Iron Man-like aircraft maker starts maiden trading in Australia

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

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

Liu Ruopeng, Board Chairman of KuangChi Science, told Xinhua that Tuesday's progress is a milestone and also a classic case for a Chinese high-tech company "going out".

"Personal aircraft developed by Martin Aircraft Company is an Iron Man-like equipment. This is a dream of humans. After 30 years of hard work, the whole team has overcome many difficulties and made the dream come true. It's a huge revolutionary breakthrough," he said.

The Martin Jetpack is initially set to become an important tactical asset to the first responder community, such as police, fire service, defense and natural disaster recovery and emergency response organizations.

With a focus on safety, the Martin Jetpack has a composite structure pilot module that protects the pilot in the event of any incident and a ballistic parachute system that can deploy and safely recover the aircraft from only a few meters above the ground.

This will make the jetpack one of the safest aircraft in the world.

This inspirational and versatile aircraft solves problems that others cannot with its ability to land on rooftops covered with aerials and wires, fly into tightly confined areas or providing an economic and practical alternative to traditional helicopters.

First deliveries will be on sale in the second half of 2016. Endi