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China Cinda seeking at least 7.5B yuan for Happy Life Insurance stake

China Cinda Asset Management Co. Ltd. is seeking at least 7.5 billion yuan for its entire 50.995% stake in life and health insurance subsidiary Happy Life Insurance Co. Ltd., the Securities Times reported.

The base price reflects a valuation of the insurer of 14.71 billion yuan, the Oct. 14 report said.

The distressed-debt manager is selling the asset on the Shanghai United Assets and Equity Exchange, the report added. China Cinda said earlier it planned to sell its stake in the insurer to a single buyer or to a group of joint buyers.

As of Oct. 14, US$1 was equivalent to 7.07 Chinese yuan.