China Communications Construction Group, the country's top port builder, has filed for a US$2 billion initial public offering with the Hong Kong bourse.

Beijing-based Communications Construction, which was set up last year after the merger of China Harbor Engineering Co. and China Road and Bridge Corp., is likely to follow Industrial and Commercial Bank of China in conducting a simultaneous domestic listing, although that depends on China's market conditions.

Underwriters UBS , Merrill Lynch and BOC International plan to launch the deal around November or early December.
One source said the group was eyeing a valuation of 15 to 20 times prospective earnings.

The state-owned group, which builds ports, roads, bridges, tunnels and airports, has total assets of 70 billion yuan, and runs a fleet of over 800 workboats and 5,600 sets of heavy duty on-shore construction plants.

Communications Group is playing an increasing role in the county's "going out" policy and operates over 40 outlets outside China. According to state media, Shanghai Zhenhua Port Machinery Co. , one of the group's listed units, has about 70 percent of the world's container machinery market.

Shanghai Zhenhua Port Machinery, which makes cranes and large steel structures, saw its first-half net profit jump 33 percent to 755 million yuan (US$96 million).

Source:佚名