KKR & Co and BlackRock Inc are among leading global investors in talks to purchase a stake in China Huarong Asset Management Co Ltd as the bad debt manager seeks to raise more than $2 billion, people familiar with the matter told Reuters.Other investors in the hunt include rival private equity firms Blackstone Group and Bain Capital, the people familiar with the matter said. Sovereign wealth funds from Asia and the Middle East are also in a group of 20 or so investors preparing to submit first-round offers by mid-February, they said.Reuters previously reported that Huarong was planning to sell a stake of between 15-20 percent to strategic investors ahead of an eventual initial public offering. Overseeing total assets of 400.9 billion yuan ($66 billion), Huarong is the largest of China's four bad loan managers.Huarong's planned stock offering will allow the company to raise money to expand its business - acquiring bad loans and forfeited assets from companies unable to repay their lenders. Huarong turns a profit by repackaging the loans and assets and selling them on.
BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK fell by 2.57% or $-8.32/share to $315.57. In the past year, the shares have traded as low as $231.66 and as high as $326.00. On average, 586868 shares of BLK exchange hands on a given day and today's volume is recorded at 1136547.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 4.16% or $-1.38/share to $31.81. In the past year, the shares have traded as low as $17.06 and as high as $33.41. On average, 4150280 shares of BX exchange hands on a given day and today's volume is recorded at 6689842.
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