Brookfield Asset Management is considering bidding for AirPower Technologies Ltd., a Chinese industrial gases producer owned by buyout firm PAG, according to people familiar with the matter.

The Toronto-based firm has held talks for some or all of AirPower’s assets with PAG, said the people, who asked not to be identified as the information is private. PAG is seeking a minimum valuation of about US$10 billion for the gases producer, the people said. Valuation could even go up to US$15 billion based on this year’s projected earnings, one of the people said.

PAG created AirPower through merging Baosteel Gases and Yingde Gases Group Co., which it took private in 2017 in a US$2.6 billion deal. The buyout firm filed for a Hong Kong initial public offering for AirPower in August with Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. as joint sponsors. While the IPO application lapsed earlier this year, PAG may still go for a listing for AirPower, one of the people.

Considerations are at an early stage and Brookfield could decide against any bid, the people said. Other suitors could emerge and PAG might decide to keep the asset as well, they added. Representatives for Brookfield and PAG declined to comment.

Brookfield is making a push into private equity and infrastructure investments in China after primarily investing in real estate and wind and solar farms in the past eight years. The firm bought a majority stake in Oaktree Capital in 2020 and hired ex-Blackstone Group Inc. senior managing director Alex Yang to head its private-equity and infrastructure businesses in China.