Plane Producer in Northeast China Going PublicThe Hafei Aviation Industry Co. Ltd. in northeast China will make its initial public offering (IPO) of 60 million A shares at 7.85 yuan per share.This is the second Chinese plane producer releasing its prospectus in one week, following the Hongdu Aviation Industry Co. Ltd. in east China's Jiangxi Province. The company based in Harbin, capital of northeast China's Heilongjiang Province, expected to raise 456 million yuan, or US$55 million through the IPO. According to the prospectus seen here Friday, the fund will be spent on expanding its production of composite materials for the manufacture of parts for EC120 helicopters jointly developed by China, France and Singapore. Part of the funds are also to be spend on expanding for its export of Y12 multi-purpose light plane, 81 of which have been exported to Sri Lanka, Nepal, Laos, Mongolia, Peru, Iran, Pakistan, Kenya and other countries since 1986. The company expects to list its stocks on the Shanghai Stock Exchange at the end of the IPO. |
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