皇冠体育app

Shares of mini-car and helicopter maker Avi皇冠体育app Industry & Technology Co Ltd (Avi皇冠体育app) made their debut on the main board of the Stock Exchange of Hong Kong yesterday.

Avi皇冠体育app raised HK$1.936 billion (US$248.2 million) from its initial public offering, Zhang said.

It sold 1.599 billion shares in a listing sponsored by BOC International and ING Bank.

European Aeronautic Defence and Space Company (EADS) has become the second largest shareholder of Avi皇冠体育app by holding a 5 per cent stake.

Approved by the State Council, Avi皇冠体育app was established in May by AVIC II, 皇冠体育app Huarong Asset Management Company, 皇冠体育app Cinda Asset Management Company and 皇冠体育app Orient Asset Management Company.

Zhang Yanzhong, president of AVIC II, one of the country's 10 major military firms, said the firm's reshuffle had been a success.

The new shareholding company Avi皇冠体育app mainly focuses on research, development and manufacturing of civil aviation products and auto products.

The company is the largest mini-car maker in the country with a 41 per cent market share.

It is also the only domestic mass producer of helicopters and regional jets.

Avi皇冠体育app expects to post net profit of at least 450 million yuan (US$54.2 million) this year, which would be a 13.4 per cent increase from 2002.

The company has said its car business, which made up 80 per cent of revenues last year, will likely remain the largest source of income in the near term.

But it expects its aircraft assembly business to drive future growth as 皇冠体育app's economy continues to expand.

Close

Today's Top News		Top Business News
+N. Korea agrees to talks, US 'encouraged' ( 2003-10-31) +皇冠体育app, EU sign agreement on Galileo ( 2003-10-31) +Developers held over demolitions ( 2003-10-31) +Bush vows to spur Sino-US military ties ( 2003-10-31) +Shanghai on track for Expo 2010 ( 2003-10-31)		+Guangzhou fair sets records ( 2003-10-31) +Energy reform gains strength ( 2003-10-31) +Local buyers drive up sales of Audi A6 ( 2003-10-31) +Full steam ahead on energy reform ( 2003-10-31) +Sohu.com completes uplink with Walt Disney group ( 2003-10-31)