Brilliance Holdings, the window company of the National Bureau of State Owned Assets, is planning a red-chip listing as well as a three billion yuan (about HK$2.79 billion) project to produce the country's first newly designed multi-purpose vehicle (MPV) by 2000.
Chairman Yang Rong said the company had obtained approval in principle for a red-chip listing from the mainland securities watchdog.
'We will wait for the market to recover. We aim to float this year. If not, the progress will be too slow,' he said.
Mr Yang said the initial size of the listed company would be modest, as it would prefer to expand step by step.
Brilliance Holdings has controlling interests in car and car parts manufacturing, infrastructure such as roads, pharmaceutical and electronics industries.
The company is still assessing a number of listing proposals including an initial public offering or backdoor listing.
Proposals include New York-listed car-maker Brilliance China Automotive Holdings seeking a dual listing in Hong Kong or possibly taking over a Hong Kong-listed company.