China's Hefei Meiling Co will begin an international roadshow in Hong Kong and Singapore next week for the sale of 100 million B shares. The country's fourth-largest refrigerator manufacturer was to pitch a price earnings multiple between six and seven times this year's earnings, sources said. The issue price is about 3.40 yuan (about HK$3.16) a share. This is subject to completion of the pricing, which is expected after the roadshow. The shares represent 36.76 per cent of the company's enlarged share capital. They are expected to be listed on the Shenzhen Stock Exchange next month. With the technology assistance of Japan's Sanyo, Meiling made 753,000 refrigerators last year. Meiling's profit last year was 95 million yuan (about HK$88.34 million). In 1994, it made a profit of 91 million yuan, up from 76 million yuan in 1993. In the first five months of this year, the company recorded profit of 47 million yuan. Meiling is projecting a profit of 135 million yuan for the full year. Proceeds from the sale will be used to fund the production of rotary washing machines and the production of bigger refrigerators. The issue comes as China's top refrigerator maker, Guangdong Kelon Electrical Holdings, was cooly received in its listing in Hong Kong last month. A fund manager with a British brokerage said: 'Although the refrigerator sector is fiercely competitive, Shenzhen's market sentiment is so bullish. 'I don't think it will be a problem for the sale to go through.' Domestic investors are expected to dominate trading of the company's shares. 'I personally love to have locals in the market, because it means when we are going to buy or sell, there is somebody on the other side to take,' the fund manager said.