(Yicai Global) Sept. 24 -- The share price of Shanghai's Zhixin Electric jumped after the electric equipment maker said that the State Grid, Zhixin's majority shareholder, will inject its trust and brokerage units into the listed firm for a backdoor listing.

Zhixin's [SHA: 600517] stock price rose by the daily limit of 10 percent to CNY8.04 (USD1.10) this morning. 

Zhixin plans to buy a 73.5 percent stake in Yingda International Trust and a 96.7 percent stake in Yingda Securities by paying CNY14.4 billion (USD2 billion) in total via share issuance, the Shanghai-based buyer said in a statement yesterday. It will also gain an indirect control over Yingda Futures. The deal excludes Yingda's life insurance and property insurance businesses.

In March, Zhixin hinted about the plan that would help the State Grid spin off its financial services into listed units and potentially boost the Beijing-based state utility giant's profitability.

Zhixin will integrate State Grid's financial assets and become the latter's listed financial holding platform, it added. State Grid Electric Power Research Institute is the largest shareholder of Zhixin.

Editor: Emmi Laine