The Hong Kong stock market will soon have a conglomerate to rival Li Ka-shing’s sprawling Hutchison empire after the $37bn asset injection into Citic Pacific by its mainland Chinese parent.

Hong Kong-listed Citic Pacific, predominantly an iron ore miner, will purchase 100 per cent of the broad-ranging Citic Limited from Citic Group in a deal first flagged in March, details of which were unveiled yesterday. Citic Pacific will take on assets ranging from stakes in listed companies – such as Citic Bank and Citic Securities– to unlisted holdings in real estate, construction, media, manufacturing, and even Chinese Super League football club Beijing Guo’An.

Chang Zhenming, Citic Pacific’s chairman, said the new company would be the “largest multi-industry conglomerate in China”, and would continue to be a “major player in a free-market economy”. The deal will cost Citic Pacific the equivalent of Rmb227bn ($37bn), which will be paid for with a cash component of Rmb50bn and the rest in the form of newly issued shares to Citic Group.