	4,080
Income from disposal of subsidiaries	0			0	81
Renovation cost for the separation and transfer of facilities	0			0	(65,735)
Others	3,863			36,045	8,158
Other losses, net	¥ (3,841)	$ (589)		¥ (29,096)	¥ (108,613)

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

FINANCE COSTS - NET (Details)

FINANCE COSTS - NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
FINANCE COSTS - NET [abstract]
Interest expense of lease liabilities	¥ (57,629)			¥ (57,670)
Net foreign exchange gains/(loss)	(1,452)			2,592	¥ 1,044
Bank charges	(1,564)			(1,632)	(1,674)
Finance costs - net	¥ (60,645)	$ (9,294)		¥ (56,710)	¥ (630)

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

INCOME TAX EXPENSE_(CREDIT) - A

INCOME TAX EXPENSE/(CREDIT) - ANALYSIS OF TAXATION CHARGES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)		Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
INCOME TAX EXPENSE/CREDIT [abstract]
Applicable income tax rate	25.00%	25.00%		25.00%	25.00%
Current income tax	¥ 1,551			¥ 357,576	¥ 435,991
Deferred income tax (Note 12)	(134,196)			(96,448)	(146,225)
Income tax expense/(credit)	¥ (132,645)	$ (20,329)	[1]	¥ 261,128	¥ 289,766

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

INCOME TAX EXPENSE_(CREDIT) -_2

INCOME TAX EXPENSE/(CREDIT) - ANALYSIS OF DIFFERENCES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
INCOME TAX EXPENSE/CREDIT [abstract]
Profit (loss) before tax	¥ (690,745)	$ (105,862)		¥ 1,009,092	¥ 1,068,800
Tax calculated at the statutory rate of 25%	(172,686)			252,273	267,200
Effect of expenses not deductible for tax purposes	18,939			2,921	19,647
Effect of income not subject to tax	(7,474)			(1,762)	(3,432)
Tax losses for which no deferred tax asset was recognized	27,420			11,249	9,098
Adjustments for current tax of prior periods	1,194			(2,410)	(2,335)
Utilization of previously unrecognized tax losses	(38)			(1,143)	(412)
Income tax expense/(credit)	¥ (132,645)	$ (20,329)		¥ 261,128	¥ 289,766

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares		Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018CNY (¥)¥ / sharesshares	May 31, 1996shares
Earnings per share [line items]
Profit/(Loss) attributable to owners of the Company	¥ (557,876)	$ (85,498)	[1]	¥ 748,439	¥ 784,059
Number of H shares each American Depositary Share represents	50	50
Basic and diluted earnings/(loss) per share \| (per share)	¥ (0.08)	$ (0.01)	[1]	¥ 0.11	¥ 0.11
Basic and diluted earnings/(loss) per equivalent ADS \| (per share)	¥ (3.94)	$ (0.60)	[1]	¥ 5.28	¥ 5.53
Ordinary shares [member]
Earnings per share [line items]
Weighted average number of ordinary shares in issue	7,083,537,000	7,083,537,000		7,083,537,000	7,083,537,000
Dilutive potential ordinary share	0	0		0	0
ADS [member]
Earnings per share [line items]
Weighted average number of ordinary shares in issue	141,670,740	141,670,740		141,670,740	141,670,740
H shares [member]
Earnings per share [line items]
Number of H shares each American Depositary Share represents						50

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

DIVIDENDS (Details)

DIVIDENDS (Details) - CNY (¥)	12 Months Ended
DIVIDENDS (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ifrs DIVIDENDS [abstract]
Final, proposed dividends, ordinary share	¥ 0	¥ 425,012,000	¥ 425,012,000
Final, proposed dividends, ordinary share per share	¥ 0	¥ 0.06	¥ 0.06

