Herald reported, citing AVIC I's aircraft division director Wang Yawei.
Citibank is drawing up the IPO plan for AVIC I Commercial Aircraft,
He told the newspaper that AVIC I's Shanghai Aircraft Manufacturing Factory, a manufacturer of large commercial aircraft, will inject its entire assets into AVIC I Commercial Aircraft, and the transaction is expected to be completed within two months.
Separately, the report also said that AVIC I's aero-engine business will be injected into China Resources (Jilin) Bio-Chemical Co Ltd (SHA 600893), while its civilian aircraft business will be injected into Xi'an Aircraft International Corp (SZA 000768).
AVIC I is also targeting at listing more units, the report added.
The firm's 2006 revenue stood at 81.5 bln yuan, up 16.6 pct year-on-year. Its profit rose 55 pct to 3.58 bln yuan during the same period, the report said.
The group expects its 2007 revenue to reach 100 bln yuan with a profit of more than 4 bln.
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