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. He announced the plan while attending the Mining Asia Focus 2010 conference in Shanghai yesterday, according to reports by several different Chinese media. Liu didn't give details on the share sale.

The announcement comes at...

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