EX-99.1

Exhibit 99.1

(a joint stock limited company incorporated in the People’s Republic of China)
(Stock Code: 00525)

OVERSEAS REGULATORY ANNOUNCEMENT
THIRD QUARTERLY REPORT OF 2010

In accordance with the requirements of the China Securities Regulatory Commission (“CSRC”), Guangshen Railway Company Limited (the “Company”) is required to issue the First Quarterly and Third Quarterly Reports.

The financial information set out in this quarterly report has not been audited, and has been prepared in accordance with the PRC Accounting Standards.

This announcement is made in accordance with Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

1.		IMPORTANT NOTICE

1.1		The Board of Directors, the Supervisory Committee, Directors, Supervisors and senior management of the Company warrant that there are no material omissions from, or misrepresentations or misleading statements contained in this report, and severally and jointly accept full responsibility for the authenticity, accuracy and completeness of the information contained in this report.

1.2		All Directors of the Company attended the meeting of the Board of Directors.

1.3		The third quarterly financial statements of the Company have not been audited.

1.4		Mr. Xu Xiaoming, Chairman of the Board of Directors of the Company, Mr. Shen Yi, General Manager and Director, Mr. Tang Xiangdong, Chief Accountant and Mr. Lin Wensheng, head of Finance Department hereby declare that the authenticity and completeness of the financial statements contained in the quarterly report are warranted.

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2.		BASIC INFORMATION OF THE COMPANY

2.1		Principal accounting data and financial indicators

Unit: RMB


					Increase/decrease
					compared to
	At the end of this		At the end of		the end of
	reporting period		last year		last year (%)
Total assets		30,109,470,939		29,357,419,542		2.56
Shareholders’ equity (excluded minority interests)		23,853,439,336		23,178,809,345		2.91
Net assets per share attributable to shareholders of listed company (RMB per share)		3.37		3.27		3.06


	From the beginning of the
	year to the end of the		Increase/
	reporting period		decrease compared to the
	(January to September)		same period last year (%)
Net cash flow from operating activities		2,576,186,168		23.16
Net cash flow from operating activities per share (RMB per share)		0.364		23.39


			From the beginning
			of the year to the		Increase/ decrease
			end of the		compared to
			reporting period		the same period
	Reporting period		(January to		last year (%) (July
	(July to September)		September)		to September)
Net profit attributable to shareholders of listed company		549,701,049		1,241,312,951		31.96
Basic earnings per share (RMB per share)		0.078		0.175		32.20
Basic earnings per share after extraordinary gain or loss (RMB per share)		0.081		0.178		37.29
Diluted earnings per share (RMB per share)		0.078		0.175		32.20
Weighted average return rate on net assets (%)		2.33		5.26	0.49% Increase
Weighted average return rate on net assets after extraordinary gain or loss (%)		2.42		5.35	0.57% Increase

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Extraordinary gain or loss	Amounts from the beginning of the year
items	to the end of the reporting period (January to September)
(1) Loss on disposal of non-current assets		20,221,843
(2) Income from government grants		(3,058,114	)
(3) Other non-operating income and expenses, net		2,989,109
(4) Effect of income tax on extraordinary gain or loss		1,066,143
Total		21,218,981

2.2

TOTAL NUMBER OF SHAREHOLDERS AND TOP TEN SHAREHOLDERS HOLDING SHARES WITHOUT RESTRICTIONS ON SALES AT THE END OF THE REPORTING PERIOD

Unit: Share


Total number of shareholders at the end of the reporting period (Number)		471,949 (471,399 holders of A shares and 550 holders of H shares).

Top ten circulating shareholders holding shares without restrictions on sales


	Number of
	circulating shares
	held without
	restrictions on sales
	at the end of the	Class of
Name of shareholders (Full name)	period	shares
Guangzhou Railway (Group) Company	2,629,451,300	A shares
HKSCC NOMINEES LIMITED (Note)	1,388,012,831	H shares
Taiyuan Iron & Steel (Group) Company Ltd.	39,917,285	A shares
CSIC Finance Co., Ltd.	20,000,000	A shares
BOC — Jiashi Hushen 300 Index Investment Fund	17,891,871	A shares
China Life Insurance Company Limited — Dividend — Individual Dividend — 005L — FH002 Shanghai	17,451,255	A shares
ICBC — Huaxia Hushen 300 Index Investment Fund	15,000,000	A shares
AU SING KUNG	10,250,000	H shares
ICBC — Kaiyuan Stock Investment Fund	10,000,000	A shares
PICC Property and Casualty Company Limited — Traditional — General Insurance Products — 008C — CT001 Shanghai	10,000,000	A shares


Note:		1,388,012,831 H shares of the Company, representing 96.98% of the H share capital in issue of the Company, were held by HKSCC NOMINEES LIMITED on behalf of its various clients.

