China Hanking (HKG:3788) said it plans to spin off its wholly owned Australian gold mining unit, Hanking Gold, for a separate listing on the Hong Kong Stock Exchange's main board by way of introduction, according to a Friday bourse filing.
Shares of the company were up about 9% in Monday morning trade.
No new shares will be offered under the proposed spin-off, but eligible shareholders will receive Hanking Gold shares via a distribution in specie.
Hanking Gold will cease to be a subsidiary upon listing, the filing said.
China Hanking said the spin-off aims to accelerate the growth of its gold business through an independent capital platform.
It also adopted a 10-year share option scheme for Hanking Gold and is planning pre-listing financing involving both the parent and third-party investors.
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