Chinese regulators had told Citic Securities to let go of its 51 per cent interest in China Asset Management, which has been estimated to be worth over 9 billion yuan ($1.32 billion). Under Chinese law, foreign investors can own only up to 49 per cent of a Chinese fund firm.
It remains unknown how big a stake T Rowe is interested in. China AMC manages over 260 billion yuan and contributes greatly to Citic Securities' revenue.
T Rowe Price had declined to comment on the matter.