CHINA'S two most famous bicycle companies, which hold about a fifth of the mainland market, have grown from selling bikes to shares.
Shanghai Phoenix Bicycle and Shanghai Forever Bicycle, known for their Phoenix and Forever bike brands, are to join Shenzhen-listed China Bicycle on China's stock markets.
Last year, Phoenix made 4.83 million bikes and Forever 3.34 million, against the country's total of 32.5 million.
About 20 to 30 per cent of the pair's bicycles are exported. China Bicycle sells about two-thirds of its bikes overseas.
Phoenix was approved to issue 30 million A shares and 100 million B shares. Forever will issue 23 million A shares and 60 million B shares.
Phoenix' A shares were listed in Shanghai last month, and its B shares are to be placed internationally next month.