Xinyi Glass Holdings Ltd. (00868.HK) is planning to spin off its automobile glass retail business in Hong Kong for listing on the Growth Enterprise Market, the Hong Kong Economic Journal reported Wednesday.
The deal structure and timetable has not been fixed.
Its Xinyi Solar Holdings Ltd. (00968.HK) unit, meanwhile, plans to establish a solar power generation business also for listing in the medium term.
Xinyi Glass said its net profit grew 24.1 percent to HK$945 million in the six months to June from a year earlier. Net profit margin was up 2.8 percentage points at 17.9 percent.
Chief executive Tung Ching-sai said the spin-off of the automobile glass retail business has taken into account the unit’s relatively minimal contribution to the parent company’s earnings.
The unit enjoys the biggest market share in the city, covering public transport segments such as buses and taxis.
The new power company will acquire power stations to be injected by the parent company or purchased from third parties.
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