One of China's Biggest Asset Managers Ready to Sell Stocks
- State-backed China Everbright cautions against new investments
- Private equity fundraising in China ‘very difficult,’ CEO says
Photographer: Jerome Favre/Bloomberg
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China Everbright Ltd., the state-backed manager of about HK$139 billion ($18 billion) in assets, said the company is preparing to sell some holdings on concern that valuations worldwide have peaked.
There are 20 to 30 companies in Everbright’s global portfolio that are ripe for exit after they went through initial public offerings, Chief Executive Officer Chen Shuang said in an interview in Hangzhou on Tuesday. Though he didn’t specify which stocks Everbright would sell out of, Chen said the company is planning to make its exits "as soon as possible."