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November 6, 2009

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Home » Business » Transport

Asset injection points to listing

AVIATION Industry Corp of China, also known as AVIC, will inject plane-making assets into Shenzhen-listed Xi'an Aircraft International Corp by the first quarter of next year as it moves closer to a group listing of the country's biggest plane maker.

"We are preparing to inject all assets of AVIC Aircraft into Xi'an Aircraft, and expect that the merger will be completed in the first quarter of next year," said Hu Xiaofeng, general manager of AVIC Aircraft.

He made the remarks yesterday at a ceremony to celebrate the anniversary of the merger of China's two biggest plane makers into AVIC to better compete against rivals such as Europe's Airbus and United States' Boeing.

Xi'an Aircraft has been suspended from trading in the Shenzhen stock market on Monday, and the suspension will last as long as a month.

AVIC Aircraft was set up in February this year to produce large transport aircraft and jumbo jet parts. It operates five subsidiaries with total assets of 33.5 billion yuan (US$4.9 billion), including Xi'an Aircraft and Shaanxi Aircraft.

"AVIC Aircraft will become the first AVIC company to complete a group listing," said Wu Xiandong, vice general manager of AVIC. "AVIC will inject more assets into listed arms in the future."

AVIC aims to inject 80 percent of all its assets into more than 20 listed arms by 2011 and to generate 1 trillion yuan in revenue in 2017. The group manages nearly 200 subsidiaries.


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