China State Construction's winning bid rate may exceed 3%, issuers warn of risks

On July 20th, the price range for the issuance of 1.2 billion A-shares of China State Construction Engineering Corporation was determined to be 3.96-4.18 yuan per share, corresponding to a P/E ratio level for the year 2008 of 48.59-51.29 times. This multiplier is higher than the 20-times issue of Chengdu-Chongqing Expressway, the first stock issued after the restart of the main board IPO...