Materials supplier seeks dual-listing as China railway construction speeds up

China Railway Materials announces plans for a $1.5 billion IPO in Hong Kong and Shanghai next year, while Chinese oil and gas company MIE postpones its US IPO after failing to agree on a price.

China Railway Materials Commercial Corp CRM, a leading provider of railway construction materials and logistic services, plans to raise Rmb10 billion $1.5 billion from a dual-listing in Shanghai and Hong Kong next year -- a move seen by analysts to take advantage of Beijing's railway-building spree.

Liu Guoping, vice-president of CRM, said the group plans to complete a company restructuring by the end of August and to offer A-shares in Shanghai and H-shares in Hong Kong in 2011....

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