Sullivan & Cromwell is advising on a $1.6 billion equity sale by Beijing-based China Cinda Asset Management Co. Ltd.
The Chinese government set up China Cinda in 1999 as a vehicle to remove bad loans from China’s top banks, but it has since expanded into leasing, brokerage, and other financial services. The government is selling a 16.5-percent stake in China Cinda to a group of four strategic investors in preparation for a planned initial public offering of the company’s shares in Hong Kong, according to Reuters. The deal values the proposed IPO at about $10 billion.
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