XI'AN Aircraft International Corp said yesterday it had gained approval to issue shares to buy assets from its parent, taking a lead among domestic military industrial firms to conduct group listings.

The green light came just two weeks after China unveiled new guidelines to encourage military-related companies to go public as a whole group and attract investments from listed firms and foreigners.

Xi'an Aircraft said it had received approval from China Securities Regulatory Commission to conduct a private placement with as many as 10 investors, according to an exchange filing.

The Shenzhen-listed aircraft maker had proposed to collect up to 6.6 billion yuan (US$890 million) selling shares at no lower than 9.18 yuan apiece. Its parent Xi'an Aircraft Industry (Group) Co will take up at least 55 percent of the offering.

Xi'an Aircraft Industry (Group) plans to inject assets of civil aircraft manufacturing, research and development as well as services into th...

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