Goldman Sachs to buy biggest share of Huarong stake?

Goldman Sachs is leading the race to take the biggest share of a stake in China Huarong Asset Management Co, according to reports.

Bloomberg News reports that Goldman Sachs, Morgan Stanley and Deutsche Bank have held talks about investing in Huarong Asset’s $1.5bn share sale ahead of a planned listing in Hong Kong next year, the FT said.

The newspaper cited another unnamed banker as saying only a few meetings had been held and a deal is not expected until December.

Eddie Naylor, a spokesman for Goldman Sachs, declined to comment. Jeremy Hughes, a Deutsche Bank spokesman, declined to immediately comment. A Morgan Stanley spokeswoman couldn’t immediately be reached for comment. Phone calls to Beijing-based China Huarong’s press office went unanswered.

Huarong Asset said in October it would seek Chinese and foreign strategic investors and sell shares in local and overseas markets.

To access the complete Bloomberg article hit the link below

Goldman in Lead to Take Biggest Share of Huarong Stake, FT Says

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