China Aerospace International Holdings (Casil) says papers on setting up a joint venture with its parent company to launch satellites and provide related services have been submitted to the Hong Kong Stock Exchange.
Chairman Wang Meiyue said Casil would join its parent, China Aerospace Corp, in the project but declined to give details before stock exchange approval.
The total cost of the project was estimated to be US$200 million and partners would include Deutsche Aerospace.
Mr Wang said negotiations with Deutsche Aerospace were continuing.
According to the initial plan, the project for direct-to-home satellite programming would include launching the satellite and manufacturing and selling the receiver equipment. A number of Chinese authorities would participate in the project, such as the State Education Commission, State Science and Technology Commission and Ministry of Radio, Film and Television.
Casil had enough working capital and the project would be financed internally, he said.
