Hopewell Holdings has applied for a separate listing for its HK$8.98 billion Pearl River Delta-based infrastructure portfolio - its most profitable and fastest-growing business unit.
The proposed spin-off is part of Hopewell chairman Sir Gordon Wu Ying-sheung's master plan to increase its investment in toll roads, bridges and tunnels in the delta.
It will also pave the way for the group to invest in the proposed HK$15 billion bridge linking Hong Kong, Macau and Zhuhai, a brainchild of Sir Gordon.
The Hopewell chairman, who first proposed the bridge 10 years ago, leads an investment alliance of leading Hong Kong businessmen and Japanese civil engineering firm Kajima.
Hopewell said it submitted an application on Thursday to spin off subsidiary Hopewell Highway Infrastructure on the main board.
It said 25 per cent of the spinoff vehicle would be offered through an initial public offering and placement with professional and institutional investors.