TIANJIN Bohai Chemical Industrial Group, one of the nine mainland firms planning to list in Hongkong, says it is in no hurry to be the first.
While plans have been mapped out for a Hongkong listing, China's second largest chemical raw material producer has yet to set up a team to restructure the state enterprise into a public company.
The company's deputy managing director Cai Chaoqun admitted that the firm was not as keen as other eight enterprises in seeking listing status and that its progress in transforming itself into a stock-holding entity had been slow.
''The restructuring to become a stock-holding company is something very new to us. Rushing doesn't help,'' Mr Cai said.
''But we'll go ahead with our listing plan. There's a possibility for us to list this year,'' he said, adding that a public listing entailed many difficulties, even for a company well-prepared for it.
''Stock-taking for last year has been completed. At the moment, we'll have our balance sheet examined, but a timetable has yet to be fixed.'' Price Waterhouse has been appointed to audit the company's books for the listing, with an underwriter yet to be named.
Mr Cai said Tianjin Bohai's sole motivation for listing in Hongkong was raising cash for the sprawling group.
