The transport manufacturer is proposing an international stock offering and H-share listing this month AviChina Industry and Technology hopes to raise at least US$150 million from an international stock offering and H-share listing this month, according to sources familiar with the company's plan. AviChina is the mainland's largest manufacturer of mini-cars. It also has helicopter and aircraft joint ventures with United States-based Sikorsky, France-based Eurocopter, Singapore Aerospace, Brazil's Embraer, and car joint ventures with Japan's Suzuki and Italy's Pininfarina, Bertone and Lotus. The company is part of Aviation Industry of China II (Avic II), set up in July 1999 in a restructuring of the nation's strategic aviation and weaponry industries. Avic II focuses on helicopters, cars, motorcycles, textile machinery, pharmaceuticals, medical and environmental protection equipment, while Avic I designs, produces and sells military and civil aircraft. Avic II employs about 210,000 workers and controls 31.5 billion yuan (HK$29.52 billion) of assets. AviChina was created in May this year for the purpose of the proposed listing. Major investors include Avic II, China Huarong Asset Management Corp, China Xinda Asset Management and China Orient Asset Management Corp. It is believed the asset management firms were former creditors of the company which swapped debt into shares. Sales of mini-cars account for 63.76 per cent of the company's turnover, economy cars 16 per cent, car engines 3.52 per cent, helicopters 7.31 per cent, trainer aircraft 2.4 per cent, general purpose aircraft 0.23 per cent and aviation parts 5.86 per cent. Avic II's car business was set up in February 1998, by the merger of four leading car and mini-van producers in the aviation sector. The mainland's mini-car industry has undergone a consolidation phase which left just eight producers at the end of last year, at which time mini-cars accounted for 24 per cent of overall car sales. AviChina has a 40 per cent share of the mini-car market, with the bulk of the remainder shared by Changan Auto, Liuzhou Wuling Auto and First Auto Works. Mini-cars are typically less than 3.5 metres in length and possess an engine that is not greater than one litre. Economy cars have engines that are less than 1.6 litres.