This article only represents the author's own views.

China celebrated an aviation milestone last month when its first domestically produced passenger airliner made a maiden commercial flight from Shanghai to Beijing. Riding along in the slipstream is a state-backed maker of smaller planes that is looking to land on the Hong Kong Stock Exchange. Cirrus Aircraft Ltd is hoping market interest in aviation stocks will take flight after the much-trumpeted debut of the C919 airliner, produced by state-owned Comac, as China bids to become a world-class maker of large commercial jets. Cirrus, which makes small jets and light planes for the global market, is aiming for a milestone of its own as the first aircraft stock on the Hong Kong bourse, but it is not clear whether the IPO will have a smooth ride with investors.

Cirrus Aircraft is headquartered in the U.S. but is under the ownership of a Chinese state enterprise, the Aviation Industry Corporation of China (AVIC). China Aviation Industry General Aircraft Zhejiang Institute, which is 70% owned by AVIC, acquired Minnesota-based Cirrus Aircraft in 2011. The remaining shares are held by Guangdong Utrust Investment Holding with 14%, Guangdong Hengjian Investment with 10%, and Zhuhai Gree Aviation Investment, which has 6%.