Tianjin Automobile Industrial is set to be the mainland's first 'T' share, with a US$300 million flotation on the Tokyo stock exchange in November. The flotation was made possible after a memorandum of understanding was signed between mainland and Japanese authorities in March. The car-maker's flotation, sponsored by Japan's Daiwa Securities, is expected to come ahead of North China Pharmaceutical, which has striven to be the first T-share listing. The listing of North China - the mainland's largest pharmaceutical firm - is being sponsored by Nomura Securities, the scandal-ridden Japanese brokerage at present being restructured. Analysts said it was open to question whether T shares would be more successful than New York-listed N shares which suffered from a lack of liquidity because of investor apathy. Tianjin Automobile plans also to list global depository receipts in Europe to boost interest in its scrip. The company will prepare its financial statements to Japanese accounting standards and to international accounting standards. The attraction of listing in Tokyo was higher price earnings multiples and Japanese investors' appetite for mainland exposure, analysts said. The company has a technology-transfer agreement with Japan's Daihatsu to make Charade cars, and is the only leading Chinese car manufacturer to resist forming a foreign joint venture.