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While Toys “R” Us wasn’t able to salvage its U.S. operations, the Asia Pacific business has continued to increase revenue.
The sale has also drawn interest from private equity firms and a health-care arm of Fosun International Ltd.
Qu Toutiao has no connection to the more popular Jinri Toutiao run by Beijing ByteDance Technology Co.
Any deal would add to the $13.2 billion of announced food-related acquisitions involving Chinese firms over the last 12 months.
Baring PE Asia, Taiwan’s Cathay Financial Holding, and South Korea’s Shinhan Financial Group are among bidders for a stake in PT BFI Finance Indonesia.
Grail may seek to raise as much as $500 million this year.
A deal could give Toys “R” Us Asia a valuation of at least $1 billion.
If successful, it will be the biggest dollar buyout pool raised by the firm, which started in 2005 with $20 million from Yale University’s endowment.
The subsidiary, PT Asuransi Adira Dinamika, has drawn interest from European and Japanese insurers.
Xie is now preparing to dramatically scale back operations at ZZ Capital, the Hong Kong-listed private equity firm that served as his main vehicle for overseas deals