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China Cinda AMC rope in 4 strategic investors

Mar. 19, 2012 (China Knowledge) - China Cinda Asset Management Corp, one of the four state-owned asset management firms in China, said last Friday that it has introduced four strategic investors that have invested a total of RMB 10.37 billion in the company.

China Cinda Asset Management received RMB 5 billion of investment from China's National Social Security Fund, the country's national pension fund, which takes an 8% stake in the company.

In addition, UBS, Standard Chartered and CITIC Capital invested RMB 53.7 billion in China Cinda to hold an 8.5% stake in total.

China Cinda said that it will seek a listing on the domestic and foreign stock markets at right time after the introduction of strategic investors. But no further details on the listing have been decided yet.

China Cinda is one the four asset management companies set up by the Ministry of Finance in 1999 to handle the non-performing assets of the country's Big- Four state-owned banks.

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