China Asset Management (ChinaAMC), in terms of assets under management (RMB 515.7bn as of June 30), had two shareholders offload a combined 17.8%, which is valued at RMB4.3bn ($630m), according to a CITIC statement to the stock exchange.
It has five stakeholders in total – CITIC Securities owns 62.2%, with Power Corporation of Canada, Qingdao-based technology investment company, and Shandong Province Rural Economic Development Investment holding 10% each. The remaining 7.8% is held by South Industry Asset Management.
The latter two are the sellers, but buyers remain unknown.
A third-party evaluation report put the firm’s total valuation at RMB19.5bn, according to the statement.
“In the past five years, seven shareholder transactions have occurred at ChinaAMC. We believe this latest divestment is another concerted move to streamline the firm’s ownership structure,” said consultant Z-Ben Advisors in a report.
CITIC said it does not plan to increase its stake. The firm said it wants to avoid affecting ChinaAMC’s operations and interests of other shareholders.
In September, Societe Generale mulled the sale of its 49% stake in Fortune SG Fund Management, China’s 16th largest mutual fund house.
