AVIC major subsidiaryto go public

AVIC Aircraft Corporation Ltd., a major subsidiary of China's top aircraft manufacturer Aviation Industry Corporation of China (AVIC), will go public by injecting assets into AVIC's Shenzhen-listed arm, Xi'an Aircraft International Corp..

It was part of AVIC Aircraft's plan to complete an overall listing by 2011 amid a restructuring of China's aviation industry, the newspaper said.

The company planned to complete the asset restructuring by the first quarter of next year and use Xi'an Aircraft International as the platform for the listing, the newspaper said, citing Hu Xiaofeng, general manager of the AVIC Aircraft Corp.

AVIC Aircraft will inject assets worth 8 billion yuan (about $1.2 billion) into Xi'an Aircraft International, according to Hu.

Xi'an Aircraft International manufactures the MA600 turboprop regional aircraft. It is expected to be a parts supplier to China's homemade large passenger plane, the C919, boosting expectations for the plane maker's passenger aircraft business.

AVIC Aircraft's key businesses include the design, production, marketing and servicing of large- and medium-sized transport aircraft, passenger aircraft and aircraft landing gear systems.

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