Charoen Pokphand group, headed by Thailand's richest man Dhanin Chearavanont, and Japanese trading firm Itochu have agreed to buy a 20% stake in Citic Ltd for about HK$80 billion $10.4 billion, in a further sign that China's state-owned giants are opening the door to private capital.
The investment would be one of the largest into a Chinese SOE and comes at a time when valuations are undemanding, according to some analysts.
Both Itochu and CP Group already have deep relations with Citic entities and ties to the mainland. In 2011, Itochu invested about $100 million in a Hong Kong asset management arm of Citic Group....
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