THE Nanjing municipal government is seeking approval from Beijing to list the city's Panda Electronics Group in Hongkong. Nanjing's deputy secretary-general Yan Xinwei said an application had been submitted to the Securities Commission. Mr Yan said Panda Electronics also possibly would seek listing on mainland markets. Listing preparation, including asset valuations, have been started. He said the 50-year-old Panda Electronics was one of the biggest electronics firms in China, employing more than 8,000 workers. The company's main products include television sets, video and audio equipment, and telecommunications devices. Mr Yan said Panda Electronics was developing its telecommunications division, particularly mobile telecommunications products. Turnover was estimated at between 2.5 billion yuan (officially about HK$3.39 billion) and three billion yuan, and profit about 500 million yuan. Besides the nine enterprises named by the State Council to seek a listing in Hongkong, many mainland companies and joint ventures also have sought approval to float on overseas markets. Meanwhile, Mr Yan said Nanjing was working to improve its transport network, including the building of an 88-kilometre ring road and a 20 km underground railway network. The city also has started building an international airport, a power plant, and the second bridge across the Yangtze River.
