China Railway Construction Corporation CRCC has raised HK$18.3 billion $2.3 billion from the H-share portion of its initial public offering after fixing the price at the top of the offering range at HK$10.70. The move was widely expected after the offer drew strong demand from investors wanting a part of the China infrastructure story.
The strong performance of its two main Hong Kong-listed comparables û China Communications Construction Co CCCC and China Railway Group û since they came to market in December 2006 and December 2007 is likely to have added to the enthusiasm.
Having already pocketed the maximum from the A-share portion a week earlier, CRCC became the first listing candidate globally...
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