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BAIC Automotive Group Co Ltd’s stake in the Hong Kong-listed firm will be reduced to 42.6 percent on completion of the deal from 44.98 percent.
Pou Sheng’s parent firm, Taiwan’s Pou Chen Corp proposed taking Pou Sheng private in a deal valuing it at $1.4 billion.
CITIC Agri Fund Management Co Ltd will become the dairy products supplier’s biggest shareholder.
In recent months, other HNA units including Bohai Capital and HNA Infrastructure have pledged company shares to raise capital as the conglomerate seeks to alleviate strains caused by a $50 billion acquisition spree.
The sale comes as HNA faces financing strains following a $50 billion acquisition spree over the past two years.
It will use the proceeds to meet working capital needs.
Wanda Hotel is selling the stake in Wanda International Real Estate to an unidentified independent third party for $49 million
It will sell the stake to its controlling shareholder.
Lufax’s would be the second mega fintech share offering in Hong Kong after ZhongAn Online Property & Casualty Insurance, which raised $1.5 billion in September.
Alibaba held its record $25 billion public float in New York in 2014 after Hong Kong, its favoured venue, refused to accept its governance structure.