One of China's leading nylon yarn producers, Mesbon China Nylon Ltd, today launched an AUD20m (US$17.7m) float on the Australian market.

Mesbon, which posted sales of $53m in 2006, will issue up to 40m shares at AUD0.50 per share and intends to use the funds to expand its manufacturing facilities.

The offer is due to close on 7 December, with Mesbon planning to list on the Australian stock exchange on 18 December.