Paul Hastings took the lead role on state-owned China Huarong Asset Management Co. Ltd.’s $2.4 billion share offer to eight strategic investors ahead of an initial public offering.
The consortium—comprising State-owned China Life Insurance (Group) Co., COFCO Corp., China International Capital Corp., CITIC Securities International Co. Ltd., Shanghai-based conglomerate Fosun International, Malaysian sovereign wealth fund Khazanah Nasional Bhd., U.S. private equity firm Warburg Pincus, and Goldman Sachs—bought 21 percent of Beijing-based China Huarong. Among the eight investors, seven are new shareholders of the company while existing shareholder China Life increased its holding.
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