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3.		SIGNIFICANT EVENTS

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

þ Applicable o Not applicable


Balance		30 September	31 December	%
sheet item	Item	2010	2009	Change		Reasons for change
(1)	Bank balances and cash	3,161,464,549	1,629,650,944	94.00		Mainly due to the growth in revenue, the increase in revenue from transportation business received in cash and the increase in interest payable.
(2)	Prepayments	43,342,402	28,350,769	52.88		Mainly due to the increase in prepayment for maintenance materials for rail lines.
(3)	Other receivables	72,084,191	43,992,255	63.86		Mainly due to the increase in loans, advances and facilities.
(4)	Construction-in-progress	864,155,894	662,182,918	30.50		Mainly due to the increased balance of commenced but not yet completed projects compared to the beginning of the year.
(5)	Project Prepayment	81,271,187	60,134,281	35.15		Mainly due to the increase in construction projects.
(6)	Long-term fees to be amortized	6,929,292	9,907,341	(30.06	)	Mainly due to the amortization of long-term fees to be amortized.
(7)	Interests payable	132,627,226	6,889,726	1825.00		Mainly due to the unpaid interest on the annual year-end interest on bonds payable for January to September this year.

For the

nine months

ended

Statement of

30 September

profit item

Item

2010

2009

Change

Reasons for change

(1)

Finance costs

107,694,103

162,903,540

(33.89

)

Mainly due to the decrease in interest expense resulting from the replacement of long-term borrowings by medium-term notes.

(2)

Impairment loss on
assets

(1,904,309

)

2,284,370

—

Mainly due to the recovery of provision for bad debts made in prior years in the current period.

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		For the			For the
		nine months			nine months
		ended			ended
Statement of		30 September			30 September			%
profit item	Item	2010			2009			Change			Reasons for change
(3)	Investment gains		5,358,962			3,970,751			34.96		Mainly due to the increased dividend received from Shenzhen Capital Company compared to last year and the improved operating status of Tiecheng Company.
(4)	Profit or loss from investment in associates		1,506,212			1,084,631			38.87		Mainly due to the improved operating status of Tiecheng Company compared to last year.
(5)	Non-operating expenses		25,217,786			7,335,352			243.78		Mainly due to the centralized disposal of a group of retired fixed assets in the current period.
(6)	Loss on disposal of non-current assets		20,733,828			960,488			2058.68		Mainly due to the centralized disposal of a group of retired fixed assets in the current period.
(7)	Income tax expenses		357,414,420			252,322,231			41.65		Mainly due to the growth in gross profit and the increase of income tax rate in Shenzhen from 20% to 22% .
(8)	Profit or loss of minority interests		(623,235	)		(981,042	)		(36.47	)	Mainly due to the decrease in operating loss of subsidiaries compared to last year.

3.2

Progress and impact of significant events and analysis and explanation for the solutions

o Applicable þ Not applicable

3.3

Status of fulfillment of commitments undertaken by the Company, shareholders and actual controller

þ Applicable o Not applicable

(1)

Guangzhou Railway (Group) Company, the largest shareholder of the Company, undertook that: A. Guangzhou Railway (Group) Company and any of its members will not engage, directly or indirectly, in any business activities that may in any way compete with the railway transportation and related businesses of the Company within the service territory of the Company; B. Guangzhou Railway (Group) Company will minimize the number of connected transactions in its operational dealings with the Company. For necessary connected transactions, Guangzhou Railway (Group) Company will enter into such transactions in an open, equitable and fair manner without abusing its position as major shareholder and committing acts detrimental to the interests of the Company.

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(2)

The National Council for Social Security Fund, a shareholder holding shares with restrictions on sales of the Company, undertook that in respect of the 274,789,700 shares of the Company (subject to transfer) transferred by Guangzhou Railway (Group) Company, the National Council for Social Security Fund extend the lock-up period by another three years following the expiry of Guangzhou Railway (Group) Company’s original statutory and voluntary lock-up period as committed (i.e. holding of shares until 22 December 2012) in accordance with the relevant requirements.

During the reporting period, the above-mentioned commitment was fulfilled, and there was no breach of commitments.

