Chinese state-backed investors are considering taking BMW's main Chinese joint-venture partner Brilliance private, five people with knowledge of the matter told Reuters, in the latest such deal targeting beaten down Hong Kong-listed stocks.
main Chinese joint-venture partner Brilliance private, five people with knowledge of the matter told Reuters, in the latest such deal targeting beaten down Hong Kong-listed stocks.
The privatisation would attract other Chinese state-backed investors and could kick off as soon as the fourth quarter of the year, said two of the people. Based in northeastern Liaoning province, Brilliance is 30% owned by Huachen Group, which is majority-owned by the provincial state asset regulator.
Hong Kong's market has also underperformed major peers so far this year, with the blue-chip Hang Seng Indexdown 16% as of Wednesday, compared with a 14% gain for China's CSI 300. Brilliance shares have fallen 10% in the same period. While the take-private proposal will not impact BMW’s plan to increase its stake in the JV, Brilliance’s valuation is likely to weaken after it loses control of the venture even though it is likely to remain profitable, the sources said.
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