China Communications Construction trims Shanghai IPO by 75%

The port builder cuts its Shanghai IPO to a quarter of its original size, just one day after China Oilfield Services scraps a planned $1.1 billion share placement.

China Communications Construction Company CCCC, China’s leading port and railway builder, has slashed the size of its Shanghai initial public offering.

Having originally set out last year to raise Rmb20 billion through the sale of 3.5 billion shares, the company is now planning to raise just Rmb5 billion $791 million from the sale of 1.6 billion shares, or 9.74% of its enlarged capital, according to a statement filed to the stock exchange in Shanghai...

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