BEIJING (AFX) - State-owned aircraft maker China Aviation Industry Corp (AVIC I) is aiming to list its entire assets overseas or split off its civil aircraft manufacturing business for an initial public offering (IPO), Wen Wei Po reported, citing the company's general manager.
Liu Gaozhuo did not provide a timetable for the IPO, but said it will take place after the firm succeeds in attracting domestic strategic investors.
AVIC I makes small military and commercial planes as well as aircraft components for Airbus and Boeing.
Liu told the paper that the firm secured six orders for its proprietary 70-90 seat regional jet ARJ21 which is scheduled for commercial launch by 2007, and expects to received 10-15 more orders this year.
Due to heavy up-front investment in civil aircraft manufacturing, AVIC I will continue to operate in the red this year, he said, adding that the company may break even by 2010.
China has one other state-owned aircraft maker -- China Aviation Industry Corp II (AVIC II).
AVIC II produces the regional EMB-145LR jet jointly with Brazil's Empresa Brasileira de Aeronautica SA (NYSE ERJ). AVIC II's unit AviChina, in which European Aeronautic Defence and Space Co holds a five pct stake, floated its shares in Hong Kong in late 2003.
(1 usd = 8.3 yuan)
yan.fang@xinhuafinance.com
fy/ap/dk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Liu Gaozhuo did not provide a timetable for the IPO, but said it will take place after the firm succeeds in attracting domestic strategic investors.
AVIC I makes small military and commercial planes as well as aircraft components for Airbus and Boeing.
Liu told the paper that the firm secured six orders for its proprietary 70-90 seat regional jet ARJ21 which is scheduled for commercial launch by 2007, and expects to received 10-15 more orders this year.
Due to heavy up-front investment in civil aircraft manufacturing, AVIC I will continue to operate in the red this year, he said, adding that the company may break even by 2010.
China has one other state-owned aircraft maker -- China Aviation Industry Corp II (AVIC II).
AVIC II produces the regional EMB-145LR jet jointly with Brazil's Empresa Brasileira de Aeronautica SA (NYSE ERJ). AVIC II's unit AviChina, in which European Aeronautic Defence and Space Co holds a five pct stake, floated its shares in Hong Kong in late 2003.
(1 usd = 8.3 yuan)
yan.fang@xinhuafinance.com
fy/ap/dk
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
