From The Financial Times:
China’s two largest railway construction companies plan to sell shares in Shanghai and Hong Kong before the end of the year to capitalise on soaring valuations and make up for a shortfall in government funding for the state-owned sector.
China Railway Group , the third-largest construction contractor in the world and the largest in Asia by revenue last year, is set to raise at least $3.8bn in an initial public offering in Shanghai and a secondary offering in Hong Kong that will help pay for rapid expansion. [Full Text]
