Manufacturer of 'Iron Man' jetpack starts trading stock

New Zealand-based Martin Aircraft Company, manufacturer of the Martin Jetpack, the world's first practical jetpack able to be flown by a pilot or via remote control, started trading on Tuesday on the Australian Securities Exchange.

The company's oversubscribed listing follows a cornerstone investment agreement with Hong Kong-listed KuangChi Science and support from both the general public and existing shareholders under the Equity Offer to raise the maximum subscription amount of A$27 million ($21 million).

Liu Ruopeng, board chairman of KuangChi Science, said that Tuesday's stock listing is a milestone and also a classic case for a Chinese high-tech company "going out".