Commercial Aircraft Corporation of China, Ltd., or COMAC, is a Chinese aerospace manufacturer established on 11 May 2008 in Shanghai, China. The company has a registered capital of RMB 19 billion (US$2.7 billion as of May 2008). Shareholders include the Chinese central government, the municipal government of Shanghai, AVIC I and AVIC II. This Chinese government-owned corporation will specifically design and eventually build large passenger aircraft with a capacity of over 150 passengers to reduce the country's dependency on Boeing and Airbus. The first jet to be marketed is the ARJ21, developed by AVIC I which will be followed by the C919, planned for release in 2016.