Airbag maker eyes Hong Kong listing
Airbag manufacturer Jinheng Automotive Safety Technology is seeking a listing on the Growth Enterprise Market to fund expansion, pending approval from the Hong Kong stock exchange.
The company, based in Liaoning province, claims 9 per cent of the market for car safety bags in the mainland.
'We are looking at a Hong Kong listing as the market here is more stable,' Jinheng chief executive Xing Zhanwu said.
He declined to disclose how much money the company hoped to raise.
Its founders intend to retain control of at least 60 per cent of the company after the listing.
Jinheng reported a net profit of about 25 million yuan last year on turnover of 100 million yuan.