EM IPO View Plays Out

China State Construction Engineering Corp (CSCEC) has announced plans to raise at least CNY40.5bn (US$5.93bn) in a Shanghai IPO, in a move that would represent the largest share sale in the world this year. The deal would dwarf the recent record-breaking US$4.27bn IPO by Brazil's VisaNet last month, which itself overtook the previous record held by Chinese railway manufacturer Zhong Wang. With the North American IPO market still in the doldrums, the news firmly underlines CFW's view that EM IPOs could make 2009 the first year since 1995 when the US has not been number one for stock market

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