An independent shareholder in Yingde Gases is bidding for a board seat as the Chinese group becomes the subject of a rare public battle over power in an Asian boardroom — and one which could produce something almost as unusual: inbound Chinese dealmaking.

Oasis, a Hong Kong-based hedge fund, owns 4.5 per cent of the contested company and is asking for a seat at the table even as the existing board has split into two rival factions, each seeking to oust the other. The bitter infighting has stalled deliberations over a $1.3bn offer for Yingde from Air Products of the US.

Yingde, one of China’s largest suppliers of industrial gases, does not have a single controlling shareholder — which could leave investors such as Aberdeen Asset Management, BlackRock, Robeco and Oasis as kingmakers in the clash.