Hong Kong-listed blue chips China Construction Bank (CCB) and shipping company China Cosco Holdings both announced plans to sell shares on the Shanghai market, the Wall Street Journal reported. CCB said it would sell 9 billion A-shares later this year, with the offering likely to be valued at US$5.6 billion. Cosco's is offering will start this week with the issue of 1.784 billion A-shares and is set to be worth up to US$1.98 billion. The listing plans represent the fruits of government labors to get top overseas-listed Chinese companies to offer shares on their home bourses, thereby improving the market's image and absorbing some of the liquidity that has pushed prices to record levels. Meanwhile, another batch of US$1 billion-plus offerings by mainland companies are set for the Hong Kong Stock Exchange, the Financial Times reported. The listing companies include carmaker Guangzhou Automobile, which is expected to raise up to US$2 billion early next year, and China Metallurgical, which builds steel plants, roads and bridges and could fetch up to US$1.5 billion. Shanxi Province Coal Transportation is thought to be planning a Hong Kong-Shanghai dual offering.
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