FIVE joint ventures financed by the China Aeronautical Technology Fund are expecting to list overseas, with Hong Kong being one of the options. The fund, aiming to raise a total of US$500 million, has been launched by the Aviation Industries of China to help transform the mainland's aeronautical technology into civilian uses. The 19 state-owned and joint-venture enterprises in which the fund invests produce a wide range of products, from motorcycles to light aircraft, using aeronautical technology. But only five would be floated, at least initially. Hong Kong-based Tien Lee (International) Investment Co, organiser of the fund, is also handling the listing of the five joint ventures. ''The State Council has in principle approved the companies' listing, although technical issues had yet to be sorted out,'' said Tien Lee managing director Stephen Wong. But he would not identify the five joint ventures. The enterprises have four exchanges from which to choose: Hong Kong, London, New York, and Shenzhen's B-share market. He said he expected two of the joint ventures to get formal approval from mainland authorities within a year. ''We know there'll be hurdles to clear. But they should be okay,'' he said. The joint ventures had yet to decide on which merchant bank to consult, Mr Wong said. Meanwhile, the fund itself was listed on Ireland's stock exchange on Saturday. Mr Wong said the fund would have raised about $100 million from overseas investors, mostly retail, by the middle of the month. Aviation Industries of China, which has a nine per cent stake in the fund, is to hold a ceremony in Beijing on November 16 to mark the completion of the first phase of the fund-raising exercise. At that time, the organisations involved in the launch of the fund would discuss how to raise the balance, of $400 million, he said. Swiss Bank Corp is the financial adviser of the fund, which will initially invest not less than 25 per cent of equity in the 19 aviation-related enterprises.