QIER Machine Tool (Group) Co, China's leading heavy-duty machine tool maker, still aims for A-share listing despite the tumbling market, its chairman said yesterday.

"When we consider a listing, it should be more related to our company's development strategy, rather than the market condition," Qu Bo told Shanghai Daily at Qier's show booth ahead of the China International Industry Fair 2008 which opens today. Qier is based in Heilongjiang Province, part of China's northeast where the government has pledged to revitalize its old industrial base.

It first unveiled its listing proposal last year in a bull market but due to concerns over high valuations, the economic slowdown and the current global financial crisis, the benchmark Shanghai Composite Index has plunged over 70 percent.

Asked how much money it aims to raise, Qu said the company was not short of cash. "A listing can help Qier better position itself and value us in a more reasonable way," he said.

China General Technology (Group) Holding Ltd, a state-owned trading company also known as Genertec, bought a 58.05-percent stake in Qier in July, amid government-guided strategic restructuring.

Industry authorities expected Genertec could help bring in advanced technologies to Qier, making it more competitive. It may also help Qier to expand market share internationally and make acquisitions because of Genertec's experience in such fields.

Since Genertec has already announced plans of a group listing in several years, Qu said that for Qier there were various options to float the company, such as a back-door listing.

Qier said its sales revenue rose 44.5 percent to 1.56 billion yuan this year to the end of September.