AstraZeneca planning China business spin off - FT

STORY: Drugmaker AstraZeneca is drafting plans to spin off its China business and is considering listing a separate unit in Hong Kong.

That’s according to the Financial Times on Sunday (June 18).

But the report said a separation might not ultimately take place, according to people familiar with the matter.

One of them said listing the entity in Shanghai was also possible.

AstraZeneca’s China president said in May that the company would seek to be patriotic and ”love the Communist Party.”

And according to the report, the spin off could protect the Anglo-Swedish drugmaker from tensions between China and other global powers.

That while the company would retain control of the business.

Last year, the country accounted for 13% of AstraZeneca's total sales, and the company is China's biggest drugmaker.

AstraZeneca said it did not comment on "rumors or speculations around future strategy or M&A."