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People's Daily Online>>China Business

Strategic investors buy into Cinda for public listing

(Xinhua)

15:52, March 16, 2012

BEIJING, March 16 (Xinhua) -- China Cinda Asset Management Co., one of the country's four state-owned asset management firms, said Friday that four strategic investors bought into the company as it prepares for an initial public offering.

The state social security fund, UBS AG, Citic Capital Holdings Ltd., and Standard Chartered PLC injected 10.37 billion yuan (1.64 billion U.S. dollars) into Cinda to take a 16.54-percent stake in the company, Cinda said in a statement on its website.

According to the company's three-step reform plan approved by the State Council, Cinda will choose "the proper time" to list in domestic and overseas markets after the buy-ins, Cinda spokesman Zhang Weidong said in the statement.

Established in 1999, Cinda is one of the country's four asset management companies created to peel off bad assets of the big four state-owned commercial banks.

Cinda's total assets reached 172.4 billion yuan at the end of 2011, while its net profits hit 6.38 billion yuan.

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