CCB eyes Shanghai share issue China Construction Bank (CCB) – one of China’s big four commercial banks – said it will sell 9 billion RMB-denominated A shares, or 3.85% of its enlarged share capital, in Shanghai, the Shanghai Securities News reported. The domestic offering may raise about US$5.5 billion based on the company's stock price in Hong Kong. The proceeds will be spent solidifying the bank's capital base and improving its capital adequacy, which stood at 12.11% last year. The bank has yet to obtain IPO approval from China’s Securities Regulatory Commission and Banking Regulatory Commission. CCB raised US$9.2 billion in a Hong Kong IPO in October 2005. Of the big four banks, Bank of China and Industrial and Commercial Bank of China have gone public in Shanghai, while China Construction Bank and China Agriculture Bank have not. China COSCO eyes Shanghai IPO Hong Kong-listed China COSCO is hoping to raise up to RMB15 billion through an IPO on the Shanghai Stock Exchange, the Shanghai Securities News reported. The company said it will issue 1.78 billion RMB-denominated A shares, or 20% of its enlarged share capital, at a price between RMB7.60 and RMB8.48. Its Hong Kong stocks responded positively to the news, closing 7% higher at HK$10.32 on Friday. COSCO said in its prospectus it will spend RMB6 billion of the capital raised to order 12 new vessels for container-shipping. Another RMB1.68 billion will be spent buying a 51% stake in a logistics firm owned by its state shareholder. China COSCO started trading in Hong Kong in June 2005. Its profits slumped 64% to RMB2.03 billion in 2006. Shanghai Expo to earn city US$19 billionAn estimated 70 million visitors are expected to bring US$19 billion (RMB145 billion) into Shanghai during the six months of the 2010 World Expo, the Liberation Daily reported. The predicted amount is equivalent to almost 50% of the city’s total retail sales in 2006. Domestic visitors are expected to account for 95% of the total visitors and spend ...