Swiss lender UBS has trimmed its stake in China Cinda Asset Management, a Chinese state-owned bad debt manager.
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Under the deal, UBS has offloaded 400 million of shares in China Cinda at HK$4.75 each, reported IFR, a Thomson Reuters publication.
The Swiss bank has sold the shares for a total of HK$1.9bn ($245m).
UBS had initially offered 490 million shares in an indicative range of HK$4.72-$4.87 each.
China Cinda Asset Management focuses on distressed asset management, engaging in non-performing asset undertaking, management, and disposal.
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