When state-owned China Railway, the world's third-biggest construction company, offered $3 billion worth of shares for sale in its initial public offering (IPO) in Shanghai last month, it attracted more than $450 billion in subscriptions. In its dual-track IPO, China Railway raised another $2.5 billion in a Hong Kong share sale. Meanwhile, China's Ministry of Railways raised $6.1 billion in its biggest-ever bond deal to raise money to modernize the country's rail system. China Railway's combined $5.5 billion IPO was the fifth largest in Greater China in 2007, according to Thomson Financial. Mainland Chinese companies raised more than $90 billion in 180 IPOs in Shanghai, Shenzhen and Hong Kong in 2007.