Baby formula companies aren’t the only ones looking to capitalise on China’s growing middle class — and their wallets.

Indoor Skydive (ASX:IDZ) this week announced it’s undertaking a research project with Avest Capital to identify potential sites for new skydiving facilities in the region.

“We are pleased to be partnering with Avest to explore opportunities in China and Hong Kong. Entering into this MOU [memorandum of understanding] will enable us to take our due diligence to the next level and determine if China is an appropriate market,” said chief executive Wayne Jones.

If everything goes to plan, the two companies will form a joint venture to launch Indoor Skydive’s AirRider attractions in the areas of highest potential.

“Each indoor skydiving facility will be tailored to the specific location using the most appropriate vertical wind tunnel equipment available for the site,” the company said.

The AirRider brand was developed specifically with Asia in mind, and the company’s push into the region was flagged in its annual results.

“It’s all about exploration. It takes a while to find the right locations and partners. We’ve been spending a lot of time exploring the right regions and cities and sites within those cities,” Mr Jones told Stockhead in a recent interview.

Indoor Skydive’s shares have traded between 19c and 52c over the past 12 months, and opened on Tuesday at 23c.