The Chinese Academy of Sciences wants US$408.8 million for 29 per cent of Legend Holdings, according to an announcement issued through the Beijing Equity Exchange, a financial firm.

The academy will remain Legend’s key shareholder with a 36 per cent stake after the sale and the buyer must agree not to alter management or strategy for five years, the announcement said. Legend says the remaining shares are owned by its employees. The buyer must have operations in finance, energy and real estate, said the announcement, dated Friday. It said the academy wants to sell to a single buyer and will hold an auction if there is more than one bidder after the offer closes September 3.