Chinese giant Citic Group plans to list in Hong Kong through local unit
March 28, 2014, 12:08 am TWN
HONG KONG--Chinese conglomerate Citic Group, whose businesses span property, resources and banking, plans to inject its vast assets into its Hong Kong-listed unit in a multi-billion-dollar deal that will help it tap overseas investment.
The country's largest state-run conglomerate will hand all its shares in Citic Limited — its operating company with unaudited assets worth about US$36.2 billion at the end of last year — to Hong Kong unit Citic Pacific.
"These will enhance its competitiveness and ability to capture the economic growth opportunities in China," Citic Pacific said in a filing with the Hong Kong Stock Exchange Wednesday.
"Citic Pacific will be a stronger company through a much enlarged shareholders' equity, broader range of businesses and deeper managerial skills."