CUP to Sell?
July 29, 2009 – No smoke without a fire… Despite media reports, China UnionPay (CUP) has denied holding any talks over a stake sale and also left some ambiguity over the timing of an IPO. CUP’s announcement came after reports that CUP had agreed to sell a combined 10% stake in the company to three private equity firms in preparation for next year’s planned IPO. According to the report the three potential buyers were named as CITIC Private Equity, CITIC Securities Co. Ltd., and V-Stone Investments Ltd.
CUP is the only national payment card organization in China and is projected to become a global force once the Chinese payment card market takes off. Stay tuned to get in early when CUP does go public.
Posted by Ali Raza on Wednesday, July 29, 2009