HNA said in talks to buy stake in HK’s Value Partners

HONG KONG: Chinese conglomerate HNA Group Co is in talks to purchase a stake in Hong Kong fund house Value Partners Group Ltd, according to people familiar with the matter, in what would be at least its fourth investment in an asset manager in half a year.

HNA is in discussions to buy at least part of chairman Cheah Cheng Hye’s holding in Value Partners, which he helped found in 1993, the people said. It may then seek to increase its stake further, according to one of the people, who asked not to be identified because the information is private. A transaction could value the company, one of Asia’s largest independent asset managers by market capitalisation, at more than US$2bil (RM8.6bil), another person said.