Xi'an Aircraft to Sell as Much as $872 Million of New Shares in Asset Swap

(Bloomberg) -- Xi'an Aircraft International Corp.
will raise as much as 6.6 billion yuan ($872 million) selling new
shares to its parent and other investors to help fund the
development of China's first commercial jet plane.

The company will sell 660 million yuan-denominated shares
for at least 9 yuan apiece, it said in a Shenzhen stock exchange
statement today. Its parent, Xi'an Aircraft Industry (Group) Co.,
will buy at least 55 percent of the shares at 9.18 yuan each with
airplane-making assets, the statement said.


Read more at Bloomberg Emerging Markets News