CASH FLOW GENERATED FROM OPER_3

CASH FLOW GENERATED FROM OPERATIONS - RECONCILIATION (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Reconciliation from profit/(loss) before income tax to net cash generated from operations:
Profit/(Loss) before income tax:	¥ (690,745)	$ (105,862)		¥ 1,009,092	¥ 1,068,800
Adjustments for:
Depreciation of fixed assets (Note 6)	1,662,179			1,637,298	1,609,743
Depreciation of right-of-use assets (Note 8)	65,511			65,324	0
Impairment of fixed assets (Note 6)	11,835			20,697	10,363
Gains on disposal of assets classified as held for sale (Note 18)	(1,188,645)			0	0
Provision for impairment of materials and supplies (Note 19)	0			10,793	11,361
Amortization of leasehold land payments (Note 8)	0			0	55,782
Loss on disposal of fixed assets and costs on repairs	165,253			161,435	261,476
Amortization of long-term prepaid expenses (Note 13)	19,340			16,438	12,909
Share of results of associates, net of tax (Note 11)	(22,162)			7,039	(7,177)
Dividend income on FVOCI/AFS (Note 33)	(7,735)			(7,047)	(6,473)
Investment income from liquidation of a subsidiary (Note 33)	0			0	(81)
Reversal of impairment of receivables	(358)			0	(1,061)
Amortization of deferred income	(8,377)			(2,299)	(5,988)
Interest expense on lease liabilities	57,629			57,670	0
Interest income	(8,310)			(4,606)	(5,845)
Operating profit before working capital changes	55,415			2,971,834	3,003,809
Decrease/(Increase) in trade receivables	780,765			(638,401)	230,877
Decrease in materials and supplies	2,005			16,438	39,224
Increase in prepayments and other receivables	(108,998)			(64,221)	(17,218)
Decrease in long-term receivable	6,155			6,000	7,000
Increase in trade payables	701,825			98,393	115,759
Increase in accruals and other payables	150,454			358,625	220,571
Net cash generated from operations	¥ 1,587,621	$ 243,314		¥ 2,748,668	¥ 3,600,022

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

CASH FLOW GENERATED FROM OPER_4

CASH FLOW GENERATED FROM OPERATIONS - DISPOSAL OF FIXED ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
CASH FLOW GENERATED FROM OPERATIONS [abstract]
Net book amount (Note 6)	¥ 225,003			¥ 168,806	¥ 284,658
Payable arising from disposal of fixed assets	0			(2,063)	(6,715)
Transfer to materials and supplies	(27,151)			(2,272)	(16,075)
Loss on disposal of fixed assets and costs on repairs	(165,253)			(161,435)	(261,476)
Proceeds from disposal of fixed assets	¥ 32,599	$ 4,996		¥ 3,036	¥ 392

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

CONTINGENCY (Details)

CONTINGENCY (Details)	Dec. 31, 2020CNY (¥)
CONTINGENCY [abstract]
Contingent liabilities	¥ 0

COMMITMENTS - CAPITAL COMMITMEN

COMMITMENTS - CAPITAL COMMITMENTS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2020	Dec. 31, 2019
COMMITMENTS [abstract]
Contracted but not provided for	¥ 444,270	¥ 804,298
Authorized but not contracted for	505,730	1,178,032
Total capital commitments	¥ 950,000	¥ 1,982,330

RELATED PARTY TRANSACTIONS - MA

RELATED PARTY TRANSACTIONS - MATERIAL TRANSACTIONS UNDERTAKEN WITH GUANGZHOU RAILWAY GROUP AND ITS SUBSIDIARIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Services received and purchases made
Payment of short term leases	¥ 846,606,000			¥ 684,037,000
Guangzhou Railway Group [member] \| Passenger Trains [member]
Services received and purchases made
Payment of short term leases	292,603,000			247,714,000
Transportation related services [member]
Provision of services and sales of goods
Revenue for railway network usage and related services provided to related parties (ii)	9,572,330,000	$ 1,467,024		9,903,382,000	¥ 8,865,635,000
Services received and purchases made
Provision of repair and maintenance services by related parties (iv)	1,147,603,000	$ 175,878		1,073,731,000	917,898,000
Transportation related services [member] \| Guangzhou Railway Group and its subsidiaries [member]
Provision of services and sales of goods
Provision of train transportation services to related parties (i)	2,345,512,000			2,060,518,000	1,861,543,000
Revenue from rendering of services	4,520,208,000			4,436,179,000	3,955,547,000
Services received and purchases made
Provision of train transportation services by related parties (i)	753,288,000			774,291,000	872,234,000
Cost from services received and purchase made	2,739,056,000			2,968,758,000	2,770,857,000
Transportation related services [member] \| Guangzhou Railway Group and its subsidiaries [member] \| CSRG [member]
Provision of services and sales of goods
Revenue for railway network usage and related services provided to related parties (ii)	1,332,346,000			1,563,191,000	1,357,512,000
Services received and purchases made
Cost for railway network usage and related services provided by related parties (ii)	1,985,768,000			2,194,467,000	1,898,623,000
Transportation related services [member] \| Guangzhou Railway Group's subsidiaries [member]
Provision of services and sales of goods
Revenues from railway operation service provided to related parties (iii)	842,350,000			812,470,000	736,492,000
Other services [member] \| Guangzhou Railway Group and its subsidiaries [member]
Provision of services and sales of goods
Sales of materials and supplies to related parties (iv)	34,705,000			45,642,000	39,383,000
Services received and purchases made
Provision of repair and maintenance services by related parties (iv)	297,809,000			441,719,000	451,976,000
Purchase of materials and supplies from related parties (iv)	722,487,000			623,433,000	555,048,000
Provision of construction services by related parties (v)	285,616,000			363,424,000	180,147,000
Cost from services received and purchase made	¥ 1,305,912,000			¥ 1,428,576,000	¥ 1,187,171,000

