China's large airplane company sets 7 shareholders

The planned large airplane manufacturing company in China has primarily set seven shareholders, sources said.

Two government authorities, state-owned Assets Supervision and Administration Commission and Shanghai Municipal Government together with the nation's two airplane producers China AVIC I and AVIC II will be major shareholders with a combined 85% stake in the new company.

In addition, three state-owned enterprises Aluminum Corp of China, Baosteel Group Corp and Sinochem Corp will own the remaining part with each of them investing RMB 1 billion (US$142 million).

China has pledged to design and manufacture 150–seat large airplane to compete with Boeing and Airbus, which is expected to be completed by 2020.

To date, the name of the projected company has not been decided yet.