3.4

Caution and explanation as to the anticipated loss of accumulated net profits from the beginning of the year to the end of the next reporting period or significant changes over the same period last year

o Applicable þ Not applicable

3.5

Implementation of cash dividend policy during the reporting period

þ Applicable o Not applicable

On 22 June 2010, the Company held the Annual General Meeting of 2009, at which the resolution in relation to proposed profit distribution was reviewed and passed. The plan proposed payment of a cash dividend of RMB0.8 (including tax) for every ten shares to all shareholders based on the total share capital of 7,083,537,000 shares at the end of 2009, totaling RMB566,682,960. The final dividend was distributed to the shareholders on 21 July 2010.

Guangshen Railway Company Limited
Legal Representative: Xu Xiaoming

27 October 2010

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4. APPENDIX

4.1 Combined and Company Balance Sheet
30 September 2010



Prepared by: Guangshen Railway Company Limited		Unit: RMB


	Combined				Company
	30 September		31 December		30 September		31 December
	2010		2009		2010		2009
Assets	(unaudited)		(audited)		(unaudited)		(audited)
Current assets:
Bank balances and cash		3,161,464,549		1,629,650,944		3,114,717,352		1,602,619,116
Trade receivables		371,982,147		483,218,027		368,687,217		481,287,553
Prepayments		43,342,402		28,350,769		43,197,888		28,245,929
Interest receivable		8,905,838		—		8,762,338		—
Dividends receivable		—		—		—		5,384,592
Other receivables		72,084,191		43,992,255		97,743,398		62,107,723
Inventories		261,935,476		231,110,626		257,876,187		228,371,516
Total current assets		3,919,714,603		2,416,322,621		3,890,984,380		2,408,016,429
Non-current assets:
Long-term receivables		38,898,519		44,229,191		38,898,519		44,229,191
Long-term equity investments		174,878,987		173,372,774		253,435,101		251,928,889
Fixed assets		24,081,969,165		25,030,105,425		23,997,960,109		24,948,393,711
Construction-in-progress		864,155,894		662,182,918		864,155,894		660,022,918
Project prepayment		81,271,187		60,134,281		81,271,187		60,134,281
Intangible assets		569,895,205		582,603,062		536,806,333		548,774,204
Goodwill		281,254,606		281,254,606		281,254,606		281,254,606
Long-term fees to be amortized		6,929,292		9,907,341		6,779,113		9,705,523
Deferred income tax assets		90,503,481		97,307,323		89,401,228		95,950,743
Total non-current assets		26,189,756,336		26,941,096,921		26,149,962,090		26,900,394,066
Total assets		30,109,470,939		29,357,419,542		30,040,946,470		29,308,410,495

Chairman of the Board of Directors: Xu Xiaoming General Manager and Director: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

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4.1 Combined and Company Balance Sheet (Continued)
30 September 2010



Prepared by: Guangshen Railway Company Limited		Unit: RMB


	Combined				Company
	30 September		31 December		30 September		31 December
Liabilities and	2010		2009		2010		2009
Shareholders’ equity	(unaudited)		(audited)		(unaudited)		(audited)
Current liabilities:
Trade payables		1,442,410,612		1,466,007,353		1,434,566,075		1,461,607,787
Receipts in advance		60,437,732		61,933,678		59,415,178		60,126,433
Staff remuneration payable		263,280,663		305,869,667		256,513,687		295,813,085
Tax payable		294,768,274		268,799,029		290,418,888		263,535,884
Interests payable		132,627,226		6,889,726		132,627,226		6,889,726
Dividends payable		81,811		45,077		81,811		45,077
Other payables		440,683,687		450,427,015		476,515,026		494,704,588
Total current liabilities		2,634,290,005		2,559,971,545		2,650,137,891		2,582,722,580
Non-current liabilities:
Bonds payable		3,470,445,565		3,465,801,271		3,470,445,565		3,465,801,271
Other non-current liabilities		96,202,024		97,120,137		96,202,024		97,120,137
Total non-current liabilities		3,566,647,589		3,562,921,408		3,566,647,589		3,562,921,408
Total liabilities		6,200,937,594		6,122,892,953		6,216,785,480		6,145,643,988
Shareholders’ equity:
Share capital		7,083,537,000		7,083,537,000		7,083,537,000		7,083,537,000
Capital reserves		11,564,580,548		11,564,580,548		11,564,461,609		11,564,461,609
Surplus reserves		1,932,130,511		1,932,130,511		1,932,130,511		1,932,130,511
Retained earnings		3,273,191,277		2,598,561,286		3,244,031,870		2,582,637,387
Total equity attributable to shareholders of the parent		23,853,439,336		23,178,809,345		23,824,160,990		23,162,766,507
Minority interests		55,094,009		55,717,244		—		—
Total shareholders’ equity		23,908,533,345		23,234,526,589		23,824,160,990		23,162,766,507
Total liabilities and shareholders’ equity		30,109,470,939		29,357,419,542		30,040,946,470		29,308,410,495

