Air China plans IPO

Air China invited bids from investment banks for an initial public offering (IPO) in Hong Kong that could raise up to US$500 million in 2004.

Air China, the country's largest airline in terms of assets, had initially planned to list last year but postponed the IPO to 2004. The company did not give a reason for the postponement.

Bankers said Air China could raise US$300-500 million by selling a stake of some 25-30 percent to investors.