China Bosera Funds 48 percent stake sold in record deal
BEIJING (Reuters) - A 48 percent equity stake in China Bosera Funds was sold for 6.32 billion yuan ($861.8 million) at an auction in Beijing, making it the largest equity deal ever in China's mutual fund industry.
The equity stake, which translates into 131.67 yuan per share, was previously owned by Jinxin Trust Investment Corp, which is selling off assets to make debt payments.
The buyer, whose identity has not been disclosed, is likely to be Chinese as the auctioned equity stake was above the 33 percent ceiling on stakes that foreign investors are allowed to take in fund management companies.
The assets under management at Bosera Funds totaled 252 billion yuan at the end of the third quarter in 2007, the largest in China, according to its Web site.
(Reporting by Zeng Xiangjin; Editing by Ruth Pitchford)