China CNR Corp Ltd, the world's largest train maker by sales, raised $1.2 billion in a Hong Kong share offering, with pricing at the low end after a recent rally in its Shanghai-listed stock.

Bolstered by expectations of further government investment in high-speed rail networks, China CNR has seen its Shanghai shares jump 8 percent over the past two months and investors saw little reason to price them higher amid weak overall demand for new offerings.

"All the positives have been already priced in the stock," said Stuwart Chen, an analyst at Sun Hung Kai Financial in Hong Kong. "There's no new catalyst for now."