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May 27, 2017

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Chinese giant Citic Group plans to list in Hong Kong through local unit

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."

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