Paris-listed Chinese firm Lionax eyes profit boost

PARIS, Jan 10 (Reuters) - Lionax (MLION.PA), an automotive products group that became the first ever Chinese company to list on the Paris stock market last year, said it was targeting a major increase in profit and sales between now and 2010.

Lionax, which makes products to monitor the pressure of tyres, said it aimed to have sales of 41.2 million euros ($60.4 million) in 2010 and a net profit of 9.95 million euros.

In 2007 Lionax had sales of 2.5 million euros and a net profit of 150,000 euros.

"Tyre control systems are a new market, a new product and have a very strong potential," Lionax Chief Executive James Yang told reporters at a news conference.

Yang said Lionax planned to raise around 13 million euros by issuing new shares.

The company also expected strong growth in its markets in Europe and China, where Lionax is in the process of buying 51 percent of Chinese company Guanhua Cyber Solutions for around 7.6 million euros.

Yang said Lionax hoped to benefit from new legislation in the United States which demands that all cars should have a tyre pressure control system.

Lionax's rivals include leading global companies such as Lear Corp (LEA.N), SmarTire Systems SMTR.OB and EnTire Solutions, which is a venture between French tyremaker Michelin (MICP.PA) and TRW Automotive (TRW.N).

Lionax listed on the Paris stock market last August with a debut price of 2 euros. (Reporting by Benjamin Mallet; Editing by David Holmes)