Backdoor listing boosts Citic Pacific

Citic Pacific's share price rose as much as 31 percent on Thursday after its parent company Citic Group's injected assets.

The company announced that it agreed to acquire 100 percent of Citic Ltd, its parent's main operating unit, with about $36 billion of shareholder equity.

Citic Pacific is a Hong Kong-listed company, with focuses on special steel, iron ore and property development on the Chinese mainland. It is 58 percent owned by Citic Group, a State-owned Enterprise headquartered in Beijing.