Chairman of the Board of Directors: Xu Xiaoming General Manager and Director: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

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4.2 Combined and Company Statement of Profit
January to September 2010



Prepared by: Guangshen Railway Company Limited	Audit type: Unaudited	Unit: RMB


	Combined						Company
	January to			January to			January to			January to
Item	September 2010			September 2009			September 2010			September 2009
I. Revenues from operation		9,878,222,944			9,017,572,709			9,713,490,661			8,894,402,301
Less: Operating costs		7,259,676,158			6,770,723,225			7,158,517,988			6,699,679,439
Operating tax and additionals		237,553,936			211,514,758			231,329,045			206,891,844
Sales costs		—			765,501			—			—
Management expenses		662,305,044			612,130,617			621,937,094			578,161,313
Finance costs		107,694,103			162,903,540			108,061,191			163,370,680
Impairment loss on assets		(1,904,309	)		2,284,370			(1,904,231	)		770,291
Add: Investment gains		5,358,962			3,970,751			5,767,152			4,031,588
Include: Gains from investment in associates		1,506,212			1,084,631			1,506,212			1,084,631
II. Operating profit		1,618,256,974			1,261,221,449			1,601,316,726			1,249,560,322
Add: Non-operating income		5,064,948			5,301,010			4,771,325			5,290,248
Less: Non-operating expenses		25,217,786			7,335,352			25,207,725			7,323,794
Include: Loss on disposal of non-current assets		20,733,828			960,488			20,727,511			953,401
III. Gross profit		1,598,104,136			1,259,187,107			1,580,880,326			1,247,526,776
Less: Income tax expenses		357,414,420			252,322,231			352,802,883			248,855,268
IV. Net profit		1,240,689,716			1,006,864,876			1,228,077,443			998,671,508
Net profit attributable to shareholders of the parent		1,241,312,951			1,007,845,918			1,228,077,443			998,671,508
Profit or loss of minority shareholders		(623,235	)		(981,042	)		—			—
V. Earnings per share
(1) Basic earnings per share		0.175			0.14			N/A			N/A
(2) Diluted earnings per share		0.175			0.14			N/A			N/A
VI. Other comprehensive income		—			—			—			—
VII. Total comprehensive income		1,240,689,716			1,006,864,876			1,228,077,443			998,671,508
Total comprehensive income attributable to shareholders of the parent		1,241,312,951			1,007,845,918			1,228,077,443			998,671,508
Total comprehensive income attributable to minority shareholders		(623,235	)		(981,042	)		—			—

Chairman of the Board of Directors: Xu Xiaoming General Manager and Director: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

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4.2 Combined and Company Statement of Profit (Continued)
July to September 2010



Prepared by: Guangshen Railway Company Limited	Audit type: Unaudited	Unit: RMB


	Combined						Company
	July to September			July to September			July to September		July to September
Item	2010			2009			2010		2009
I. Revenues from operation		3,568,678,707			3,159,688,328			3,503,332,157		3,114,528,988
Less: Operating costs		2,488,276,904			2,289,429,964			2,450,010,582		2,261,851,643
Operating tax and additionals		87,519,418			74,000,633			84,983,473		72,302,865
Sales costs		—			239,957			—		—
Management expenses		230,732,869			221,224,038			216,671,510		209,127,512
Finance costs		36,386,695			53,106,871			36,493,359		53,347,689
Impairment loss on assets		(78	)		(70,095	)		—		(6,655	)
Add: Investment gains		4,147,469			368,796			4,147,469		368,796
Include: Gains from investment in associates		294,719			368,796			294,719		368,796
II. Operating profit		729,910,368			522,125,756			719,320,702		518,274,730
Add: Non-operating income		1,567,476			2,168,072			1,526,645		2,157,989
Less: Non-operating expenses		22,487,473			3,775,056			22,482,203		3,767,159
Include: Loss on disposal of non-current assets		20,465,691			231,708			20,461,897		224,621
III. Gross profit		708,990,371			520,518,772			698,365,144		516,665,560
Less: Income tax expenses		159,052,538			104,161,253			157,561,443		103,370,108
IV. Net profit		549,937,833			416,357,519			540,803,701		413,295,452
Net profit attributable to shareholders of the parent		549,701,049			416,554,735			540,803,701		413,295,452
Profit or loss of minority shareholders		236,784			(197,216	)		—		—
V. Earnings per share
(1) Basic earnings per share		0.078			0.06			N/A		N/A
(2) Diluted earnings per share		0.078			0.06			N/A		N/A
VI. Other comprehensive income		—			—			—		—
VII. Total comprehensive income		549,937,833			416,357,519			540,803,701		413,295,452
Total comprehensive income attributable to shareholders of the parent		549,701,049			416,554,735			540,803,701		413,295,452
Total comprehensive income attributable to minority shareholders		236,784			(197,216	)		—		—

