China bank attracts record funds

China Construction Bank is already listed in Hong Kong

China Construction Bank has attracted a record 2.26 trillion yuan ($300bn; £150bn) in subscriptions for its share flotation in Shanghai.

The rush means many investors are going to be disappointed because China's second biggest bank is only trying to raise up to £3.9bn with its listing.

Beijing has encouraged big flotations to soak up cash in the market.

They hope that people spending their money on shares will help to control inflation in China.

China Construction Bank is the latest in a series of big Chinese companies that were already listed in Hong Kong but have been persuaded to have an additional share listing on the mainland.

The Shanghai Stock Exchange has been breaking its record high almost daily with the Shanghai Composite Index having doubled in value this year.

On Monday, an initial public offering by China's biggest coal producer Shenhua Energy was approved by the market regulator. The float could raise about $10bn - the largest share sale to date on the Chinese mainland.