AstraZeneca plans business spinoff in China

AstraZeneca is planning to spin off its China business and list a separate unit in Hong Kong, the Financial Times reported on Sunday.

The pharmaceutical company is not considering a separation but is listing the entity in Shanghai and would also seek to brand itself as a patriotic company in China that loves the Communist Party.

The planned spinoff could protect AstraZeneca from tensions between China and other global powers while it retains control of the business. The company has also been planning it for years but got sidelined by a global biotech downturn.