Northern China toll-road operator Shanxi Expressway plans to raise about US$400 million in a share offering on the Hong Kong exchange slated for the second quarter of next year, the South China Morning Post reported. The company hopes to ride a wave of growth created by the Shanxi provincial government's plan to double the size of its highway network to more than 3,000 kilometers by 2010. There are eight mainland highway stocks listed in Hong Kong, which trade at an average of 15 times 2007 forecast earnings. Meanwhile, Tianjin Highway, part owner of the Tianjin Expressway, is said to want to raise US$200 million through bond sales; and Shenzhen Expressway announced plans in September to raise US$191 million by selling bonds convertible into A-shares.
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