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Shares of mini-car and helicopter maker AviChina Industry & Technology Co Ltd (AviChina) made their debut on the main board of the Stock Exchange of Hong Kong yesterday.

AviChina raised HK$1.936 billion (US$248.2 million) from its initial public offering, Zhang said.

It sold 1.599 billion shares in a listing sponsored by BOC International and ING Bank.

European Aeronautic Defence and Space Company (EADS) has become the second largest shareholder of AviChina by holding a 5 per cent stake.

Approved by the State Council, AviChina was established in May by AVIC II, China Huarong Asset Management Company, China Cinda Asset Management Company and China Orient Asset Management Company.

Zhang Yanzhong, president of AVIC II, one of the country's 10 major military firms, said the firm's reshuffle had been a success.

The new shareholding company AviChina mainly focuses on research, development and manufacturing of civil aviation products and auto products.

The company is the largest mini-car maker in the country with a 41 per cent market share.

It is also the only domestic mass producer of helicopters and regional jets.

AviChina expects to post net profit of at least 450 million yuan (US$54.2 million) this year, which would be a 13.4 per cent increase from 2002.

The company has said its car business, which made up 80 per cent of revenues last year, will likely remain the largest source of income in the near term.

But it expects its aircraft assembly business to drive future growth as China's economy continues to expand.

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