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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).

KUNMING -- A gas blast in a private coal mine has killed at least seven miners and injured five in southwest China's Yunnan Province, sources with the local government said Saturday.The blast occurred around 6:00 a.m. Saturday in the Shunxing Coal Mine in Fuyuan Township of Qujing City, in eastern Yunnan. Twenty-seven miners were working underground, and fourteen people managed to escape.More than 400 rescuers struggled to pull out seven bodies and five miners alive. One miner remains missing.The injured workers are being treated in a local hospital.The coal mine, which was built in 1984 with a designed production capacity of 90,000 tons, had been ordered to suspend operation and go through renovation after county coal mine administration staffs inspected the mine on Friday, but coal mine managers secretly organized the miners to work in the night.Local officials are investigating into the cause of the accident.

The highly anticipated Beijing-Shanghai high-speed railway will begin construction next month, a Ministry of Railways official said.The ministry source, who did not want to be named, confirmed in a phone interview yesterday that preparations are now being made for a ceremony to commence construction of the system.Based on that timeframe, the railway will be completed by 2013. Trains running on the 1,318 km railway will then be able to travel at speeds of up to 350 kph and will cut travel time between the two cities from the current 10 hours to less than five.The project involves one of the largest amounts of investment on railways. Industry sources say it will cost more than 200 billion yuan ( billion), more than the 180 billion yuan needed for the Three Gorges Project.Officials say the project will also employ a set of locally developed high-speed railway technology for the first time.The country is said to have already mastered the technologies needed to lay high-speed rail tracks and trains.The first homegrown train able to reach 300 kph rolled off the production line over the weekend, marking China's entry into "an elite club that includes Japan, France and Germany to become the fourth country capable of making such trains", Wang Yongping, Ministry of Railways spokesman said.Officials added that the railway still relies on foreign companies, such as the Germany-based Siemens, to build its signal network and other systems.China has been upgrading the scale and speed of its railway network in the past decade, and the 11th Five Year Plan period (2006-10) is regarded as a critical period for building high-speed railways that can travel at speeds of 200 kph as part of an extensive transport network.At least eight express passenger railways were being constructed as of last year.Xinhua contributed to the story

The national workers' union on Wednesday pledged to work closely with authorities to issue a detailed regulation on the Labor Contract Law as soon as possible, to assist its application starting January 1."We'll actively promote and participate in the legislation and relevant legal interpretations to make the law more applicable, especially by making suggestions on some hotly debated issues," Liu Jichen, head of the legal affairs department of the All China Federation of Trade Unions, said at a press briefing.Liu did not elaborate or disclose a timetable, but the Outlook Weekly, a magazine under the official Xinhua News Agency, reported on Monday that an implementation regulation of the Labor Contract Law was expected by the end of the year. It also reported that a judiciary interpretation, drafted by the Supreme People's Court, would also be adopted soon to regulate loophole jumping.The Labor Contract Law, passed in June after 18 months of heated debate and public consultation, is considered the most significant change in the country's labor rules in more than a decade. It targets bosses and officials who exploited workers by establishing standards for labor contracts, use of temporary workers and severance pay.However, business lobbies worry that stricter contract requirements could increase costs and give them less flexibility in hiring and firing.The country's leading telecom equipment-maker Huawei Technologies in October encouraged some 7,000 veteran employees to resign and rehired them immediately afterward.The Labor Contract Law stipulates that an employee who has worked for a company for more than 10 years is entitled to sign an open-ended labor contract.However, the legislative affairs commission of the Standing Committee of the National People's Congress, the country's top legislature, made it clear on Saturday that such sidestepping is useless, because although the contracts end, employment relations still exist.At yesterday's conference, Liu said Huawei's dodge is only one of the three tactics the union discovered violating or circumventing the current Labor Contract Law. Firms would also fire employees and rehire them soon afterward as dispatch workers. The other strategy uses mass layoffs.For example, United States retailing giant Wal-Mart fired about 100 employees at its sourcing center in China last October, claiming the layoff was part of its global restructuring."The cause of these problems is that a small number of enterprises is trying to evade responsibility to optimize profits," Liu said. "We've begun intervening to stop such activities."

HANGZHOU - Nineteen people are missing with only one rescued after a Liberian ship collided with a fishing boat in the East China Sea on Saturday night, said the Zhejiang Maritime Affairs Bureau on Sunday.A spokesman with the bureau said that the Liberian ship, "Formosa 10", collided with the fishing boat about 11:40 pm in the sea off the eastern Zhejiang Province, on its way from Taiwan to the Republic of Korea.The fishing boat, with 20 people on board, capsized."Most of the missing people are local fishermen and the others are from the neighboring provinces," said the spokesman.The provincial search and rescue center sent more than ten searching boats to the scene immediately and a helicopter arrived to assist in the operation around 6:45 am on Sunday.More than 20 fishing boats also participated in the rescue work."The visibility at the sea is favorable but the temperature of the sea water is very low. Usually, it's hard for people to survive more than 12 hours in such cold water," rescuers said.