22 October 2018

Cinda Asset targets US$3 bln HK IPO, Bloomberg says

China Cinda Asset Management Co. won approval from the Hong Kong stock exchange for an initial public offering, Bloomberg reported Friday. The state-controlled asset manager, one of four funds established to buy bad debt from the nation’s banks, plans to start gauging demand next week for the share sale, which may raise as much as US$3 billion, a source said. Bank of America Corp., Credit Suisse Group AG, Goldman Sachs Group Inc. and UBS AG are among the banks working on Cinda’s share sale, the report said.

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