STATE-owned rail infrastructure construction contractor China Railway Group raised 22·4bn yuan though an IPO in Shanghai on November 23.

Ministry of Railways company China Railway Engineering Corp floated 27% of its China Railway Group subsidiary, with trading beginning on December 3. A further HK$19·22bn was raised through the sale of a 16% stake on the Hong Kong exchange, which began trading four days later.

CRG is one of the largest construction contractors in the world, and is expanding from China into Africa, Europe and the Americas. Infrastructure construction accounts for more than 90% of the company's revenue.

Formerly the railway construction unit of the People's Liberation Army, China Railway Construction Corp is expected to be floated in early 2008.