Red chip Silver Grant International Industries is waiting for the market to turn around to list its mainland infrastructure business on the main board. According to managing director Gao Jianmin most of the preparation work, such as auditing, due diligence and legal issues has been sorted out. 'What we are waiting for is when the market comes back again and the valuation infrastructure stock goes up again, then we will move ahead,' he said. China Infrastructure Investment (CII), Silver Grant's 50 per cent subsidiary, holds interest in nine infrastructure projects on the mainland, including three bridges and six road projects. So far, CII has invested about 2.5 billion yuan (about HK$2.34 billion) in the projects. The infrastructure unit is this year expected to generate about 150 million yuan to 200 million yuan profit Mr Gao said. Earnings next year will be boosted by up to 300 million yuan after two of the Wuhan bridge and Zhaoqing bridge came into services in the third quarter. 'We want to float CII at a minimum 10 times price-to-earning multiple,' Mr Gao said. This would value the infrastructure company at between two billion yuan and three billion yuan. However, Mr Gao said Silver Grant was unable to spin off CII at this value due to sluggish market conditions. Silver Grant is planning to increase its holdings in three to four existing projects, at a cost of up to 1 billion yuan, but with about 400 billion yuan cash on hand, Mr Gao said Silver Grant had no urgent need to spin off CII: 'In fact, these investments are optional.'