Hubei Changjiang plans backdoor listing

BEIJING - Hubei Changjiang Publishing Group announced on Tuesday that it will go through a backdoor listing onto the Shanghai Stock Exchange, amid a growing trend for Chinese press and publishing companies to branch into the equity market.

Hubei Changjiang has plans to list through Shanghai Worldbest Industry Development Co Ltd, a Shanghai-listed clothing manufacturer that has been suspended from trading since October.

Shanghai Worldbest, which has fallen to "special treatment" status after a series of losses, will obtain assets of 2.5 billion yuan ($380 million) after receiving a portion of Hubei Changjiang and its subsidiaries through the deal, the company said in a statement to the Shanghai Stock Exchange on Tuesday.