Listing candidate China Glass is set to unveil this week a stake purchase by a foreign strategic investor and market sources say it will be one of the world's top five glass makers.

The Jiangsu province-based flat glass maker, which aims to raise about $200 million by offering 90 million new shares next week, would on Friday host an investment presentation on its initial public offering, the sources said.

The company, an associate company of Legend Holdings which controls listed personal computer maker Lenovo Group, plans to price its share offer at about 10 times its historical earnings per share. No profit forecast has been made.

H share Luoyang Glass last traded at 9.34 times last year's earnings, while privately controlled Zhejiang Glass was at 5.86 times last year's earnings. China Glass aims to distribute some 30 per cent of its future net profits as dividends.

The company is one of the country's top 15 glass makers, supplying mainly to the construction materials sector. It plans to use the bulk of the listing proceeds to build its third production line, which will raise capacity from 900 tonnes to 1,500 tonnes.

China is the world's largest glass-producing country, accounting for more than 30 per cent of global output.

Sales of flat glass, which makes up about 60 per cent of the total glass market in China, has been growing at about 9 per cent annually.