China Electronics Corp (CEC) will treat shell company Winsan (China) Investment Group as its de facto Hong Kong-listed flagship, and continue to inject assets into it rather than seek separate listings for its diverse range of businesses.
The state-owned giant's first foray into the international capital market will be a simple injection of its handset-manufacturing business into the shell company, according to CEC president Yang Xiaotang.
Mr Yang will head Winsan upon completion of the takeover.
'Our intention [for taking over Winsan] is certainly not just mobile-handset manufacturing,' Mr Yang said. 'This is just a small part of our group's business.
'There are lots of assets that we can consider for future injections, but at this moment, we don't have any concrete plans.'
Established in 1989, CEC is a key information-technology conglomerate under the supervision of China's State Council, with registered capital of 5.7 billion yuan and total assets of 39.6 billion yuan.
Last year, the company generated 31.1 billion yuan in revenue, representing a 24 per cent increase from a year ago, while profit doubled to 657 million yuan, making it one of the country's top five IT enterprises.