THE New China Hongkong Group plans to act as a financial adviser to two enterprises in Jilin province seeking to float in Hongkong, says chairman Tsui Tsin-tong. The two companies, Changchun Number One Automobile Plant and Jilin Chemical Industry, each had an estimated asset value of more than 10 billion yuan (about HK$13.6 billion), Mr Tsui said. The form of listing, either direct or through the acquisition of a shell company, has yet to be decided. Mr Tsui said: ''But things may come very slow. I've heard that the Beijing government is drafting laws to prohibit listing through shell acquisition or overseas listing. ''They [Chinese Government] fear that having companies listing overseas means moving assets away from the country. It is unclear how things will be. ''The companies want to list as soon as possible, but I can't tell when the intended flotations can be achieved. Nobody can.'' Mr Tsui said the two companies might list only a part of their business, although a final decision could not be made until value assessment and auditing work was completed. He described the current stage in the listing preparation as ''very preliminary''. The carmaker expected to raise three billion yuan and the chemical company, two billion yuan, a Jilin official was quoted by the Hongkong Economic Times as saying. According to the report, Changchun Number One is China's largest carmaker, with 142 enterprises accounting for a quarter of all mainland car production. Its sales reached 10 billion yuan last year. Jilin Chemical is reported to employ 130,000 people. Its turnover was 5.4 billion yuan last year, with profit at 560 million yuan. New China Hongkong also intends to help two other mainland companies to float either in Hongkong or New York. Both are in Shenyang, the Shenyang Transformer Factory and an unnamed enterprise.