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SHANGHAI: China Railway Construction, a big state-owned builder of infrastructure, plans to raise about 25 billion yuan ($4.5 billion) by listing in Shanghai and Hong Kong, the official Shanghai Securities News said yesterday.
The newspaper quoted unnamed sources as saying China Railway Construction, once part of the People's Liberation Army, was likely to list in March after issuing 2.8 billion A shares in Shanghai and 2 billion H shares in Hong Kong. The company, which had revenues of 150 billion yuan last year, had applied to Chinese authorities for permission to list and planned to use the money raised to buy equipment and upgrade its technology, the newspaper added.
In addition, China Construction, the country's biggest home building contractor, aimed to list in Shanghai in April, the newspaper said without giving details.
- Reuters
