Drugmaker AstraZeneca is drafting a plan to spin off its China business, and listing a separate unit in Hong Kong is being viewed as an option, the Financial Times reported on Sunday.

"A separation might not ultimately take place," the report said, citing people familiar with the matter, with one of them saying listing the entity in Shanghai was also possible.

(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Chris Reese)