Sullivan & Cromwell has advised China Cinda Asset Management Co on its 16.54 percent equity sale to four strategic investors – UBS, Standard Chartered, CITIC Capital, and the National Social Security Fund of China. The transaction has raised10.37 billion yuan ($1.64 billion).

The deal reinforces China Cinda’s business as it prepares for an initial public offering (IPO) on both domestic and foreign stock exchanges.

According to Reuters, the National Social Security Fund was the biggest of the four strategic investors, acquiring an eight percent stake worth five billion yuan. The investors cannot sell their newly-acquired equity for at least three years.

Three other asset managers share China Cinda’s vision to list on stock exchanges: Orient Asset Management, Great Wall Asset Management and Huarong Asset Management. The four companies are aiming to transform their current businesses into fully-fledged financial service providers, Reuters reported on March 16.

China Cinda declared assets of 172.4 billion yuan and a net profit of 6.38 billion yuan at the end of 2011.

The Sullivan & Cromwell team that advised China Cinda was led by Hong Kong-based partner Chun Wei, and included Beijing associates Liu Fang, Youhao Dong, Jing Wang and Jingyuan Sun.