China Railway Group could raise up to US$5.48 billion from listings in Shanghai and Hong Kong next month, the Wall Street Journal reported. The firm, one of the world's biggest construction contractors by revenue, will hold a Shanghai IPO followed closely by one in Hong Kong, reversing the order typically taken by companies listing on both markets. One of the cornerstone investors in its H-share offering is China Investment Corp, the country's sovereign wealth fund, which has subscribed for a US$100 million stake. Others include one of Singapore's state funds, Government of Singapore Investment Corp, China Life and Robert Kuok of Kerry Group, who will each take US$38 million in shares. It has secured US$407 million in H-share subscriptions, priced at HK$5.03-5.78 (US$0.65-0.74) a share. In Shanghai, it will sell 4.68 billion A-shares at RMB4-4.80 (US$0.54-0.65) a share. The shares will represent 40% of enlarged capital.