Shanghai, August 27 (Gasgoo.com) AviChina Industry & Technology Co., Ltd. will focus on aviation business and totally cast off loss-making automobile manufacturing by the end of 2009, SinoCast said yesterday.
AviChina is mainly engaged in the aviation and automobile industries. Besides Changhe Auto Co., Ltd., its listed arms include Jiangxi Hongdu Aviation Industry Co., Ltd., Hafei Aviation Industry Co., Ltd. and Harbin Dong'an Auto Engine Co., Ltd. AviChina now has shifted its focus onto China's ambitious jumbo jet project.
In mid-March, China Aviation Industry Corporation (AVIC), the majority shareholder of AviChina, launched an auto division - AVIC Automobile Industry Co., Ltd. (AVIC Auto) - in Beijing to restructure and consolidate Hafei Auto, Changhe Auto, Dongan Power and some other auto or auto-parts businesses of AVIC.
By later April, AviChina had shed its auto-making subsidiary Jiangxi Changhe Auto, greatly improving its performance. In the first half of 2009, AviChina achieved business revenues of nearly 9 billion yuan, climbing 8.78% from a year earlier.
In early June, Jiangxi Changhe Auto began to sell out its auto-making assets to focus on aircraft electronics manufacturing. AviChina is awaiting the final regulatory approval for casting off its another auto-making unit Hafei Auto.
