AstraZeneca has drawn up plans to break out its China business and list it separately in Hong Kong as a way to shelter the company against mounting geopolitical tensions. The Anglo-Swedish drugmaker began discussing the idea with bankers several months ago and is among a growing number of multinational companies now considering that option, according to three people familiar with the talks.
A separation might not ultimately take place, the same people cautioned. One of the people said listing the entity in Shanghai was also possible.
The discussion shows the significant restructuring multinational corporations could be forced to undertake as they adapt to growing friction between China and the US and its allies.