Hopu Investment Management, the Beijing-based private equity fund set up by former Goldman Sachs dealmakers, is set to acquire a massive stake in China Minsheng Banking Corp as part of the lender's $4bn Hong Kong initial public offering.
People familiar with the matter said that Hopu had pledged to buy $1bn of Minsheng stock, out-gunning rival investment institutions to back the city's biggest IPO of the year.
The move represents a huge bet for Hopu, which will become a leading shareholder in China's largest privately owned bank after its listing. Soros Fund Management, founded by George Soros, is among several overseas investors seeking to acquire a $100m stake in Minsheng.
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