HK approves China Railway Construction IPO -sources

China Railway Construction, has won approval from the Hong Kong Stock Exchange for an IPO, which, combined with one in Shanghai, could raise US$3 billion to US$4 billion, a source familiar with the deal said.

The state-run company, which plans to offer 1.8 billion H shares in the Hong Kong initial public offering, aims to kick off pre-marketing next week, another source with knowledge of the deal said.

The company has announced plans to issue up to 2.8 billion A shares in Shanghai, or 25.93 percent of its enlarged share capital.

The H share offering is being sponsored by Citigroup , Macquarie Bank and Citic Securities.

(US$1=HK$7.8)