China’s Cinda Asset Management said Friday it raised US$1.6 billion from four strategic investors as it prepares for future initial public offerings at home and abroad, Reuters reported. UBS (UBS.NYSE), Standard Chartered (STAN.LON, 2888.HKG) and CITIC Capital now own 8.5% of Cinda’s equity, while the National Social Security Fund, China’s biggest pension fund, has purchased an 8% stake for US$769 million. In total, the deals value Cinda at nearly US$10 billion. The four new investors are subjected to a three-year lock-up period on share sales. Bank of America Merrill Lynch (BAC.NYSE) was the sole financial adviser to Cinda, according to an unnamed source. Zhang Weidong, a board secretary at Cinda, commented that preparations were underway for an IPO, but the company has no firm timeline. Zhang added that Cinda’s new investors will help the company build its asset and wealth management, investment banking, financing and financial leasing businesses.