Chairman of the Board of Directors: Xu Xiaoming General Manager and Director: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

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4.3 Combined and Company Cash Flow Statement
January to September 2010



Prepared by: Guangshen Railway Company Limited	Audit type: Unaudited	Unit: RMB


	Combined						Company
	January to September			January to September			January to September			January to September
Item	2010			2009			2010			2009
I. Cash flow from operating activities
Cash received from sales of goods or rendering of services		9,074,395,401			7,031,303,862			8,922,687,142			6,911,190,317
Other cash received relating to operating activities		113,498,017			235,122,196			109,564,961			246,440,302
Sub-total of cash inflow from operating activities		9,187,893,418			7,266,426,058			9,032,252,103			7,157,630,619
Cash paid for goods and services		3,853,583,034			2,708,769,258			3,794,151,030			2,653,447,220
Cash paid to and on behalf of employees		1,990,984,694			1,771,230,100			1,950,856,391			1,737,054,148
Tax paid		607,855,734			461,140,793			592,555,377			448,862,597
Other cash paid relating to operating activities		159,283,788			233,610,810			153,864,657			228,401,706
Sub-total of cash outflow from operating activities		6,611,707,250			5,174,750,961			6,491,427,455			5,067,765,671
Net cash flow from operating activities		2,576,186,168			2,091,675,097			2,540,824,648			2,089,864,948
II. Cash flow from investing activities
Cash received from investment gains		3,852,750			3,000,000			9,645,532			8,206,423
Net cash received from disposal of fixed assets		357,652			4,044,367			336,703			26,333
Other cash received relating to investing activities		1,418,160,412			—			1,412,101,012			—
Sub-total of cash inflow from investing activities		1,422,370,814			7,044,367			1,422,083,247			8,232,756
Cash paid for purchase or construction of fixed assets and other long-term assets		518,356,176			995,783,566			508,618,547			992,692,734
Other cash paid relating to investing activities		2,837,000,000			6,046,501			2,830,000,000			46,501
Sub-total of cash outflow from investing activities		3,355,356,176			1,001,830,067			3,338,618,547			992,739,235
Net cash flow from investing activities		(1,932,985,362	)		(994,785,700	)		(1,916,535,300	)		(984,506,479	)

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4.3 Combined and Company Cash Flow Statement(Continued)
January to September 2010


	Combined						Company
	January to September			January to September			January to September			January to September
Item	2010			2009			2010			2009
III. Cash flow from financing activities
Cash paid for repayment of debts		—			10,000,000			—			10,000,000
Cash paid for distribution of dividends or profits or repayment of interests		534,787,201			481,294,199			534,591,112			481,020,025
Other cash paid relating to financing activities		7,600,000			—			7,600,000			—
Sub-total of cash outflow from financing activities		542,387,201			491,294,199			542,191,112			491,020,025
Net cash flow from financing activities		(542,387,201	)		(491,294,199	)		(542,191,112	)		(491,020,025	)
IV. Effect of foreign exchange rate changes on cash and cash equivalents		—			(15,083	)		—			(15,083	)
V. Net increase in cash and cash equivalents		100,813,605			605,580,115			82,098,236			614,323,361
Add: Balance of cash and cash equivalents at the beginning of the period		1,115,650,944			1,560,951,957			1,102,619,116			1,540,157,915
VI. Balance of cash and cash equivalents at the end of the period		1,216,464,549			2,166,532,072			1,184,717,352			2,154,481,276

Chairman of the Board of Directors: Xu Xiaoming General Manager and Director: Shen Yi Chief Accountant: Tang Xiangdong Head of Finance Department: Lin Wensheng

4.4 Audit report

o Applicable þ Not applicable

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