While it is not uncommon for Chinese companies to raise loans from banks hoping for a mandate on an IPO, it is rare for executives or shareholders to request such personal financing.
The move is seen part of Linde’s efforts to divest assets in South Korea and elsewhere to get antitrust clearance for its $86 billion merger with rival Praxair.
Boyu’s investors include Hong Kong’s richest man Li Ka-shing and Singapore state investors Temasek and GIC.
The firm aims for a valuation of at least HK$20 billion ($2.55 billion) to HK$25 billion for the unit.
Beijing Innovation Industry Investment’s move underscores the Chinese capital city’s push to catch up with other cities in the country, most notably Shenzhen, in pursuing innovative technology and industrial upgrading projects.
Kim Jung-ju, founder of Nexon, is looking to offload a 98.64% stake in NXC in one of South Korea’s biggest deals that could be worth as much as $9 billion.
Kaola sells apparel, household appliances and other products, and is the biggest among Chinese shopping sites that focus on imported goods.
Alibaba’s interest comes after rival Tencent last year signed a partnership deal with France’s Carrefour.
Union Life, expected to be valued at $1.5 billion to $2 billion, plans to sell as much as 51 percent, with an option to raise that to 100 percent later.
Nexon founder Kim Jung-ju plans to sell a controlling 98.64 per cent stake in Nexon’s holding firm NXC Corp, held by himself and related parties.