China Cinda Asset Management Co. Ltd. will sell 41% of insurance unit Cinda Property and Casualty Insurance Co. Ltd. to Shenzhen Investment Holding Co. Ltd. for 4.22 billion yuan, Reuters reported Dec. 28, citing a stock exchange filing.

Shenzhen Investment placed the highest bid in a public sale through the Beijing Financial Assets Exchange for the 1.23 billion shares held by the Chinese asset management company.

The listing price of the stake was 2.45 billion yuan.

The deal is subject to regulatory approval.

As of Dec. 27, US$1 was equivalent to 6.95 Chinese yuan.