China Communications Construction Company CCCC, China’s leading port and railway builder, has slashed the size of its Shanghai initial public offering.
Having originally set out last year to raise Rmb20 billion through the sale of 3.5 billion shares, the company is now planning to raise just Rmb5 billion $791 million from the sale of 1.6 billion shares, or 9.74% of its enlarged capital, according to a statement filed to the stock exchange in Shanghai yesterday.
CCCC made the announcement one day after China Oilfield Services scrapped a planned $1.1 billion share sale in Shanghai. On the first working day of the year of the dragon, the...
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