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Xi'an Haitian Antenna Technologies, China's leading manufacturer of base-station antennas, announced yesterday that it would raise at least HK$62 million (US$7.9 million) from a listing on Hong Kong's Growth Enterprise Market (GEM).

It is offering 162 million H shares to be priced between HK$1.15 (US$0.147) and HK$0.55 (US$0.07) apiece, said the firm based in Northwest China.

The price range represents 10.4-21.7 times 2002 earnings of HK$34 million (US$4.4 million).

According to the proposed structure of share placing, the firm will offer 147 million new H shares and 15 million sale H shares.

Listing is expected on November 5, with the stock code of 8227.

Haitian Antenna plans to use the proceeds mainly on research and development.

The firm, whose clients include China Mobile and China Unicom, is working on an intelligent antenna system for the third-generation mobile system.

And it's seeking a strategic partnership with foreign mobile-communication firms, said Chairman Xiao Liangyong.

Haitian Antenna aims to allocate more resources to increase production capacity and move into a number of new markets, said Xiao.

"Mobile communication is one of the fastest growing sectors in China's communication industry, and Xi'an Haitian Antenna Technologies will be able to capitalize on market opportunities by capturing a larger market share with proactive marketing strategies and alliances with renowned suppliers and operators," he said.

The company's turnover saw a year-on-year increase of 119.64 per cent in 2002 to 165 million yuan (US$20 million).

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