SBI says it plans to list in Hong Kong

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Reuters

SBI Holdings Inc (8473.T) said it plans to list in Hong Kong, as the Japanese financial services company looks to expand its China business.

SBI, which operates brokerages and an asset management unit, along with banking and insurance services, has set up a team to prepare for the listing, company spokeswoman Miho Uratani said on Friday.

"We are working on changing our accounting standards to meet international standards," Uratani continued, adding that the timing of the listing has not been decided.

SBI has also not decided whether it will sell new shares at the time of the listing or which underwriters it will use for the process.

SBI has various funds, including the New Horizon Fund, that invest in Chinese companies. (Reporting by Junko Fujita)