Aviation materials manufacturer Avic Aviation High-Technology (SHA:600862) will go ahead with its plan to invest 102 million yuan to jointly establish a subsidiary in Shenzhen with AVIC Manufacturing and Changsheng Technology.
The subsidiary, tentatively named Shenzhen AVIC Aviation Manufacturing Technology Innovation Center, will manufacture and sell new materials and structures, according to an Oct. 19 filing with the Shanghai bourse.
Avic Aviation High-Technology will hold a 60% stake in the subsidiary. AVIC Manufacturing and Changsheng Technology will hold the remaining 30% and 10% stakes, respectively.
Shares of Avic Aviation High-Technology rose 6% in recent trade on the Shanghai bourse.
Price (RMB): ¥23.92, Change: ¥+1.4, Percent Change: +6.03%
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