HONG KONG, March 26 Chinese state-owned
conglomerate Citic Group Corp plans to list in Hong
Kong through a backdoor deal with its Citic Pacific
unit, IFR reported on Wednesday, citing a source familiar with
Citic Pacific plans to issue new shares to fund its purchase
of around $40 billion of assets from its parent in a reverse
merger, said IFR, a Thomson Reuters publication.
Shares of Citic Pacific have been suspended since Monday at
the request of the company pending an announcement, the company
said in a regulatory filing at the time.
Citic Securities International, the group's Hong Kong-based
brokerage and investment banking unit, will act as
financial adviser on the deal, IFR said.
Citic Pacific could not be immediately reached for comment.
(Reporting by Fiona Lau of IFR; Writing by Elzio Barreto;
Editing by Ryan Woo)