One of the first Chinese companies to gain a foothold in Britain’s engineering sector intends to float its UK subsidiary on the London Stock Exchange, a decision that illustrates the intensifying interest of Chinese manufacturers in expanding overseas.
Chongqing Machinery & Electric Company, a state-owned Chinese business, wants to list Lancashire-based Precision Technologies Group within the next three to four years, according to Tony Bannan, chief executive of the UK company.
Under the plans, Chongqing Machinery – listed on the Hong Kong stock exchange but 70 per cent owned by the Chinese government – would retain a majority share in PTG, with possibly 30-40 per cent available to other investors.
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