China Railway Construction Corporation to go public

China Railway Construction Corporation, the country's second-largest state-owned comprehensive construction company, is preparing to go entirely public, Economic Observer reported (in Chinese). China Railway Engineering Corporation, the largest state-owned construction firm, received approval to fully list last week. China Railway Construction Corporation will list its recently formed subsidiary, China Railway Construction Co Ltd, which includes most core business and high-valued assets of its parent company. According to a source close to the situation, the construction firm will seek listings on both mainland and Hong Kong stock exchanges to raise about US$20 billion. The company has invited CITIC Securities, CitiGroup and Macquarie Bank as its finacial advisors, the source said.