Dalian re-focus before listing
The Dalian municipal government is restructuring its Hong Kong investment arm to focus on high-technology-related assets before seeking an H share listing.
Dalian International (Holdings) director Tang Xiaolin said it would add hi-tech industries to its listing portfolio in addition to the infrastructure projects originally planned.
Mr Tang declined to give any timetable for the listing.
Dalian International first proposed listing in Hong Kong as a red chip in 1996.
The new listing plan is believed to be part of the northeast port city's drive to restructure its traditional heavy industry-dominated economy.
Dalian trade officials visiting Hong Kong have earmarked information and biological technologies as the sectors to which the city hopes to draw foreign investment.
Officials said the SAR-listed Hing Kong Holdings was discussing investing 150 million yuan (about HK$140.16 million) to manufacture liquid crystal display monitors in the city. It also plans to produce computer software for export to Japan.
The general director of the city's science and technology commission, Qu Xiaofei, said Dalian would try to bolster its hi-tech sectors by listing some businesses on the Growth Enterprise Market.
It would also seek venture capital as well as direct foreign investment and the transfer of foreign technology.
The city aims to raise the proportion of hi-tech products in its total industrial output to 30 per cent by 2003, from 16.8 per cent in 1998.