Chinese ‘Bad Loan Bank’ Plans to Raise Up to $2.5 Billion in I.P.O.
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The Beijing headquarters of China Huarong Asset Management, the largest manager of distressed debt in China.CreditWei Yao/Imaginechina, via Agence France-Presse
HONG KONG — China Huarong Asset Management, the largest manager of distressed debt in China, is looking to raise up to $2.5 billion in an initial public offering in Hong Kong this month.
The bank is offering 5.77 billion shares at 3.03 to 3.39 Hong Kong dollars, or 39 cents to 44 cents, a share, according to people with direct knowledge of the offering terms. That means it could raise $2.3 billion to $2.5 billion.
It has secured commitments worth $1.6 billion from 10 “cornerstone” investors, or large institutional buyers. They will not be allowed to sell their shares for six months from the date of the listing…
Chinese ‘Bad Loan Bank’ Plans to Raise Up to $2.5 Billion in I.P.O.
