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China Railway Construction Corp. (CRCC), the country's leading rail builder, may raise as much as 22.25 billion yuan (3.1 billion U.S. dollars) in its initial public offering (IPO) in Shanghai. In a statement to the Shanghai Stock Exchange late Sunday, the state-owned company said it has cut the number of A shares it is offering to 2.45 billion from 2.8 billion after reconsidering its capital demand. The 2.45 billion shares represent 23.44 percent of CRCC's outstanding capital. The firm had built nearly 34,000 kilometers of rails by the end of 2006, more than half of all the rail links built nationwide since 1949. On Feb. 14, CRCC was given green light by the China Securities Regulatory Commission to issue no more than 2.8 billion A shares on the Shanghai Stock Exchange. The IPO price range was set between 8 to 9.08 yuan and it translated into 26.92 to 30.56 earnings multiples after the domestic share sale, according to the statement. The company would start to receive from institutional investors orders for its 612.5 million shares, or 25 percent of the offering, on Feb. 25 and 26. The retail investors would be able to subscribe for the remaining shares on Feb. 26, the statement noted. CRCC also planned to sell no more than 1.71 billion H shares in Hong Kong. The company established its name by building the Qinghai-Tibet railroad, Shanghai maglev rail line and the Beijing-Kowloon railway. It also took the largest share in the bidding for the construction of the express railway linking Beijing and Shanghai. Its total assets amounted to 155 billion yuan (21.7 billion U.S. dollars) by the end of November 2007, with net profit reaching 2.8 billion yuan (391.8 million U.S. dollars).
WUXI: Premier Wen Jiabao has demanded a thorough investigation of the Taihu Lake crisis, which has affected the drinking water supply of about 2 million people. Efforts to protect the lake from further pollution are also to be scrutinized. "The pollution of Taihu Lake has sounded the alarm for us," Wen said in a directive to a symposium held by the State Council here yesterday. Taihu Lake, which was once a scenic attraction famous for its aquatic life, including shrimp, lily and water chestnuts, has been heavily polluted by industrial, agricultural and domestic waste. Wen said efforts had been made to reduce pollution in Taihu Lake in recent years. "But the problem has never been tackled at the root," he added. He asked participants in the symposium, including officials from central and local governments, environmental workers, scholars and researchers, to thoroughly investigate the Taihu Lake crisis so that concrete measures could be drawn up in response. Vice-Premier Zeng Peiyan, who attended the symposium, told governments at all levels to work to prevent algae blooms and ensure the safety of drinking water. Zeng asked local governments to continue collecting the blue-green algae, intensify monitoring of water quality, ensure the water supply and divert more water from the Yangtze River to flush out the pollution. He also asked environmental watchdogs to strengthen supervision and punish factories that discharge pollutants into Taihu Lake. At the meeting, all towns around Taihu were ordered to establish sewage treatment plants. Chemical factories will have to meet a new water emissions standard by the end of June next year. Towns must set up sewage treatment plants and are forbidden from discharging untreated sewage into Taihu Lake or rivers in the Taihu valley. Existing plants must install nitrogen and phosphorus removal facilities before the deadline, according to the plan announced at the meeting. Chemical factories that fail to meet the new water emissions standard risk suspension. They will be shut down permanently if they fail to meet the standard by the end of next June. The new water emission standard for the Taihu area will raise the bar for sulfur dioxide emissions and chemical oxygen demand. China Daily-Xinhua

JINAN - Seven fishermen on two boats were rescued on Saturday off east China after their boats lost control in high gales, local rescue sources said. The engine of a fishing boat with six people aboard at the Bajiao offshore area near Yantai city, Shandong Province stopped working around 1:20 p.m. Saturday as its screw propeller was enlaced by aquatic plants amid sudden gales on the sea. A helicopter from the Beihai No. 1 Rescue Flying Squad was dispatched to the site and rescued the six in 20 minutes. The helicopter saved another fisherman on a separate boat on its way back. All the rescued fishermen were sent to Penglai, an island city near Yantai, Saturday afternoon.
BEIJING, March 3 -- The China Development Bank (CDB) will mainly serve medium- and long-term national development strategies even after it is transformed into a commercial bank, a senior executive said on Sunday. A China Development Bank office in Shanghai. The China Development Bank (CDB) will mainly serve medium- and long-term national development strategies even after it is transformed into a commercial bank, a senior executive said March 2, 2008. The CDB cannot turn into a commercial bank immediately since it does not accept individual deposits now, but it will start doing so in the future, said Liu Kegu, vice governor of the bank. The CDB is one of the three policy lenders in the country. The CDB at the end of last year received the first 5 billion U.S. dollars of the planned 20-billion-dollar re-capitalization from Central Huijin, an investment arm incorporated into China Investment Corp (CIC). Liu said the capital injection will not affect the CDB's credit rating since it has the best asset quality among domestic banks. It has a non-performing loan ratio below 1 percent - much lower than that of major commercial banks. The CDB will retain its long-term credit business and the right to issue financial bonds in the interbank market. The lender has generated controversy in the banking industry by increasingly becoming involved in commercial business in recent years. Earlier reports said that the CDB is planning to expand into financial leasing to diversify its business. It is reported to be on the verge of acquiring Shenzhen Financial Leasing Co Ltd for 7 billion yuan, by taking a 90 percent stake.
Beijing - China is turning the site of a prison camp run by Japanese forces during World War Two into a war museum, the Xinhua news agency said on Sunday. More than 2,000 prisoners from the United States, Britain, the Netherlands and Australia were imprisoned at the camp in Shenyang, a Manchurian city formerly known as Mukden, between November 1942 and August 1945. More than one in 10 of them died, Xinhua said. Many Chinese believe Japan has yet to apologize properly for its invasion and occupation of China in the years leading up to and during the war. The 54 million yuan (US million) museum in Shenyang will include a two-storey brick building, three bungalows and a water tower, all original camp buildings in the Dadong district, Xinhua said. Two walls in a square will be inscribed with the names of the prisoners of war. China has a museum in Nanjing commemorating the slaughter of the citizens of that city, formerly known as Nanking, by invading Japanese troops 70 years ago. Nanjing has become the focal point for Japanese ultra-nationalists who dispute the Chinese estimate that 300,000 died or even that any massacre occurred. An Allied tribunal after the war put the death toll at about 142,000 men, women and children.
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