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - MATERIAL TRANSACTIONS WITH CSRG AND OTHER RAILWAY COMPANIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Services received and purchases made
Payment of short term leases	¥ 846,606			¥ 684,037
Transportation related services [member]
Services received and purchases made
Provision of repair and maintenance services by related parties (iv)	1,147,603	$ 175,878		1,073,731	¥ 917,898
Transportation related services [member] \| CSRG Group [member]
Provision of services and sales of goods
Provision of train transportation services to related parties (i)	57,349			69,958	63,364
Revenues from railway operation service provided to related parties (iii)	2,214,460			2,392,333	2,012,880
Revenue from rendering of services	4,377,015			4,941,306	4,604,141
Services received and purchases made
Provision of train transportation services by related parties (i)	18,872			37,408	283,490
Cost from services received and purchase made	1,525,413			2,145,173	2,444,636
Transportation related services [member] \| CSRG Group [member] \| CSRG [member]
Provision of services and sales of goods
Revenues for services provided to related parties (ii)	2,105,206			2,479,015	2,527,897
Services received and purchases made
Cost for services provided by related parties (ii)(vi)	1,506,541			2,107,765	2,161,146
Other businesses [member] \| CSRG Group [member]
Provision of services and sales of goods
Provision of repairing services for cargo trucks to related parties (ii)	436,955			370,990	337,432
Sales of materials and supplies to related parties (iv)	0			8,330	9,099
Provision of apartment leasing services to related parties (iv)	456			574	617
Others	887			0	0
Revenue from rendering of services	438,298			379,894	347,148
Services received and purchases made
Provision of repair and maintenance services by related parties (iv)	28,928			29,066	9,440
Purchase of materials and supplies from related parties (iv)	12,362			23,968	27,743
Provision of construction services by related parties (v)	2,662			23,636	1,417
Cost from services received and purchase made	¥ 43,952			¥ 76,670	¥ 38,600

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

RELATED PARTY TRANSACTIONS - RE

RELATED PARTY TRANSACTIONS - REVENUES COLLECTED AND SETTLED THROUGH CSRG (Details) - CSRG [member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of revenues collected and settled through related parties [line items]
Passenger transportation	¥ 3,769,231	¥ 7,475,003	¥ 7,532,999
Freight transportation	1,456,605	1,740,907	1,849,360
Other transportation related services	24,048	74,870	78,935
Revenue arising from exchanges of goods or services	¥ 5,249,884	¥ 9,290,780	¥ 9,461,294

