Hong Kong-based Value Partners is set to be the first asset manager to float in Hong Kong, after its private equity owners sent an email to investors proposing the sale of shares worth HK$2.9bn (€254.5m).

Private equity funds JH Whitney III and Value Holdings are selling 381.6 million shares at between HK$6.78 to HK$7.63 each, according to a Bloomberg report. Chinese insurer Ping An Group said it would buy 38% of the shares which would amount to a 9% stake in Value Partners, the report said.