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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China approves $6.3 billion construction IPO AP - Saturday, July 11 BEIJING - A construction company has received approval for China's biggest initial public stock offering this year and hopes to raise 42.6 billion yuan ($6.3 billion), a state newspaper reported Saturday. ADVERTISEMENT China State Construction Engineering Corp., the country's biggest builder of housing, will be the fifth company to debut in the market since regulators in June lifted a nine-month-old moratorium on IPOs. Government-owned China State Construction plans to issue 12 billion shares, the China Securities Journal reported. Regulators banned new IPOs in September amid a plunge in share prices. The move was an effort to reassure investors that a flood of new shares entering the market would not push down prices further. The moratorium was lifted in June after a surge in stock prices amid massive government stimulus spending helped to restore investor confidence. China State Construction's showcase projects include the "Water Cube" swimming center for the Beijing Olympics, the futuristic state TV headquarters and China's tallest skyscraper, the 1,614-foot-tall (492-meter-tall) Shanghai World Financial Center. The company said last year it received approval for an IPO before the moratorium. The first company to sell shares since the end of the moratorium received an enthusiastic response from investors. Guilin Sanjin Pharmaceutical Co., a small drug manufacturer, said its retail offering was 584 times subscribed. China's benchmark Shanghai Composite Index closed Friday at 3113.93 after hitting a 13-month high of 3,124.67 on Monday. ___ On the Net: China State Construction Engineering Corp.: http://www.cscec.com.cn/english/index.htm Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy India will clock high growth despite recession: PMAFP - Sunday, July 12 Geithner: Too soon to decide on more stimulusReuters - Sunday, July 12 Australian concerned for Rio employee China holdsAP - Sunday, July 12 China approves SABIC-Sinopec JV, cost rises 20 pctReuters - Saturday, July 11 Related Articles: Business South Korea calls meeting with bank heads on MonReuters - Friday, July 10 India rupee falls past 49/dlr as stocks tumbleReuters - Saturday, July 11 Turkey - Factors to Watch on July 10Reuters - Friday, July 10 Japan Hot Stocks-Toyoda Gosei, Nippon Chemiphar, Koito, KurarayReuters - Friday, July 10 Vietnam govt calls on cbank to support stabilityReuters - Friday, July 10 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Pushy French are world's worst tourists: study Miniskirts, cleavage upset male SKoreans: survey Jackson 'best father' ever, daughter tells the world Jackson mother relieved of estate on funeral eve German mother gives birth to identical triplets View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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