Liaoning province in the northeast of China is planning to join the current rush of China infrastructure listings in Hong Kong by selling shares in its highways and power plants.
Vice-governor Gao Guozhu declined to disclose the amount it was hoping to raise but confirmed the authorities intended to make the tentatively named Liaoning Infrastructure one of the largest infrastructure plays on the Hong Kong market.
Mr Gao said the company had yet to be approved by the stock exchange and was also subject to central government approval.
Mr Gao said the province was also planning to finance other areas of its economic development with the potential listing of a series of red-chip companies.
Sources said that when the infrastructure listing and associated red-chip companies were factored in, the province could raise 'billions' from the Hong Kong market.
Mr Gao said Liaoning province would need at least 100 billion yuan (about HK$93 billion) for its economic development plan in the next five years with one-third of that foreign capital.