Shares of China Railroad Group, the world’s No. 3 construction contractor, jumped 69 percent today in their first day of trading in Shanghai. Based on its stock price, China Railroad is worth almost $23 billion. Fueled by planned growth in China’s railroads and overseas expansion, China Railroad earned $3 billion in its Shanghai initial public offering and $2.5 billion in its IPO in Hong Kong, where its stock debuts Friday. (Reuters)
of The Week magazine.