Hunan Sunshine Holdings, the Hunan provincial government's window company in Hong Kong, plans a listing this year backed by property assets. Sources said the listing vehicle initially would own two properties in Hong Kong and the Shenzhen Sunshine Hotel in Shenzhen. Like many other mainland companies seeking listing in the territory, Hunan Sunshine will use future asset injections at bargain prices as its selling point. Hunan Sunshine official Bu Zhongmu said the company was studying the plan and listing timetable with merchant bankers. He said some bankers felt three properties were enough for a listing while others urged more assets be included. Details would be announced after the plan was ready. The properties in Hong Kong include commercial tower Sunshine Plaza in Wan Chai and a commercial building in Kowloon. Sunshine Hotel is a five-star property with 372 rooms, accounting for one-third of the company's fixed assets at last count. Assets which may be injected after the float include the profitable distiller which brews China's most expensive white wine, Jiugui Jiu. A source said the company would most likely be listed in the second half of the year. The company, whose business ranges from warehousing, transport, tourism to trade, mooted the listing plan in 1993. The plan then was to list properties, which were worth $2 billion. Chairman Li Juewen said last year the company hoped to list as soon as possible. The company achieved a turnover of more than $3.3 billion and net profit of $106 million in 1995.
