AstraZeneca is considering spinning off its business in China and listing it in Hong Kong or Shanghai to shield the multinational drugmaker from geopolitical tensions.To get more latest china business news, you can visit shine news official website.

Britain’s largest stock-market-listed company has drawn up the plans in attempt to protect its business from the fallout from increasing tensions between China and the US and its allies.
Executives at the Anglo-Swedish company have been discussing the move with bankers for several months, although it could still be abandoned, the Financial Times first reported.

The spin-out would mean Astra separates its division in China into a new legal entity and lists it on a stock market in Asia while retaining control of the business.If AstraZeneca, which is valued at about £180bn, presses ahead, it could shield the business from any potential crackdown on overseas businesses by Chinese authorities.

Relations between Beijing and Washington have become strained but the visit of US secretary of state Antony Blinken to China this week is seen as a potential thawing in the relationship.

Blinken was greeted by China’s top diplomat on Monday, although it is unclear whether he will meet President Xi Jinping during the first visit by a US secretary of state to China in five years.

China has become a big market for AstraZeneca, best known in Britain for its Covid-19 vaccine that was developed in conjunction with Oxford University during the pandemic.

China made up 13% of AstraZeneca’s global sales last year, bringing in revenues of nearly $6bn of a total $44bn, making it the biggest overseas pharmaceuticals company by sales. Revenues from the US, its largest market, were nearly £18bn.Astra has targeted Chinese biotech firms for acquisitions and discussed strategies for growth in the country. On purchasing the rare disease specialist Alexion for $39bn (£30bn) in 2020, it identified China as an important market to grow the company.

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