[THE INVESTOR] Efforts are being made to sell Hi Investment & Securities, owned by Hyundai Heavy Industries, to Chinese brokerages after it was more or less shunned by Korean firms.

EY Han Young, the accounting firm managing the sale of HI Investment, requested Fosun Group, Anbang Insurance Group and other Chinese securities companies to participate in the bid for an 85.32 percent stake in the Korean brokerage house, according to a local media agency.

Industry experts have been skeptical about a successful sale of HI investment, citing lack of specialization of the brokerage firm and its high price tag. EY Han Young is also approaching Japanese firms, according to Yonhap News Agency.

In May, debt-ridden Hyundai Heavy Industries said it would put up its majority stake in its affiliate for sale as a part of self-rescue measures amid its liquidity crunch.

The financially troubled parent firm wants to sell Hi Investment for about 1 trillion won but officials at investment bank firms value it at around 500 billion won to 600 billion won.

HHI has control over Hi Investment through cross-affiliate investment. Its unit Hyundai Mipo Dockyard has majority stake in the securities firm at 705 billion won in 2008.

HHI and EY Han Young plan to complete the preliminary due diligence after receiving letters of intent from bidders. The bidding is set to begin in September.

By Park Han-na (hnpark@heraldcorp.com)