China Railway in $3bn flotation

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China's state-owned railway builder has raised 22.44bn yuan ($3bn; Â£1.5bn) in its initial public offering on the Shanghai Stock Exchange.

China Railway Group said the share sale was massively oversubscribed - attracting 3.38 trillion yuan of bids to buy shares, a new Chinese record.

Interest was strong despite a cooling of China's main stock market, which has lost about 20% in the past month.

Many analysts believe that shares in China are overvalued.

China Railway Group's shares are due to begin trading on 3 December.

There are also plans for a stock market listing in Hong Kong.

Bids for China Railway Group trumped the 3.378 trillion yuan bid for oil group PetroChina.

PetroChina raised 66.8bn yuan - a record for a mainland China exchange.