Aug 02, 2023 03:02 AM

FINANCE

China Cinda to Sell $166 Million of Founder Securities Shares

By Wang Juanjuan and Denise Jia

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China Cinda Asset Management Co. is one of four state-owned bad debt managers created to buy bad loans from banks in the aftermath of the 1990s Asian financial crisis.

China Cinda Asset Management Co. is one of four state-owned bad debt managers created to buy bad loans from banks in the aftermath of the 1990s Asian financial crisis.

Founder Securities Co. Ltd.’s third-largest shareholder, China Cinda Asset Management Co. Ltd., is selling 2% of the brokerage’s stock worth 1.2 billion yuan ($166 million).

The share sale is to meet Cinda’s needs for corporate operations, Founder Securities said Monday night in a statement. China Cinda, the nation’s biggest state-owned bad-debt manager, plans to sell as many as 165 million shares of Founder Securities between Aug. 23 and Feb. 22, 2024, through centralized bidding, the brokerage said.

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