A subsidiary of Changsha-based Haiyi Group will be listed on the Australian Stock Exchange (ASX), with the help of Beijing-based Eagle Investment Group.

The listing of Changsha Haiyi Logistics Co will occur next year and the IPO is expected to take place at the end of 2017.

The company is establishing an intelligent logistics center in Huangxing town in an area measuring 523 mu (34.87 hectares).

The center aims to use the logistics facilities around Changsha and provide electronic transactions and credit management through a cloud platform developed independently by the company. The move is expected to decrease the cost of logistics and facilitate the upgrading of logistics industry in Hunan.

"The domestic logistics market features a large volume of businesses and a traditional transaction model," said Tang Li, the general manager of Haiyi group.

"But Australia has a stable business environment suitable for a fast-developing communication and information industry," added Tang.

Changsha Haiyi Logistics Co will cooperate with advanced logistics companies and attract foreign investment to contribute to the economic development of Hunan, said Tang.

Source: China daily.com