Huarong to go public by end-2015
Print Edition
CHINA’S largest asset-management company will go public by the end of 2015, it said yesterday, in the latest deepening of market-oriented reform in the country’s financial sector.
China Huarong Asset Management Co will partner with eight investors ranging from a major Chinese food industry supplier to US banking behemoths ahead of the listing, as Chinese authorities ramp up their drive to introduce mixed ownership to state-owned companies and invite more private capital into the economy.
The eight companies will invest a total of 14.54 billion yuan (US$2.4 billion) in Huarong, which said the deal has been approved by the State Council and other supervisory authorities.
The investors will jointly hold a 20.98 percent stake in the Huarong. But the share each company will take has yet to be revealed.
The eight are China Life, CITIC Securities International, China International Capital Corp, China National Cereals, Oils and Foodstuffs Corp (COFCO), Fosun, Goldman Sachs, Warburg Pincus and Khazanah Nasional Berhad.
China Life, which already holds a small stake in Huarong, is the country’s largest insurance company. COFCO is a state-owned enterprise mainly involved in the food industry.
CITIC Securities International is a Hong Kong-based brokerage and investment group, CICC is China’s largest investment bank, and Fosun is a Shanghai-headquartered investment company.
The eight are also joined by Malaysian sovereign wealth fund Khazanah Nasional Berhad.
Huarong’s Chairman Lai Xiaomin said the company will cooperate with the investors in asset management, investment, risk control and staff training.
It will issue shares “at a proper time” near the end of 2015, he added.
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