Beijing-based Yanshan Petrochemical plans to raise about US$250 million from its Hong Kong listing. It is one of at least six H-share candidates scheduled to issue shares over the next two months. A source said Yanshan would conduct a dual listing in Hong Kong and New York next month, sponsored by Bear Stearns and SBC Warburg. The firm's products include resins and plastics, basic organic chemicals and synthetic rubber. It is a leading ethylene producer. Yanshan will have to overcome worries about the mainland petrochemical sector to attract investors' interest. The sector has been hit by plunging product prices for the past two years. It is understood the crude-oil refining facility will stay with Yanshan's parent, while the listed vehicle will comprise only petrochemical product manufacturing. This will cushion Yanshan from rising crude-oil costs, which have battered profitability at fellow H shares Shanghai Petrochemical and Jilin Chemical, as the government brings domestic crude oil prices in line with market prices. Yanshan faces problems associated with declining product prices. The 1996 results by Shanghai Petrochemical and Jilin Chemical, show that weighted average prices of resins and plastics dropped 16.7 per cent and synthetic rubber 12 per cent from 1995. An analyst said: 'It seems most of the worst is over, but I don't think there will be a strong recovery [in product prices] next year. It will take a slightly longer time for a strong recovery.' Candidates for H-share listing in the next two months include Jiangxi Copper, which aims to raise US$200 million. It will start an international roadshow on Monday. First Tractors Co, China's largest tractor-maker based in Luoyang, is aiming to raise about HK$1 billion and is expected to have a listing hearing with the Hong Kong stock exchange today after failing to get approval last week. Angang New Steel, a downstream-operation spin-off of China's largest steel complex, Anshan Iron and Steel, aims to raise up to US$250 million in July. Nanjing-Shanghai Expressway (Ninghu), operator of the Jiangxi section of the toll road from Nanjing to Shanghai, and China Aviation Technology Import and Export Corp, Shenzhen Branch are also gearing up for listing.