China State Construction Engineering Corp will list its shares in Shanghai on Wednesday, Reuters reported, citing state media. China’s largest housing contractor last week raised US$7.3 billion in the world’s largest IPO this year. The official Shanghai Securities News newspaper said that institutional investors expect the firm’s share price to move to around RMB5-6 (US$0.73-88) on its opening day, compared to an IPO price of RMB4.18 (US$0.61), for a gain of about 20-40%. The listing will closely follow expressway operator Sichuan Expressway, which debuts trading for its shares today. Sichuan Expressway, a toll road operator already listed in Hong Kong, is the first company to list its shares on the Shanghai Stock Exchange since last August.
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