China Railway Construction Corp priced the mainland portion of its $5.4 billion Hong Kong and Shanghai IPO at the top of its range on strong demand for shares despite the recent market sell-off.
After several years of mild growth, the country received $74.7 billion in foreign direct investment in the non-financial sectors last year, ahead of all developing countries for the 15th successive year.
Profit taking dragged Shanghai copper 4.7 percent lower yesterday after it hit a 7-month peak in the previous session, tracking softer London futures in the wake of hefty stock rises.
Last year wasn't easy for Chinese exporters, faced with an appreciating renminbi, tighter domestic policies and rising labor and material costs.
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.
Even though there's room for more business, China already provides many opportunities for Finnish companies in several sectors including energy saving, environmental protection, paper and pulp, and IT and telecom, Finnish Business Council in Beijing (FBCB) chairman Mikko Harju told China Daily.
Most stocks listed on the mainland rose yesterday but the main index fell as concern about Pudong Development Bank's fund-raising plans hurt banks, and high oil prices hit refiner Sinopec Corp.
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