CRCC: China Railway Construction Corp raised 22·25bn yuan through an IPO on the Shanghai stock exchange at the end of February, with demand for shares running at 140 times the offering.

After reducing the number of shares initially planned to be listed, 2·45 billion A shares were sold for 9·08 yuan, a price to earnings ratio of 30·56. The sale amounted to 23·44% of the railway builder, which was once part of the People's Liberation Army and had been responsible for the construction of 34 000 of track by 2006, more than half of the railways built in China since 1949.

A further HK$18·3bn was raised through the sale of 1·71 billion HK$10·70 shares on the Hong Kong exchange, a 14% stake.