RELATED PARTY TRANSACTIONS - LE

RELATED PARTY TRANSACTIONS - LEASE - AS LESSEE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Disclosure of transactions between related parties [line items]
Depreciation expense of right-of-use assets	¥ 65,511,000			¥ 65,324,000
Interest expense of lease liabilities	57,629,000			57,670,000
Actual payment to Guangzhou Railway Group	60,750,000	$ 9,310		59,620,000	¥ 0
Payment of short term leases	846,606,000			684,037,000
Related parties [member]
Disclosure of transactions between related parties [line items]
Depreciation expense of right-of-use assets	13,378,000			13,378,000
Interest expense of lease liabilities	57,629,000			57,670,000
Guangzhou Railway Group [member]
Disclosure of transactions between related parties [line items]
Actual payment to Guangzhou Railway Group	60,750,000			59,620,000	¥ 58,490,000
Guangzhou Railway Group [member] \| Passenger Trains [member]
Disclosure of transactions between related parties [line items]
Payment of short term leases	292,603,000			247,714,000
CSRG [member] \| Passenger trains and freight trains [member]
Disclosure of transactions between related parties [line items]
Payment of short term leases	¥ 554,003,000			¥ 436,323,000

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

RELATED PARTY TRANSACTIONS - _3

RELATED PARTY TRANSACTIONS - MATERIAL BALANCES WITH GUANGZHOU RAILWAY GROUP AND ITS SUBSIDIARIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
Disclosure of material balances of related party transactions [line items]
Trade receivables	¥ 2,955,797			¥ 3,477,558
Prepayments and other receivables	242,601			83,848
Trade payables	1,261,293			693,611
Contract liabilities	215,305	$ 32,996		458,820
Accruals and other payables	448,318			459,679
Guangzhou Railway Group and its subsidiaries [member]
Disclosure of material balances of related party transactions [line items]
Trade receivables	1,853,846			2,329,206
Prepayments and other receivables	59,580			35,430
Prepayments for fixed assets and construction-in-progress	0			4,021
Trade payables	1,243,372			672,849
Payables for fixed assets and construction-in-progress	876,031			467,745
Contract liabilities	436			99
Accruals and other payables	443,754			450,534
Guangzhou Railway Group [member]
Disclosure of material balances of related party transactions [line items]
Trade receivables	208,024			549,092
Prepayments and other receivables	431			4
Trade payables	85,076			99,696
Payables for fixed assets and construction-in-progress	122,684			23,496
Accruals and other payables	5,104			2,713
Subsidiaries of Guangzhou Railway Group [member]
Disclosure of material balances of related party transactions [line items]
Trade receivables	1,645,822			1,780,112
Prepayments and other receivables	59,106			35,426
Prepayments for fixed assets and construction-in-progress	0			2,815
Trade payables	1,147,912			533,726
Payables for fixed assets and construction-in-progress	376,569			201,353
Contract liabilities	341			99
Accruals and other payables	429,442			447,821
Associates [member]
Disclosure of material balances of related party transactions [line items]
Trade receivables	0			2
Prepayments and other receivables	43			0
Prepayments for fixed assets and construction-in-progress	0			1,206
Trade payables	10,384			39,427
Payables for fixed assets and construction-in-progress	376,778			242,896
Contract liabilities	95			0
Accruals and other payables	¥ 9,208			¥ 0

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

RELATED PARTY TRANSACTIONS - _4

RELATED PARTY TRANSACTIONS - MATERIAL BALANCES WITH CSRG GROUP (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	[1]	Dec. 31, 2019CNY (¥)
Disclosure of receivables and payables from/to related parties
Trade receivables	¥ 2,955,797			¥ 3,477,558
Other receivables	595,862			244,904
Trade payables and payables for fixed assets and construction-in-progress	2,073,922	$ 317,842		1,538,098
Other payables	427,144			304,306
CSRG Group [member]
Disclosure of receivables and payables from/to related parties
Trade receivables	1,101,951			1,148,352
Other receivables	183,021			48,418
Trade payables and payables for fixed assets and construction-in-progress	71,082			69,335
Other payables	¥ 4,564			¥ 3,466

[1]	Translation of amounts from Renminbi ("RMB") into United States dollars ("US$") for the convenience of the reader has been made at US$1.00=RMB6.5250, the certified exchange rates for December 31, 2020 as published by the Federal Reserve Board of the United States. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2020 or on any other date.

Uncategorized Items - gsh-20201

Label	Element	Value
Level 3 of fair value hierarchy [member] \| At fair value [member]
Dividends received, classified as investing activities	ifrs-full_DividendsReceivedClassifiedAsInvestingActivities	¥ 7,047,000
Dividends received, classified as investing activities	ifrs-full_DividendsReceivedClassifiedAsInvestingActivities	¥ 7,735,000