日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

   

Yale to invest in China Railway Construction

(China Daily/Agencies)
Updated: 2008-02-26 11:43

Yale University, home to the second-biggest North American college endowment fund, is investing $50 million in the first-time Hong Kong share sale of China Railway Construction Corp, said sources.

Related readings:
China lets foreign investors buy more
Raiway contractor expects A shares to debut Mar 10
Rail builder to raise $3.1b in IPO
Railway contractor wins $2.6b bids in Libya

Yale is among nine so-called cornerstone investors that will buy a combined $450 million worth of shares, the sources said, declining to be identified because the information has yet to be publicly announced.

China Railway Construction plans to raise as much as $5.4 billion. It is the world's largest share sale this year, according to Bloomberg data.

The stock offering is taking place amid the slowest start to Hong Kong's share sale market since 1999 and as more than 80 companies delayed or scrapped stock offerings worldwide after markets fell on concerns of a global economic slowdown.

"Last year was characterized by a lot of liquidity chasing all the IPOs," said Winson Fong, who manages about $600 million at SG Asset Management in Hong Kong. "This year we'll be more selective. This is one of the bigger ones in the beginning of the year. There will still be lots of demand for this IPO."

The cornerstone investors, which also include two Singapore government-backed funds and Hong Kong billionaires, are guaranteed stock in the share sale in exchange for a commitment to not sell the shares for 12 months, the people said.

It is a rare cornerstone investment for both Yale and Temasek Holdings Pte, Singapore's sovereign wealth fund, which is also buying $50 million worth of shares, they added.

China Railway Construction aims to sell as many as 2.45 billion yuan-denominated shares in Shanghai at 8 yuan to 9.08 yuan each for as much as 22.25 billion yuan ($3.11 billion), according to a statement to the Shanghai Stock Exchange late Monday.

It will offer about 1.71 billion shares in Hong Kong at HK$9.93 to HK$10.70 each for as much as HK$18.25 billion, said the people.

The Hong Kong offering values the company at 26.6 to 28.7 times this year's profit as estimated by banks arranging the sale, the sources said. China Railway Group Ltd, its closest rival, trades at about 41 times this year's earnings, according to Bloomberg data. The two companies each control about 45 percent to half of China's railway construction work, according to a Macquarie Group Ltd report dated February 5

Citigroup Inc, CITIC Securities Co and Macquarie are arranging the share sales.

China Railway Construction is scheduled to start trading in Shanghai on March 10, it said in a document on Feb 15. It will start trading in Hong Kong on March 13.


(For more biz stories, please visit Industry Updates)



主站蜘蛛池模板: 一级黄色片一级黄色片 | 日本a级片视频 | 免费在线中文字幕 | 亚洲20p| 久久久在线免费观看 | 成人免费一区 | 18久久 | xxxx操 | 亚洲图片自拍偷拍 | 麻豆av一区二区 | 先锋久久| 亚洲女人毛茸茸高潮 | 国产在线观看av | 久久精品无码一区二区三区 | jizz亚洲少妇 | 成人性视频在线播放 | 亚洲激情图 | 超碰一区二区 | 成人激情视频在线 | 久草国产精品 | 亚洲综合成人在线 | 久久资源在线 | 成人免费视频国产在线观看 | 一级黄色片欧美 | 亚洲成人精品一区二区三区 | 欧美成人一区二区 | 成人综合在线观看 | 中文字幕永久在线视频 | 国产小视频在线免费观看 | 肉大捧一出免费观看网站在线播放 | 免费一级片在线观看 | 欧美日韩精品区 | 可以免费看av | 成人久久网站 | 久久窝窝| 这里只有精品视频在线观看 | 中文字幕永久 | www亚洲视频| 一级片在线观看免费 | 久久最新免费视频 | 欧美aaaaaa |