Shanghai Electric Corp (Group) is reviving plans to spin off four assets for a B-share listing to capitalise on the market's recent rally. Sources said the candidate - Shanghai Consolidated Electric Co - was seeking to emulate the successful model of red chips in Hong Kong by acquiring assets from its powerful parent at low prices after listing. Its plan to list late last year was held back by procedural delays and the region's financial turmoil. Sources said the listing candidate - among the second batch of 18 B-share candidates - hoped to float in Shanghai as early as the first quarter, pending approval from the China Securities Regulatory Commission. Timing would hinge on market sentiment, they said. The issue, underwritten by Shanghai Haitong Securities and Credit Lyonnais Securities (Asia), will be for 400 million B shares, or 35 per cent of the company. Sources said the amount raised would depend on market sentiment, but touted a US$100 million minimum. Shanghai Electric, with assets of 50 billion yuan (about HK$46.5 billion) in 1996 after a merger with Shanghai Electrical Machinery Holdings (Group), is among the mainland's three largest makers of power-generating equipment. 'Given the powerful backing of the parent company, we expect there will be asset injections after listing,' the sources said. Assets that will be listed include a 49 per cent stake in each of two air-conditioner joint ventures with Carrier of the United States; a 52 per cent interest in a maker of lifts with Mitsubishi of Japan; and a 100 per cent stake in a state-owned cable-maker. The Sino-foreign joint ventures involved are Shanghai Hezhong-Carrier Air-Conditioning Equipment, Shanghai Tonghui-Carrier Air-Conditioning Equipment and Shanghai Mitsubishi Elevator Co. It is understood Shanghai Hezhong-Carrier manufactured about 500 million yuan worth of products last year.