The operator of Guangzhou's Baiyun airport has had its two billion yuan (about HK$1.9 billion) listing plan approved by the China Securities Regulatory Commission.
Baiyun Airport Shareholding will use the listing proceeds to help fund the construction of a 20 billion yuan international airport and enhance Guangzhou's position as a regional aviation hub.
Baiyun Airport Shareholding chairman Zhang Cunlin told Guangzhou's Express News that the securities watchdog has given the green light to the company's listing application, Reuters reported yesterday.
He estimated the listing, targeted for this year, would raise at least two billion yuan through an A-share offering on the Shanghai Stock Exchange.
Additional funds would be raised by auctioning land at the existing airport for property development.
China Securities Express quoted unnamed sources close to the listing plan as saying the company planned to issue 400 million shares. A year ago, the company was reportedly aiming to raise 500 million yuan by issuing 300 million shares.