Citic Pacific is planning an overseas listing for its Shanghai steel unit, Jiangsu CP Xingcheng Special Steel, after recently scrapping a proposed RMB 1.4 billion A-share issue for the subsidiary.
The company ruled out a Hong Kong-based H-share issue.
Jiangsu CP Xingcheng, which applied for an A-share listing last April, recently withdrew its listing application after anticipating extended delays in obtaining approval from China's securities regulator.